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Cut the cost of existing loans article discussion.

edited 10 June 2010 at 1:38PM in Loans
16 replies 12.5K views
Former_MSE_LawrenceFormer_MSE_Lawrence Researcher
976 posts
edited 10 June 2010 at 1:38PM in Loans
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Cut the cost of existing loans article

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  • We Took Out A Loan With Barclays Over 7 Years For £30,000 And Made The First Repayment On 30 August 05. We Have Repaid £464.99 Every Month Since Then. I Requested An Early Settlement Figure Which Was Sent To Me On 3 May 08. Apparently We Had Paid Up To That Point £11,159.76 (total Payments) Which Included Interest Of £1681.98. On The Statement The Dr In Rate Is Listed Throughout As 3.00% (over Base). We Have Since Made The May Payment And Will Also Make The June Payment On 30 June. Can Anyone Tell Me Ehwhat We Have To Repay To Settle This Loan In Full? This Was A Flexible Business Loan Which We Have Remortgaged To Pay Off. We Were Also Charge £300.00 To Set The Loan Up - This Appears To Have Been Added To The Total Of The Loan Making It Effectively £30,300.

    Any Help With This Would Be Gratefully Received - We Obviously Want To Make Sure Ew Do Not Pay Too Much Back - Basically What Is The Minimum We Can Pay To Clear This Loan. We Have £19k Avaialable To Put In.

    Annie
  • BigSaver_2BigSaver_2 Forumite
    213 posts
    How would I go about transferring a £4,000 personal loan to a credit card and occurring no fees or the lowest possible?

    Thank you
  • Ads1Ads1 Forumite
    18 posts
    Hi all, I am new to this forum although been signed up to the newsletter for some time.

    I have a loan with norther rock with a year left to run. It seems that my loan is subject to rule 78. The loan was taken out in June 2005.
    The loan amount was £10,500 at 6.9% apr.
    However when requesting a redemption statement it seems I only get a rebate of around £45.

    Is there any way around the rule of 78? Or as my loan started at the time the new law was introduced can I contest the rule of 78?:confused:

    Many thanks for any advice.
  • max101max101 Forumite
    29 posts
    I took out a loan in May to consolidate some debts. The loan amount was for £11,000 over 7 years at £248/month. The interest is 23%apr.

    I would like to try and switch this to a better rate as my credit rating is good. However i tried Sainsbury's for a loan but was refused, and i don't want to keep trying others as this will affect my credit rating, what would my options be to reduce this annual percentage rate.



    Thanks
  • why if your rating is good did you except an apr of 23% only last may?
    your options to reduce this are almost zilch if you cant get accepted for another loan.
  • KazzerKazzer Forumite
    20 posts
    Can you take out a second personal loan if you've already got an unsecured loan?
    QUOTE=MSE Lawrence;discussion/993799]
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  • Rob71Rob71 Forumite
    118 posts
    Kazzer wrote: »
    Can you take out a second personal loan if you've already got an unsecured loan?
    You can have as many personal loans as the loans companies see fit - that'll be based on your existing commitments and your income.

    I had 3 running concurrently in the past - just think of a loan as a credit card: most people (with a credit card) have more than one.

    I keep seeing people mention that your credit limit (the total of all loans/credit excluding mortgage) is 50% of your annual income. I don't know if that's strictly true, but that might help you decide whether it's worth applying for another loan or not.

    Personally I prefer the flexibility of a credit card - other people prefer to have regular payments that they can budget around.
  • my outstanding loans plus avaliable credit on several cards is about 150% of my income
  • Hi, there.
    Is there anyone able to show how loan interest are calculated?

    I took loan as part of mortgage from northern rock, 3 years ago.
    It was 22,200. int 5.89% for 32 years.
    So, remaining now, 21870.51. 29 years.

    Cause our earnings have increased slightly,
    I was thinking to switch this to shorter term loan.
    15000 from sainsbury for 5 years?

    How do I calculate if it's worth it to
    switch to shorter term with higher interest? (knowing in 5 years, it'll be paid off)
    or just to overpay current loan?

    Can anyone help please?
  • Hi, there.
    I found a way with mortgage calculator and overpayment.
    And, apparently, if I overpay, it'll reduce the time anyway.
    So, It ended up similar with taking other loan.
    Sorry to bother.
    :). looks like over payment current loan is the best
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