Which Loan to pay off..

peteuk

Ok so we have 7 loans which are due to be paid at different stages over the coming year/s.  I get a second pay in April (20 Apr) and so will be looking at paying off some of the loans to reduce our monthly outgoings.   I am looking at £2000, to pay off as many as possible, I was looking at leaving the last three alone. Any advice would be great.  
So 20th April the following payments will be outstanding. 
Loan                    Date of Final Payment         Monthly Payment
Quid market        30 April 21                            £185.97 
Fund ourselves   30 April 21                            £197.60
Fernovo                31 May 21                           £115.11       (settlement £276) 3 pay £345.33 
Dot Dot                  01 Jun 21                           £130.24     (Settlement £322.68) 3 pay£390.71
Money boat           01 Sep 21                           £308.89    (Settlement £1126. ) 5 pay £1,544.45
Amigo                   01 Sep 22                           £121.97    (Settlement  £1668.36 Interest 49.9%)  17 pay £2073.49
George Banco      01 Nov 23                           £239.50     (Settlement £4212.95  Interest 49.1%) 
Total Monthly outgoing is £1299.28
Thanks in advance....

[Deleted User]

You need to put the debt totals and interest of all of them but clearing the bonkers 49% loans would be my priority if the others are lower rates so you can pay more capital off and less interest accumulates

peteuk

Deleted_User said:

You need to put the debt totals and interest of all of them but clearing the bonkers 49% loans would be my priority if the others are lower rates so you can pay more capital off and less interest accumulates

I will try

Loan Company	Amount Loaned	Total to be repaid	Length of Loan	Interest	Monthly payment	Payments left	Balance
Quid Market	£600	£1115.82	6	292% pa	£185.97	2	£371.97
Fund Ourselves	£400	£794	4	97.6% Fixed term	£197.20	2	£394.40
Fernovo	£300	£460.44	4	unknown	£115.11	3	£345.33
Dot Dot	£400	£781.44	6	273.76%pa	£130.24	4	£520.96
Money boat	£1000	£1853.43	6		£308.89	6	£1853.43
Amigo	£2500	£4390.92	36	49.9%	£121.97	18	2195.46
George Banco	£5000	£11496	48	49.1%	£239.50	32	£7664.0

Settlement figures so far
Quid Market £274.08, Fund Ourselves £212.80, Fernovo £276.63, Dot Dot £322.68, Money Boat £1126, Amigo  £1670.20
Saving 
QM £97.89, FO £181.60, Dot £198.28, MB £727.43, Amigo £525.6

[Deleted User]

peteuk said:

Deleted_User said:

You need to put the debt totals and interest of all of them but clearing the bonkers 49% loans would be my priority if the others are lower rates so you can pay more capital off and less interest accumulates

I will try

Loan Company	Amount Loaned	Total to be repaid	Length of Loan	Interest	Monthly payment	Payments left	Balance
Quid Market	£600	£1115.82	6	292% pa	£185.97	2	£371.97
Fund Ourselves	£400	£794	4	97.6% Fixed term	£197.20	2	£394.40
Fernovo	£300	£460.44	4	unknown	£115.11	3	£345.33
Dot Dot	£400	£781.44	6	273.76%pa	£130.24	4	£520.96
Money boat	£1000	£1853.43	6		£308.89	6	£1853.43
Amigo	£2500	£4390.92	36	49.9%	£121.97	18	2195.46
George Banco	£5000	£11496	48	49.1%	£239.50	32	£7664.0

Settlement figures so far
Quid Market £274.08, Fund Ourselves £212.80, Fernovo £276.63, Dot Dot £322.68, Money Boat £1126, Amigo  £1670.20
Saving 
QM £97.89, FO £181.60, Dot £198.28, MB £727.43, Amigo £525.6

I’d definitely start with Quid Market and Dot Dot. Then, although it’s not the next highest rate, I’d consider paying down Amigo since it’s a guarantor loan and someone else is also on the hook for it. 

Before I did any of this though I’d investigate trying to get refunds for some/all of those loans because that’s a lot of sub-prime borrowing for one person. 

https://debtcamel.co.uk/payday-loan-refunds/

peteuk

Lover_of_Lycra said:
I’d definitely start with Quid Market and Dot Dot. Then, although it’s not the next highest rate, I’d consider paying down Amigo since it’s a guarantor loan and someone else is also on the hook for it.
Before I did any of this though I’d investigate trying to get refunds for some/all of those loans because that’s a lot of sub-prime borrowing for one person. 
https://debtcamel.co.uk/payday-loan-refunds

Hi 
Thanks for the advice, I now have projected settlement figures and I am looking at paying off everything except the Amigo and George Banco loads in April.
I am not sure I could consciously complain about the level of borrowing, as I knew full well what I was doing.  They didnt approach me, I asked them for loans.  
Thanks again, 
Pete

macman

Bear in mind that although the last two are the lowest rates, they are also much longer loans, with 2.5 and 3.5 years to run respectively. You are paying 49% APR on them every year, not over the full term. 
Fernovo: how can you not know the APR on a loan you only took out one month ago? Or Money Boat, which you have taken out even more recently? 
Congratulations, however, on your refreshing attitude to the issue of ultimate responsibility for these loans.

SnowTiger

macman said:

Fernovo: how can you not know the APR on a loan you only took out one month ago?

I hadn't heard of Fernovo before.

Fernovo: 

At Fernovo we’ve re-written the rules on online loans to create a fairer, smarter, faster proposition for you.

Out go-slow service, crazy interest rates, long application forms, and sneaky small print.

And: 

Interest is fixed at rate of 292% per year – 0.8% interest per day – Representative APR 1244.0%

macman

So, 1244% APR is not a crazy interest rate then?

MrFrugalFever

peteuk said:

Deleted_User said:

You need to put the debt totals and interest of all of them but clearing the bonkers 49% loans would be my priority if the others are lower rates so you can pay more capital off and less interest accumulates

I will try

Loan Company	Amount Loaned	Total to be repaid	Length of Loan	Interest	Monthly payment	Payments left	Balance
Quid Market	£600	£1115.82	6	292% pa	£185.97	2	£371.97
Fund Ourselves	£400	£794	4	97.6% Fixed term	£197.20	2	£394.40
Fernovo	£300	£460.44	4	unknown	£115.11	3	£345.33
Dot Dot	£400	£781.44	6	273.76%pa	£130.24	4	£520.96
Money boat	£1000	£1853.43	6		£308.89	6	£1853.43
Amigo	£2500	£4390.92	36	49.9%	£121.97	18	2195.46
George Banco	£5000	£11496	48	49.1%	£239.50	32	£7664.0

Settlement figures so far
Quid Market £274.08, Fund Ourselves £212.80, Fernovo £276.63, Dot Dot £322.68, Money Boat £1126, Amigo  £1670.20
Saving 
QM £97.89, FO £181.60, Dot £198.28, MB £727.43, Amigo £525.6

I would clear in this order, using a snowball effect freeing up monthly payments to make substantially larger over payments;

moneyboat
quid market
fund ourselves
dot dot
fernovo
george banco
amigo

in theory by time you get to George Banco you have just over £900 to pay each month in to it as overpayments.....

ManyWays

have you looked at affordability complaints? Against the payday lenders and also the two guarantor loans?
You asked for the loans but the lenders should have checked you could afford the payments without having to borrow more!

peteuk

ManyWays said:

have you looked at affordability complaints? Against the payday lenders and also the two guarantor loans?
You asked for the loans but the lenders should have checked you could afford the payments without having to borrow more!

Do they not hide behind you said you could afford the payments statement?