Cahoot Loan Interest Question
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mountainofdebt
Posts: 7,795 Forumite
in Loans
Before I start jumping up and down and potentially make a fool of myself, what's the general opinion of MSErs on this?
I have a £10K cahoot flexible loan facility and only draw on it now to facilitate cheaper deals on my credit card.
So here's the score:
30.08.05 - £14.81 payment was made so the balance was brought to nil
05.09.05 - withdrew £9325.07 to faciliate a credit card deal
15.09.05 - interest of £23.43 charged (fair enough), balance is now £9348.50
21.09.05 - repay £9325.07
30.09.05 - regular payment of £200 is taken (again fair enough as dd had already been called for)
As a result of the above payment the balance was £176.57 in CREDIT.
30.09.05 - withdraw £176.57 bringing the balance to nil.
I've received my statement for October and I've been charged £14.07 interest. :mad:
Is that fair???
I have a £10K cahoot flexible loan facility and only draw on it now to facilitate cheaper deals on my credit card.
So here's the score:
30.08.05 - £14.81 payment was made so the balance was brought to nil
05.09.05 - withdrew £9325.07 to faciliate a credit card deal
15.09.05 - interest of £23.43 charged (fair enough), balance is now £9348.50
21.09.05 - repay £9325.07
30.09.05 - regular payment of £200 is taken (again fair enough as dd had already been called for)
As a result of the above payment the balance was £176.57 in CREDIT.
30.09.05 - withdraw £176.57 bringing the balance to nil.
I've received my statement for October and I've been charged £14.07 interest. :mad:
Is that fair???
2014 Target;
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date
0
Comments
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Looks pretty fair to me. You incurred £23.43 interest on £9325 owed for around 10 days - £2.34 per day. The interest rate works out close to 9% per annum - pretty competitive for an unsecured loan.
You then owed £9325 for around 6 days @ £2.34 per day = £14.04.
Why do you think it is wrong?
(I don't think they pay you interest if your flexible loan a/c is in credit)0 -
Thanks for that...actually my rate is 9.9% so well done on the maths side of things!
I wasn't saying it wasn't fair I just want to make sure that I wasn't going to make a fool of myself by questioning it.
So I'm sort of happy ....2014 Target;
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date0
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