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Need to start the ball rolling....
Comments
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Toomuchtodo wrote: »I think they meant it would be over 4 years so the total length was still 7 years.
I'd check on that.
Where money is concerned, it doesn't pay to think you know what they mean.
ETA: My advice would be to sit down with a calculator and their offer, add up how much you have already paid to your existing loan, and add it to the total you would pay on the new loan.
Once you have that total, compare it to the total your exiting loan will cost to repay, if you let it run its course.
You may well be surprised by the answer.0 -
I second BB. There is no way that they are offering you new terms which are better than the ones you have. I'd lay good money to your bad, that the loan they are offering is far worse than if you let yours run the full course. They are banking (pun intended) on you being a mug and too slow/busy/stupid to do the calculations and figure it out. You are anything but...obviously :-)Debt Free! Long road, but we did it
Meet my best friend : YNAB (you need a budget)
My other best friend is a filofax.
Do or do not, there is no try....Yoda.
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Quite FW.
Asks yourself one question OP.
Why would an organisation, which is in the business of making money, voluntarily offer you a way of paying them less interest?
The answer is, they wouldn't, unless they had something to gain.0 -
Bedsit_Bob wrote: »Quite FW.
Asks yourself one question OP.
Why would an organisation, which is in the business of making money, voluntarily offer you a way of paying them less interest?
The answer is, they wouldn't, unless they had something to gain.
Absolutely. Thank you makes so much more sense when someone else says it out loud!
My thoughts with even considering their offer were with simply switching the loan, not consolidating further although I realise that is not what they want me to do. Thanks given me lots to think about and much clearer now.Emergency Fund Challenge #26 £250/£10000 -
The simple fact is OP, refinancing a loan (especially with the same lender) is going to cost you more.
It'll cost less per month (which is the selling point), but it's going to cost you more, in the end.0
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