New Life Pending.....

Iwantanewlife

enthusiasticsaver wrote: »

Sorry to hark on about the loan but if you really are only paying £90 a month and the interest rate is 89% the repayments are not even covering the interest of £1197 a year as 12 times £90 is only £1080 so the loan would be rising? I think you have some grounds there for complaint or misselling. What did you borrow it for and do you have any paperwork or contract? If your credit history is really shot I think I would have to think seriously about defaulting on that and asking them to look at that rate or throw as much as possible towards it to get rid asap.

Your not harking at all! i really appreciate it.

Its with a company called Drafty. I have just checked and its definitely rated at 89%, however, its not like a traditional loan, its more like an over draft service. My credit rating is not completely shot, and i really dont want to default. I borrowed it for a family emergency, which goes to prove how important an EF is. There wasn't any other option, and im completely prepared to try and sort it out, even though its going to cost a fortune. maybe i will finally learn my lesson!!

enthusiasticsaver

Ah so you are not actually repaying the capital with that £90. That is not covering the interest so that must be rising each month. What was the original amount you borrowed?

enthusiasticsaver

Just so you know the interest alone must be around £102 per month. Shocking :eek::eek:

Iwantanewlife

The total loan was £1350. It’s confusing me this one I have to say!

Iwantanewlife

Another small achievement-

ALDI shop complete, total spend £37.22!!!! I actually cannot believe it! £12.78 has been moved over to the EF, total now £76.22

girlatplay

I'm loving your enthusiasm!

*subscribes*

Iwantanewlife

Haha I love a challenge, can you tell lol ��

enthusiasticsaver

Iwantanewlife wrote: »

The total loan was £1350. It’s confusing me this one I have to say!

Yes, me too. Is the monthly repayment of £90 the same every month and how many months have you had the loan? Regardless of the mathematics of it you have only repaid £5 of the original loan and Drafty are making a tidy profit out of you every month so overpaying that by as much as you can would be a great place to start.

Iwantanewlife

No, it’s not a fixed amount.

I’ve contacted them and asked for a copy of their APR’s, t & c’s etc.

As I said, because it’s not set out like a transitional loan, i.e - set payment amount, set end date. It’s making it slightly harder to work through.

A new statement is due any day, as soon as that come through I will put it up so we can have a clearer idea on this stupid thing I’ve signed myself up for!

On another note, I’m tired! Couldn’t sleep last night, and then have woken up at 5am. Less than ideal.

I was supposed to be staying in this weekend to try and save money, however, my friend has asked if I want to go to a boxing show. He’s a fighter so the tickets are free, and if I drive that will minimise any spend. I will let you know how this plan works out!

Happy Saturday!!

Kitten868

Welcome aboard!

I can't believe such a small loan could cost so much! That's not me judging you. It's me 100% judging them. Does sound like theres absolutely no issue overpaying penalty free though. Now is definitely the time to attack your house and sell everything you can. A great win is ziffit or webuybooks - just load up all your books, games and DVDs and scan them and post them off for quick cash. Before submitting check for a 10% bonus code online. We did it and then sold the units we kept it all on.

Have a great time on holiday and do your best not to spend any extra with it being all inclusive.

Work hard on this debt and it'll be gone quickly and you won't have to struggle long. You can definitely do this! Xxxx