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  • FIRST POST
    • Musicjunkie
    • By Musicjunkie 8th Aug 18, 12:58 AM
    • 1Posts
    • 0Thanks
    Musicjunkie
    Loan advice needed
    • #1
    • 8th Aug 18, 12:58 AM
    Loan advice needed 8th Aug 18 at 12:58 AM
    Hi,
    My husband and I recently took a 6000 Loan out to clear debts, holiday and needed to buy some bits for houses, actually rephrase that, wanted to!

    Regretting it now as the interest is so high. We are paying of 161 a month but the interest is anything from 70 to 105 that was the most recent one.

    Seems like we will never pay it off. Any suggestions to what we could do please?

    Thanks

Page 1
    • boo_star
    • By boo_star 8th Aug 18, 2:12 AM
    • 1,740 Posts
    • 1,041 Thanks
    boo_star
    • #2
    • 8th Aug 18, 2:12 AM
    • #2
    • 8th Aug 18, 2:12 AM
    You'll pay it off when the loan term ends, assuming you keep up with repayments.

    I'm not sure what you're asking here. The obvious answer is to make overpayments where possible or refinance with a lower interest rate but neither of those may be possible.

    I find it hard to believe you recently took out a loan and didn't comprehend that a large chunk of your repayments would go into paying the interest

    This isn't the 90's, loan agreements are very clear nowadays.
    • Willing2Learn
    • By Willing2Learn 8th Aug 18, 5:24 AM
    • 1,832 Posts
    • 1,415 Thanks
    Willing2Learn
    • #3
    • 8th Aug 18, 5:24 AM
    • #3
    • 8th Aug 18, 5:24 AM
    My husband and I recently took a 6000 Loan out to clear debts, holiday and needed to buy some bits for houses, actually rephrase that, wanted to!

    Regretting it now as the interest is so high. We are paying of 161 a month but the interest is anything from 70 to 105 that was the most recent one.

    Seems like we will never pay it off. Any suggestions to what we could do please?
    Originally posted by Musicjunkie
    Hi Musicjunkie and welcome to the forum.

    Why not apply for a Money Transfer credit card. Preferably one with 0% interest for 36 months!!

    Just transfer the money into your bank account and then pay off the loan. You then have 3 years to pay off the card, interest free.
    Last edited by Willing2Learn; 08-08-2018 at 5:27 AM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Herzlos
    • By Herzlos 8th Aug 18, 9:26 AM
    • 8,621 Posts
    • 7,915 Thanks
    Herzlos
    • #4
    • 8th Aug 18, 9:26 AM
    • #4
    • 8th Aug 18, 9:26 AM
    The best thing to do is overpay it as much as you can (clear it earlier) and then take it as a lesson learned. At least it's only 6000 this time!
    • foxy-stoat
    • By foxy-stoat 8th Aug 18, 9:39 AM
    • 3,221 Posts
    • 1,821 Thanks
    foxy-stoat
    • #5
    • 8th Aug 18, 9:39 AM
    • #5
    • 8th Aug 18, 9:39 AM
    Was it 161 over 5 years?

    I would agree 3660 interest is a lot - but you would of known that when you accepted the loan.

    Overpay where you can and you will clear it sooner.
    • poppasmurf_bewdley
    • By poppasmurf_bewdley 8th Aug 18, 9:50 AM
    • 5,326 Posts
    • 5,431 Thanks
    poppasmurf_bewdley
    • #6
    • 8th Aug 18, 9:50 AM
    • #6
    • 8th Aug 18, 9:50 AM
    Hi,
    My husband and I recently took a 6000 Loan out to clear debts, holiday and needed to buy some bits for houses, actually rephrase that, wanted to!

    Regretting it now as the interest is so high. We are paying of 161 a month but the interest is anything from 70 to 105 that was the most recent one.

    Seems like we will never pay it off. Any suggestions to what we could do please?

    Thanks

    Originally posted by Musicjunkie
    At 6000, that amounts to quite a lot of debt, expensive holiday and lots of things for the house.

    Are you overspending on what you earn?

    Put up a SOA http://www.stoozing.com/calculator/soa.php so we can see where it may be possible to help you cut down on spending and get this off your back quicker.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
    • Pixie5740
    • By Pixie5740 8th Aug 18, 10:34 AM
    • 13,371 Posts
    • 19,257 Thanks
    Pixie5740
    • #7
    • 8th Aug 18, 10:34 AM
    • #7
    • 8th Aug 18, 10:34 AM
    I'm guessing that you've taken a 6k loan with an APR of 21% over 5 years. Does that sound about right? Is that the only loan you were able to get or did you only try one lender?
    • foxy-stoat
    • By foxy-stoat 8th Aug 18, 10:56 AM
    • 3,221 Posts
    • 1,821 Thanks
    foxy-stoat
    • #8
    • 8th Aug 18, 10:56 AM
    • #8
    • 8th Aug 18, 10:56 AM
    Money transfer card is your best option - you wont get a low interest loan for debt consolidation as you have already proven.
    • davidwood681
    • By davidwood681 8th Aug 18, 11:19 AM
    • 683 Posts
    • 2,048 Thanks
    davidwood681
    • #9
    • 8th Aug 18, 11:19 AM
    • #9
    • 8th Aug 18, 11:19 AM
    I bet you didn't ''regret it'' whilst you were on holiday though, did you?
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