Anyone good at sums / finances ..

[dugless]

I am considering taking out a loan to pay of a few cards and other loans etc..and would like to know how much in total I would have to pay completely out of pocket to pay of the followong individual loans..


1. 6k credit card 15.9% apr paying off at 200 pm.
2. 4k credit card 14.9% apr paying off at 100 pm.
3. 10k loan 8.5% apr paying off at 280 pm. (Inc ins)
4. 4k loan 23.0% apr paying off at 125 pm.

I hope one of you kind people can take out 5 minutes to help me out..

Thanks.

[vetteheadracer]

Can't be arse'd to work it out, but the lowest APR (8.5%) is your best bet. Try to get out of the Insurance as this is an added expense.

I got a loan from Lombard direct about 3 years ago and in it at 6.9% APR with no insurance and it is not secured against anything.....they obviously trust me to pay it back based on my credit history!

[jimothy]

£24k at high rates (23% )

Northern rock do up to £25k at 5.6% over up to 10 years. If you take the full whack over the most time, it'll cost you £273 per month. And it's flexible so you can overpay as much as you like to end up paying less interest.

www.northernrock.co.uk

Oh, and to find out how much you'll need to pay, you'll have to get a settlement figure for each loan as the way they work out the interest payments varies. For the credit cards, the current balance is all you'll need to pay, apart from maybe 1 months interest depending on teh dates of payments etc.

>> Edited by jimothy on Tuesday 16th August 12:10

[anonymous-user]

dugless said:

4. 4k loan 23.0% apr paying off at 125 pm.

Bloody hell. Who is that with - The Ron and Reg loan company?

[minimax]

vetteheadracer said:

Can't be arse'd to work it out, but the lowest APR (8.5%) is your best bet. Try to get out of the Insurance as this is an added expense.

forgo the insurance, it is a scam. they lump together the total premiums over the term and lend it to you as a loan to pay the lump suim premium, thus being able to charge you even more interest on it. do get protection though, just buy it through one of the big name quality providers...pinnacle are good.

[jacko lah]

Okay

Refinancing the debt is one thing but working out how not to get yourself in the shit again is another.

[mcflurry]

jacko lah said:

Okay Refinancing the debt is one thing but working out how not to get yourself in the shit again is another.

10 out of 10 for that man

[wedge girl]

You need to become a credit card tart, and switch some of that to a card with a 0% interest deal, try More Than, as I think you can place other debt with them as well.

[s2ooz]

I have a list of 0% cards on my site www.stoozing.com
rate tart switch the debt to lower the interest, but maintain the payments, its called snowballing.

consildation loans are for idiots - you will just run back up more debt.

[jimothy]

s2ooz said:

consildation loans are for idiots - you will just run back up more debt.

Depends on discipline. BEst way is to consolidate but pay back at the same amount per month as you were before consolidation (or a bit less if you're running out of money). That way you can't use the spare each month to run up more debt, and you become debt free sooner.