K
kennedy
Guest
I’d be really thankful for help from any of you experts out there.
I have two loans with the BOI, one with 6000 and the other with 7000 left to clear. Both end in 2008.
No problems with repayments, which amount to about 750 a month.
I also have about 3000 to clear on a credit card and mentioned this to a more clued-in friend recently and he recommended that I apply for another loan to clear all the current debt and free up some extra money for some house improvements.
So, I applied for a loan of 25,000 from the BOI, stating (honestly) that it was partly for debt consolidation and partly for home improvements.
I have just been accepted for the loan. The repayments are just under 500 a month.
This is where I start asking you stupid questions because I’m an idiot when it comes to understanding this stuff!
How does this loan work (the jargon on the documentation I got today was beyond me, it made some mention of closing the current loans)? Will it first clear the 13,000 I already owe on the two current loans, and then leave me with roughly 12,000? So will those combined 750 a month repayments be cleared, leaving me with just the 500 a month on the 25,000 loan (over 5 years)? Or am I missing something embarrassingly and expensively obvious?!
If that is how it works, that I would be left with just 500 a month to repay, that would be brilliant, I can manage that relatively comfortably, but I’m afraid I’ll actually end up repaying 500 + 750 a month…..which wouldn’t be funny at all.
Sorry for my stupidity, would welcome any clarification. Thanks.
I have two loans with the BOI, one with 6000 and the other with 7000 left to clear. Both end in 2008.
No problems with repayments, which amount to about 750 a month.
I also have about 3000 to clear on a credit card and mentioned this to a more clued-in friend recently and he recommended that I apply for another loan to clear all the current debt and free up some extra money for some house improvements.
So, I applied for a loan of 25,000 from the BOI, stating (honestly) that it was partly for debt consolidation and partly for home improvements.
I have just been accepted for the loan. The repayments are just under 500 a month.
This is where I start asking you stupid questions because I’m an idiot when it comes to understanding this stuff!
How does this loan work (the jargon on the documentation I got today was beyond me, it made some mention of closing the current loans)? Will it first clear the 13,000 I already owe on the two current loans, and then leave me with roughly 12,000? So will those combined 750 a month repayments be cleared, leaving me with just the 500 a month on the 25,000 loan (over 5 years)? Or am I missing something embarrassingly and expensively obvious?!
If that is how it works, that I would be left with just 500 a month to repay, that would be brilliant, I can manage that relatively comfortably, but I’m afraid I’ll actually end up repaying 500 + 750 a month…..which wouldn’t be funny at all.
Sorry for my stupidity, would welcome any clarification. Thanks.