Interest rate on loan is too high?

[patsyhagan]

Hey,

Im just wondering if anyone would have any advise on how to sort out my finances. I borrowed 280,000 last yr to buy a field and cant believe the massive rates that the bank are charging me. I then borrowed a further 110,000 6 months ago but i didnt get any advise (apart from the bank). I realise that I should have got advise back then and now I plan to talk to accountant soon as my rates are crazy.
However, I do have some assets like some property worth €160,000, SSIAs and some other policies that I know little about(maybe €10,000). This debt is cripling my busniess at a time that I really need to invest.

Need help

 

[CCOVICH]

Which bank?
What is the rate (APR)?
Is it a fixed or variable rate?
Was there an arrangement fee charged?
Are you paying any insurance in relation to the loan, i.e. payment protection insurance?
What is the term of the loan?

Do you need the field? What is it for? Is it related to your business?

 

[patsyhagan]

cheers for the reply. I dont need all some of the field and would sell 10 acres which would generate 150,000..
The Bank is AIB , definately paying insurance, but to be honest I dont know much about the terms. i would have to contact the bank. I will be meeting the bank next week and hope to sort it out. I need to learn about loan and investment quickly. need a crash course in business management. any good websites?

 

[liteweight]

The questions asked by CCOVICH are very relevant. You should be asking these question of your bank e.g. what is apr, fixed or variable rate, what are they charging you if anything.

 

[CCOVICH]

cheers for the reply. I dont need all some of the field and would sell 10 acres which would generate 150,000.

If this is feasible, then it sounds like a good idea.

The Bank is AIB , definately paying insurance, but to be honest I dont know much about the terms.

Do you feel you need this insurance? Or did the bank convince you? What does it cover? Is it ever likely to be needed?

I need to learn about loan and investment quickly. need a crash course in business management. any good websites?

That's a much wider issue. Feel free to start separate threads in the Askaboutbusiness forum, or browse the Key Posts in that forum for more info.