What was the original repayment period of the loan?
Doug Ramage
What was the original repayment period of the loan?
Doug Ramage
hello all,
i took a 12K business loan with barclays about 2 or 3 years ago and i currently owe 7,506. Looking at my statement my interest for the month of june was 58.45 my monthly repayment is 282.96
I think i am paying quite a heavy interest rate.
question is.. would i benefit from taking another loan, one of these 9% apr deals etc or as I read somewhere is it false economy to do so.. (i read something like when you take another loan because it starts fresh again you end up paying more interest in the long run)..
i was never good at maths in school so any help appreciated...
A loan of £12,000 over 5 years at 10% p.a. is about £255.00 per month. So it looks like your "insurance" is costing you about £28 per month. Perhaps expensive for the cover it provides.
The amount outstanding after 30 months should be around £7000 - the £500 difference is probably the insurance again (some/all of which might be refunded to you).
[Mr Raygun may be along soon to provide more accurate figures.]The cheapest borrowing option is, usually, by way of re-mortgage/further advance, assuming adequate equity etc. There may be cash flow advantages from having a longer re-payment period.
Or credit card "surfing" using 0% balance transfers is pretty cheap (i.e. free).
Doug Ramage
Mike wrote:
the loan was over 5 years starting 11/12/01 at a'nominal rate' of 10% (she said i dont need to know the APR as it isn't important)...
she said i also took 5 years of insurance cover and i would get some back if i paid of the loan
PS.. Doug.. you are obviouslly extremely knowlegable.. are you a 'real' accountant? if so and you have space for one more I would seriously consider coming on board! Let me know..
I doubt that any one could consider you as an accountant when you say things like...
!!!
Doug didn't say that!!!!
If you re-read the thread, you will see that I did not say what you have attributed to me. It was part of the OP's second post.
I am not even sure how you managed to follow the thread.
Doug Ramage
As I see it, she isn't attributing anything to you, but is referring to the OP's comment about you "taking him on", presumably not as an apprentice lion tamer, and Zoe was putting Mike down by saying how could he consider himself as an accountant if he said things like...
Not the way I nor Pet Lover read it.
Doug Ramage
But it's the only way to read it. Pity the actual attributions have been lost, but count the chevrons. Zoe was addressing the OP, who had addressed you. It is she who was questioning his viability as an accountant, not yours.
Yours is obviously beyond reproach.
Like Caesar's wife...........................:)
hey guys, I am the OP.
I was just asking doug if he was an accountant and if so maybe i could use his services as he is obviously very knowledgeable. I wasn't claiming to be one! sorry if my posting was confusing!
cheers all
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In message , Doug Ramage writes
Yes, it is likely that the insurance was paid as a one off single premium which was also lent to him on the same terms as the original loan. So the current amount outstanding is likely to be the balance outstanding from the 'two' loans and the interest payment quoted makes it about 9.3% which is close enough for our purposes I think.
Granted I misunderstood that bit, but I suspect so must Zoe have, for it is *her* comment I meant could only be read one way.
If you're still out there, Zoe, can you clarify what you meant?
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