[chris]

You can discharge the loan from day one. No point making a few payments when you don’t need to.

I am getting a personal loan to pay out a car loan that I will use a promissory note for.

I have used the 10% method for the wife’s car loan. She had been paying $70 a fortnight for years. They would have made a lot more out of this loan than they had lent her in the first place. The loan was more than the car was now worth. We took all the money out of her account when she received her payments so they couldn’t take out the loan payments. After she had missed 3 payments they rang and we told them she was seeking financial advice and we would be in touch soon. She owed $5450 we sent them a bank cheque for $550 along with a balance sheet for incoming and outgoing money. (See attached) When we checked her online account they had deducted the $550 from the balance, a week later it said pending finalization, a week after that we received a letter saying congratulations you have payed out your loan.

• This reply was modified 1 year, 4 months ago by  chris.

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