Help! Please help me with citifinancial

Jen75Jen75

As at Jul 04 after taking out a loan of £2250.00 the monthly amount was £141.64 over 36 months = £5099.04 (Insurance added to loan!!!!!)

By Jul 05 I had paid off = £991.48 leaving £4107.56

In Aug 05 I went to the Citizen Advice Bureau who directed me to clsdirect.org.

Got interest frozen on all accounts. I thought!?! Just reviewed figures for citifinancial:

I have been paying Citifinancial £45.00 a month (maybe a few late payments) since Sep 05 which is £45 * 33 months = £1485.

I got a statement with the outstanding balance in Feb 08 which stated I owed £2847.56.

If I pay the outstanding balance it would mean that I pay £4332.56 when the balance of my loan at the time I went to cls for help was £4107.56. Further still I have got five years to go before I pay it off.

This also means that the total amount I would pay back is £5323.48 for a total loan amount of £2250.00.

Please – has anyone got any advice on what I could do?

Thank you

Jen

tealady

Hi. I would guess that they have a very high APR, could you not switch the debt to a cheaper lender? If you put up your SOA people may be able to advise where you can save money to clear the debt quicker.