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Everyday loan

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  • #16
    Re: Everyday loan

    Hi
    I wasn't having a go, I know how easy, in a blind panic, it is to write just the info that sticks out but the other info us important.

    The difference between interest rates could be that 87.9%is the basic interest rate and the Apr is higher because of the way interest us added and how you pay it off however it could as you say, be because of the new repayments.

    From what you have written it seems they have varied your agreement and increased the term of the loan which I think is a bit naughty. Did you sign a new agreement?

    The total future payments seem incredible at the rate you are paying and you seem to be stuck in a cycle of debt.
    [MENTION=87380]Diana M[/MENTION] [MENTION=551]pt2537[/MENTION]

    Does this seem fair or legal?

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    • #17
      Re: Everyday loan

      Kay - could you do a photo of the agreement you have please and either post it here ( redact your name address etc) or email it to me admin@legalbeagles.info

      (4 years)
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      • #18
        Re: Everyday loan

        Hi

        I have used this https://en-gb.calculatestuff.com/fin...apr-calculator

        I entered
        loan 3100
        Term 4 years
        interest rate 87.9

        It came back with
        Repayments 234.97
        Finance charge 8178.91
        Apr 133.57

        So not a million miles out but maybe enough I dont know

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        • #19
          It's a pity, that you had problems with your loan. How did you solve them? Did you sign a new contract? As for me, I have a car on credit and a lot of household appliances. Besides, I work alone, my wife is a housewife. And so, I use this site for my credits (here you can find info about it https://www.freshloan.co.uk/ ). I am satisfied with the terms, rate, and maturity of the loan. Everything is distributed very well, which is convenient for me to pay for my stuff that I loaned. And so, I'm thinking of loaning a car for my wife soon.
          *
          Last edited by Tams1er; 21st January 2020, 12:08:PM.

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