£2m in Interest through Persistent Debt

onlyfoolsandparking

£2 million in interest hahahahaha, hope your not doing Maths GCSE, your gonna fail miserably!! 

nick74

ObsidianRougue said:

Hahaha. Probably not. It was spent on cancer treatment for her mother.

Who would presumably be your mother too, if you are siblings?

ToxicWomble

I did wonder at that but gave the benefit of the doubt that it could be a stepmother

phillw

ObsidianRougue said:

Hahaha. Probably not. It was spent on cancer treatment for her mother.

Why is it funny?

ObsidianRougue

Thanks for all your valuable comments. I didn't really expect any responses, it was more a cautionary tale that I thought would be good to share. Stay well everyone. 

Gerry1

Even with multiple cards, you'd need some crazy credit limits to have £400,000 or whatever outstanding.  Surely this situation would not have been allowed to arise, checks with the credit rating agencies would have triggered alarm bells long beforehand? The credit card companies would have known that there was a very high risk that these debts would never be repaid, especially with someone in their 70s.  Sorry, but this story just doesn't ring true.

oldagetraveller1

onlyfoolsandparking said:

£2 million in interest hahahahaha, hope your not doing Maths GCSE, your gonna fail miserably!! 

And hopefully you're not doing an English GCSE!

onlyfoolsandparking

Very good, how long did it take you to think of that superb statement!! and more importantly what has that got to do with the FACT that £2 million in interest is a massive miscalculation?

ObsidianRougue

For everyone's benefit, these are the figures. Maybe you can check my maths?
Initial principle: £310,000
Principle remaining: £190,000
Average APR (not weighted, just simple average): 31.4%
Length of term: 24 years.
I calculate it to be about £1.875m (I rounded up to £2m, Sorry. I didn't mean to mislead)

callum9999

ObsidianRougue said:

For everyone's benefit, these are the figures. Maybe you can check my maths?
Initial principle: £310,000
Principle remaining: £190,000
Average APR (not weighted, just simple average): 31.4%
Length of term: 24 years.
I calculate it to be about £1.875m (I rounded up to £2m, Sorry. I didn't mean to mislead)

No need to be sorry, this is bizarrely the most vicious forum I've ever been a member of. I have to be seriously bored to visit nowadays! As you've noticed, a select group of people on here are constantly on the hunt for any excuse to throw out some abuse.

Whether your figure is correct or not I don't know. I'm too lazy to figure out the calculations - though a quick generic loan interest calculator I typed that into comes out with a figure in that ballpark.