HSBC loan tied into full term - SOA added

The_Goatreich

I don't want her to pay half the mortgage, as it is in my name, and I wouldn't want her to feel that I'm using her to pay my way - even though she has offered, BUT obviously half all bills and something towards the mortgage will be settled.

There won't be any need to prove anything to her, she is more than happy to pay her way.

tyllwyd

andimorris wrote: »

Yes, I always try and get these type of payments done in one go rather than monthly, and I realise that I should factor these in and probably do an annual budget for the grand scheme of things.

The thing is, if you had spare money then annual is fine, but looking at your budget now, where is the money going to come from by the time the bills come around again?

... Oh and £40 for band rehearsals - is that something that might bring in money in the future?

The_Goatreich

Band rehearsals mean that basically I get to see a large portion of the world for nothing (last year, USA, Finland, Russia, Estonia, Germany, Italy, Poland - this year, Norway, USA, Indonesia, Portugal, Germany, Czech Republic...so far!). So although they're not profit making, they are worth their weight in gold.

The_Goatreich

So does everyone think I'm better off sticking with the loan then? HSBC haven't done anything naughty by tying me in that way?

tyllwyd

I think the way you've been charged is the 'rule of 78' and that recently the rules have changed so lenders aren't allowed to use it any more - but I expect your loan is before that came in. I don't know much about it but you could do a search for more info.

If you have already paid the interest, then you are just going to pay twice if you change now.

The band sounds exciting, but is there no way you can find UK gigs that might pay money?

The_Goatreich

We do play UK gigs, and get paid for them, but it isn't a regular enough income to rely on or budget against.. It's more of a bonus when it does happen.

I'll investigate the 78 rule and see what I can do. I think it might well be just a case of muddling by until I can clear the loan