Soldato
If you have money in the bank, use that to pay off the loan you have already then use the £229 / month you save to save up 1.5K on your own, and earn interest rather than pay it.
I've applied for a loan. How long does it take to get back to me?
- Thread starter shep_no_platinum
- Start date
Man of Honour
So why are you increasing your debt? Your post would make sense if you were simply getting a lower APR debt to pay off a higher APR debt, but that isn't what you're doing.
I don't have enough to pay the loan off and its currently with HSBC. You have to pay it all off or monthly as agreed. My remainder is £7500 but my settlement figure is £6500.
UPDATE: i need to wait for a pack through the post which tells me if i have been successful and my APR. i'm not in the cack i just want the lower APR.
Caporegime
I haven't done the sums but surely the lower APR is negated by the early repayment charges? Otherwise lenders would have borrowers jumping ship as soon as the next best deal came along.
HSBC never mentioned any charges? They just said i have £7500 left to pay but i can pay it off today for £6500....?
Therefore why wouldnt they tell me of hidden charges?
Therefore why wouldnt they tell me of hidden charges?
Caporegime
Because they are a bank and they love to take your money.
Check all you documents for hidden charges etc. If they said that on the phone get it in writing.
Don
Read your existing agreement with HSBC..
Caporegime
I don't understand.
£229 pm over 3 years = £8,244. You currently owe a capital balance of £7,500 meaning the interest charge over the remaining life of the agreement is £744. Yet HSBC are prepared to let you settle your debt of £7,500 for £6,500? That does sound like a good deal
.
Soldato
If your settlement figure is £6500 then that's all you need to borrow not £7500.....
Don
Perhaps as he is so early in the initial agreement, the loan is calculated with the interest over the whole period. If he is paying it off a couple of years ahead of schedule, he will be minus a couple of years interest on the re-payment?
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So you're applying for a loan to pay off a loan? Hmmm...
Soldato
- Joined
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If the answer was yes then you would almost certainly have been told within a few minutes.
Applying for a loan with two companies simultaneously would damage the chances of either saying yes also.
I think a phone call to find out their decision would be the best option, but I wouldn't hold out much hope tbh.
If you are unsuccessful then I would suggest waiting at least 6 months before making another application and this time only one at a time, each time you make an application the company will do a search of the credit reference agencies and if it sees that you have applied for credit on a regular basis unsuccessfully or have applied to more than one company at any given time it will turn you down assuming either you are in financial difficulty or are attempting fraud.
Soldato
I would say most successful applicants would get an instant decision of 'yes' and most unsuccessful applicants would also get an instant descision of 'no'. The remaining applicants who are borderline will have to have their application checked by a person to make a decision. If that is the case then there's a good chance you won't get their 'typical' APR but may get offered a higher rate. Or you might get turned down. Or you might have made a trivial error on the application such as saying you have lived at your current address for 15 years when it's actually 13.
Caporegime
The last post I read by you, you were talking about putting willies inside girls. I assume the above was written by your very sensible wife again
.they will say that, however if you call them and ask they will probably re-do the loan on the new terms,
I had a loan a while back and it was the same, pay it all off or keep to the monthly payments... I just re-did the load with them over a shorter term (its worth asking)
You guys need to chill on the OP
I have just done the exact same thing as him but without the extra 1.5k
I had a loan with HSBC with 22 months left on it and i want to pay it off sooner the loan is at 8.9%
I am a homeowner and tell my bank manager tescos will do me a loan at 7.9%
HSBC say the only way to pay the loan off early is to take out a new loan clear the existing loan and the new loan will be on an APR of 14.9% i laughed at my bank manager asked him for my early settlement figure and walked out.
Tesco promptly agreed my loan to the tune of my early settlement figure @ 7.9% and i now only have 12 months to pay instead of 22 and at a lower rate. I will say i didn't take any cash out extra as i just wanted to pay my loan off sooner
I have just done the exact same thing as him but without the extra 1.5k
I had a loan with HSBC with 22 months left on it and i want to pay it off sooner the loan is at 8.9%
I am a homeowner and tell my bank manager tescos will do me a loan at 7.9%
HSBC say the only way to pay the loan off early is to take out a new loan clear the existing loan and the new loan will be on an APR of 14.9% i laughed at my bank manager asked him for my early settlement figure and walked out.
Tesco promptly agreed my loan to the tune of my early settlement figure @ 7.9% and i now only have 12 months to pay instead of 22 and at a lower rate. I will say i didn't take any cash out extra as i just wanted to pay my loan off sooner
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Caporegime
But the OP is still paying off his new loan over three years...