Quick loan question.

jamesd

x_raphael_xx, I see from your thread that you have (or had) a credit card with a 17.9% rate. If your available credit from all sources is sufficient it'll be best to put living expenses on the credit card and other borrowing and pay off HFC loan 1 before paying off BoS.

I'm posting this over there as well so it's where you prefer to have it.

inmypocketnottheirs

ejones999 wrote: »

It will be marked as part written off to alert other lenders.

Not if you are making settlement as full and final payment. I settled in full and final amounts of £14,000 for £3500 and £2800 for £610. They both show on my credit file as settled.:beer:

jonesMUFCforever

inmypocketnottheirs wrote: »

Not if you are making settlement as full and final payment. I settled in full and final amounts of £14,000 for £3500 and £2800 for £610. They both show on my credit file as settled.:beer:

Have you obtained credit since then?

inmypocketnottheirs

ejones999 wrote: »

Have you obtained credit since then?

Yes I have, even as recently as last month. Citibank Gold Card with £3.5k limit, Capital One Card, Barclaycard and Vanquis. Also opened a Citibank current account with £500 interest free overdraft.

As I said they were all full and final settlements, and that is what is shown on Experian and Equifax.

jonesMUFCforever

inmypocketnottheirs wrote: »

Yes I have, even as recently as last month. Citibank Gold Card with £3.5k limit, Capital One Card, Barclaycard and Vanquis. Also opened a Citibank current account with £500 interest free overdraft.

As I said they were all full and final settlements, and that is what is shown on Experian and Equifax.

I say lucky you.
I'm one of the poor sods who prefers to pay for what I spend.

hazzie123

ejones999 wrote: »

I say lucky you.
I'm one of the poor sods who prefers to pay for what I spend.

I prefer to pay for what I spend,but would love them to knock the outstanding interest off.

I`d be more than happy if they turned around and said I could pay the £12k off(original loan amount) and not the remaining £1+1/2k interest left.I reckon I`ve paid about £3k of interest all ready to them.

Just will have to see what they say.

jonesMUFCforever

Don't take this the wrong way but for everybody who borrows and pays back in full I hope they turn your offer down.

hazzie123

Not taken the wrong way ejones,everyone has their own views,and I thank you for yours.

Personally I like feedback from all points of view.

In all honesty I`ll be just glad when it`s all payed off and I`m debt free.

inmypocketnottheirs

ejones999 wrote: »

I'm one of the poor sods who prefers to pay for what I spend.

In an ideal world, so do I. But you know nothing of the circumstances, so you would be better not to judge. However, you cant beat it as a money saving technique!

regularsaver1

They won't give you one

I think the only time they ever consider this is if someone is way behind on their payments

I think that as part of new rules within the consumer credit sct, when you repay a loan early, you will get a rebate for any future interest. Ie loan over 7 years, repaid after 5, so 2 year interest rebate.

of course lenders sometimes charge an interest penalty for repaying early

"
New repayment rules for new loans
The main change concerns how much lenders can charge for early settlement.
Since 31 May this year new loans for a period of more than one year, but less than ten years, have been covered by the Consumer Credit (Early Settlement) Regulations 2004. This replaced the Consumer Credit (Rebate on Early Settlement) Regulations 1983 with an actuarial approach to determining an early settlement figure, and created a limit on charges that may be applied by lenders.

The regulations, which cover only fixed-rate loans and not running-account credit, such as credit cards, mean that as long as the borrower follows certain procedures and meets certain conditions, he can only be asked to pay a maximum of two months' interest if he wants to repay early.

The conditions the borrower has to comply with in order to benefit from the new rules include: notifying the lender that he wishes to repay early and has requested an Early Resettlement Figure; paying the amount owing in full (part payments do not qualify for a rebate); and taking the loan out as a lump sum and not as a drawdown facility, or arranging for it to be paid out in instalments."