We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Help with workings out of payment
roxy84
Posts: 191 Forumite
Hi, dont laugh im having a blonde moment here.
Can anyone help me with how my Secured Loan payments are worked out.
We have had problems in the past paying but as we are now Bankrupt we now have the extra money from our unsecured creditors. We have a loan that is currently £267.13 in arrears which we are paying at the end of the month, then from next month onwards our payments are £138.36 a month by direct debit, when i rang the company they suggested it may be easier to pay by standing order every week (get paid weekly) and they said this would work out at £34.59 a week! With my calculations i worked it out to be £31.93 (138.36 x 12 / 52)
can anyone help me with which is correct or should we just pay with direct debit monthly?
Is it just that if there is a 4 week month the payment is correct but if its a 5 week month we will overpay that month (which isnt a bad thing)
Can anyone help me with how my Secured Loan payments are worked out.
We have had problems in the past paying but as we are now Bankrupt we now have the extra money from our unsecured creditors. We have a loan that is currently £267.13 in arrears which we are paying at the end of the month, then from next month onwards our payments are £138.36 a month by direct debit, when i rang the company they suggested it may be easier to pay by standing order every week (get paid weekly) and they said this would work out at £34.59 a week! With my calculations i worked it out to be £31.93 (138.36 x 12 / 52)
can anyone help me with which is correct or should we just pay with direct debit monthly?
Is it just that if there is a 4 week month the payment is correct but if its a 5 week month we will overpay that month (which isnt a bad thing)
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards