We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
MoneyBarn: Exceptionally high APR?
Hi,
I took out a car finance loan in 2015.
I took out a car finance loan in 2015.
Cash Price: £4,995
Advance Payment (payable on the
date you sign this agreement): £400
Amount of Credit: £4,595
Interest Charges: £6,330.03
Total Charge for Credit: £6,3303.03
Total Amount Payable: £11.325.03
Term of the Agreement : 60 months
Rate of interest: 51.1 % per year. The interest rate is fixed and applies throughout the duration of this Agreement.
I'm currently 2-3 (£370)months of paying my loan off now. Along the way I had a few missed payments but managed to get it back on track.
Now looking at the contract I can see that APR is very high.
Is there anything I can do to claim some money back? During the five year period I did get into some financial difficulty as I had some payday loans and damaged my credit rating very badly.
Is there anything I can do on resolver to claim some of the money back? Or should I take this as a lesson to not accept APR that high ever again?
Thank You
Now looking at the contract I can see that APR is very high.
Is there anything I can do to claim some money back? During the five year period I did get into some financial difficulty as I had some payday loans and damaged my credit rating very badly.
Is there anything I can do on resolver to claim some of the money back? Or should I take this as a lesson to not accept APR that high ever again?
Thank You
0
Comments
-
The APR is high, but their customers, like yourself, are very high risk. It's too late to renegotiate the rate.
Never take a loan at a rate of more than you want to pay. Especially if you're also going to miss payments.2 -
As of 2021 will the missed payment markers be removed from my credit file? It was a five year loan and from what I understand things stay on your credit history for 6 years ?0
-
The missed payments come off 6 years after they went on. Not 6 years from the start of the loan.0
-
Eyewatering rate of interest that, i`d of used the £400 to buy something cheap and saved myself the trouble.I guess at the time you were desperate were you ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
-
Yes, was commuting back and forth between two cities and needed a reliable car.
Thinking about it now I should have just saved up £1000 and bought a cheap runner . Can't believe I paid almost £10-11k off this car which has had issues along the way which I had to fix.
Life lesson learned and it cost me a fair bit.
0 -
Look on the bright side - most people make this mistake, sadly many people repeat it every 4 years when they sign up for another PCP deal when their current one ends and at least it's looking like this particular trap is one you're not wanting to fall into.mysticRob said:Life lesson learned and it cost me a fair bit.
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350K Banking & Borrowing
- 252.7K Reduce Debt & Boost Income
- 453.1K Spending & Discounts
- 243K Work, Benefits & Business
- 619.9K Mortgages, Homes & Bills
- 176.5K Life & Family
- 256K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- Read-Only Boards