advice needed
Registered User
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. By the time I have this paid I will have paid back 100% interest, which is just crazy if I had of borrowed from a non reputable company I would have paid 30%.
Hi, my shares are 2110 so not enough to make any kind of a difference. I have been able to obtain a car loan from my bank so that hasn't been an issue. I find the 320 affordable to me it's just I wouldn't be in a position to increase it and when the credit union emailed me to say that I need to pay for another 76 months, I was wondering if I could get around paying so much interest. I don't want to stop paying just to maybe have it restructured but they have informed me that this is not an option. By the time I have this paid I will have paid back 100% interest, which is just crazy if I had of borrowed from a non reputable company I would have paid 30%.
The average amount borrowed is half the total,so the interest is double ie about 11%Your calculations not accurate. You are not paying 100% interest.
You took out the loan in 2003, so it has now been running for approx 12 years or 144 months, another 76 month means 220 months ar about 18 and a bit years. Your 100% divided by 18 years is about 5.5%, which is not bad for a personal loan.
What interest rate is that loan on? What is the overall agreed payback period?
What exactly do you want restructured?
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