Smyth_18 Posted May 2, 2018 Share Posted May 2, 2018 I know we have a few accounting geniuses on here so was hoping somebody could help. I couple of years ago we stupidly took out a 10k loan to pay for our wedding/ honeymoon. (please note i was against this at the time but dare i tell her it's her fault?) We still have 7k to pay off with monthly repayments of 240 odd quid! I've done a decent job of cutting bills elsewhere but this is the big one so any help would be much appreciated. Link to comment Share on other sites More sharing options...
Wolfie Posted May 2, 2018 Share Posted May 2, 2018 4 minutes ago, Smyth_18 said: I know we have a few accounting geniuses on here so was hoping somebody could help. I couple of years ago we stupidly took out a 10k loan to pay for our wedding/ honeymoon. (please note i was against this at the time but dare i tell her it's her fault?) We still have 7k to pay off with monthly repayments of 240 odd quid! I've done a decent job of cutting bills elsewhere but this is the big one so any help would be much appreciated. What interest rate are you paying?. It's worth checking with your lender what the early repayment penalties will be and shop around for a lower rate or longer repayment term on a new loan if you can. I have 10 months outstanding on a car loan from Sainsburys Bank, so looked at this last week, as I'm probably going to pay it off early. They are going to charge me 56 days interest, as a "penalty". I think this is fairly standard, from what they were saying so it could be well worth paying it and getting a better deal elsewhere. I assume you've ruled out one or both going on the game?? Link to comment Share on other sites More sharing options...
maxjam Posted May 2, 2018 Share Posted May 2, 2018 When we moved house, around 8 years ago now, we ran up about 8k in debts. We moved it all to 0% credit cards, then swapped it to a new credit card (also at 0%) at the end of the term. Dunno, if thats still a thing as we have fortunately lived the past couple of years both debt and mortgage free but I recall we effectively borrowed 8K at 0%. The same applies for all credit though, you have to be disciplined to pay off what you owe, not think 'I really need that ivory back scratcher' and add more to it ? Link to comment Share on other sites More sharing options...
Smyth_18 Posted May 2, 2018 Author Share Posted May 2, 2018 11 minutes ago, Wolfie said: What interest rate are you paying?. It's worth checking with your lender what the early repayment penalties will be and shop around for a lower rate or longer repayment term on a new loan if you can. I have 10 months outstanding on a car loan from Sainsburys Bank, so looked at this last week, as I'm probably going to pay it off early. They are going to charge me 56 days interest, as a "penalty". I think this is fairly standard, from what they were saying so it could be well worth paying it and getting a better deal elsewhere. I assume you've ruled out one or both going on the game?? Not sure of the interest off the top of my head. (both for the loan and going on the game) We're not particularly desperate i must add, just any cost cutting is a help! Link to comment Share on other sites More sharing options...
RoyMac5 Posted May 2, 2018 Share Posted May 2, 2018 23 minutes ago, Smyth_18 said: I know we have a few accounting geniuses on here so was hoping somebody could help. I couple of years ago we stupidly took out a 10k loan to pay for our wedding/ honeymoon. (please note i was against this at the time but dare i tell her it's her fault?) We still have 7k to pay off with monthly repayments of 240 odd quid! I've done a decent job of cutting bills elsewhere but this is the big one so any help would be much appreciated. Try here: https://www.moneysavingexpert.com/loans/cut-existing-loan-costs Plus if you do look for another lower rate loan see if there's one where you can 'check your eligibilty' first. That is a do a 'soft search' first for a loan. Link to comment Share on other sites More sharing options...
Angry Ram Posted May 2, 2018 Share Posted May 2, 2018 1 hour ago, Smyth_18 said: I know we have a few accounting geniuses on here so was hoping somebody could help. I couple of years ago we stupidly took out a 10k loan to pay for our wedding/ honeymoon. (please note i was against this at the time but dare i tell her it's her fault?) We still have 7k to pay off with monthly repayments of 240 odd quid! I've done a decent job of cutting bills elsewhere but this is the big one so any help would be much appreciated. I could help but i'm a fat bloke ? Link to comment Share on other sites More sharing options...
PistoldPete2 Posted May 2, 2018 Share Posted May 2, 2018 1 hour ago, Smyth_18 said: I know we have a few accounting geniuses on here so was hoping somebody could help. I couple of years ago we stupidly took out a 10k loan to pay for our wedding/ honeymoon. (please note i was against this at the time but dare i tell her it's her fault?) We still have 7k to pay off with monthly repayments of 240 odd quid! I've done a decent job of cutting bills elsewhere but this is the big one so any help would be much appreciated. Try capital One? Think they may give credit as part of rescheduling of debts. not sure TBH Link to comment Share on other sites More sharing options...
LesterRam Posted May 2, 2018 Share Posted May 2, 2018 I would leg it for 6 years and pay nowt, saving you 100% of your remaining debt. Link to comment Share on other sites More sharing options...
Smyth_18 Posted May 2, 2018 Author Share Posted May 2, 2018 49 minutes ago, Angry Ram said: I could help but i'm a fat bloke ? I'm more than happy to be temporarily annoyed if it means getting help mate. Link to comment Share on other sites More sharing options...
PistoldPete2 Posted May 2, 2018 Share Posted May 2, 2018 25 minutes ago, LesterRam said: I would leg it for 6 years and pay nowt, saving you 100% of your remaining debt. I know someone who did just that.. married an australian and went down under. Went to australia too. Link to comment Share on other sites More sharing options...
Angry Ram Posted May 2, 2018 Share Posted May 2, 2018 21 minutes ago, Smyth_18 said: I'm more than happy to be temporarily annoyed if it means getting help mate. Sorry mate, my advice is never good unless you do the complete opposite. Others are more capable here. Good luck though. Link to comment Share on other sites More sharing options...
David Posted May 2, 2018 Share Posted May 2, 2018 No good coming here after you’ve taken the loan and got married, should have come here first, would have talked you out of putting a ring on it. A 10k loan to get a Mrs before her name, blimey, there’s me laying into students and their loans. Link to comment Share on other sites More sharing options...
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