Originally Posted by MWF
Originally Posted by Jim Galbally
i need to get in a position where i can get one big loan to cover all the little ones, and then i recon i could have it all paid off in a year.:
I am under the impression that's the worst thing you can do Jim. As far as I am aware you owe the interest on those loans you have signed into so taking out one big loan would have to cover the interest of those loans -and- have the added interest of the new big loan itself.
I may be wrong but that's how I understand it
As I understand it, you can pay off a loan with the penalty of 1 month's intrest, this is according to the nat west as of about 3 weeks ago when I enquired about paying off mine in full. so prosumably if jim can get a good APR on a big loan to pay off all the others then he will be better off, also easier to manage
