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Old 11th Nov 2005, 08:22
  #30 (permalink)  
Charlie Zulu
 
Join Date: Jun 2002
Location: Kilmacolm
Age: 47
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Sorry Leezy but £450 per month for ten years sounds like a huge amount of interest... in fact it works out to be £54k you're paying back to the loan company.

I'm looking to obtain a loan for £15k to cover the JAA CPL/IR "conversion", MCC and FI rating (with my own funds topping up the difference and the FI rating will be used only on a part time basis as I can't afford to give up my day job - the loan has to be paid back and I still have to live, anyway this is getting off topic).

I have had a rough estimate from the branch of the building society that I have my current account with that over 5 years this will cost me £300 per month or the more likely option for myself £340 per month to include the loancare cover option. This works out to be a total repayment of £18k or £20k respectively.

Just been looking at their website and the quotation calculator. £25k over 7 years (max) would be £448 including loancare cover, thus a total repayment of £37.5k over the seven years. This seems a much better deal than the same amount over 10 years...

I know your circumstances probably differ to mine like mine do to everyone else's on the planet. However I would suggest that you look around, if you haven't already done so. Sorry and no offence intended but a repayment of £54k for a £25k loan sounds an awful amount to me.
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