well hubby thinks it's 7.9 ya it's a personal loan,,just feel it's never ending now, constant loans, big mortgage, 3 kids,,
Hi Kellie
I'm sorry to say this, but those figures do not indicate €20k @ 7.9%.
If this was the rate, monthly payment should be €405p.m. (approx).
I feel that you are being charged the top rate advertised by these sub-prime lenders.
This would be 16.9%, according to their website info.
[broken link removed]
This is a variable rate loan agreement as defined by the Consumer Credit Act 1995. An APR rate, ranging from 7.9% to 16.9% will apply and the actual rate charged is dependent on our assessment of the information provided by the applicant and the applicant’s creditworthiness.
Putting this amount through my [broken link removed], this would work out at €496 p.m.
The figure you quote, €502p.m. may also contain "credit payment protection", or could be an APR adjusted rate.
The Credit Payment Protection Plan is subject to eligibility. The Life Assurance element of the Credit Payment Protection Plan is underwritten by Irish Life Assurance plc. The other protection elements of the plan are underwritten by Cigna Europe Insurance Company S.A.-N.V.
This is almost robbery, and I would not advise signing up for this, you should have a cooling-off period, is it 14 days?
Remember, the difference per month from 7.9% to 16.9% is almost €100, which adds up to €6000 for the term of the loan.
I personally feel that you would be much better off confronting the issues which have lead to this situation, i.e. don't consolidate, go to MABS and work out some accomodation with your creditors.
Please don't go down the never-ending cycle which only ends with an ever-increasing burden for you and your loved ones.
Take control, go to [broken link removed], take the first step out of debt, don't go further in.