So, I've been with this program for about 29 months now, the lawfirm that the program is run through has notified me that due to consistent on time payments that I was eligible for a loan to help negotiate the remaining balances on my cards.
Thing is, I dont understand where they are getting their numbers from or if it's a good decision to go ahead with the loan or continue paying how I have been.
So here are some specifics.
Repayment program $596 per month no concrete end date as negotiations are on going based on what is in the savings account that the frim uses.
Loan Loan amount: $17694.37 Monthly payment: $590.09 or bi weekly $272.35 Interest rate: fixed 21.99% Loan length: 45 months
So the loan would be for this amount but would be used to negotiate lump sum payments to the creditors in hopes that they will reduce the amount owed, then if the amount needed was less than what was loaned the balance would be used to pay down the loan.
How do these numbers work? $17.6k loan at 22% should be like21.5k right? Not only that doing the 590 x 45 is like $26.5k
Should I go with the loan or stay with what I've been doing? Why isn't the math adding up with the loan details I was e-mailed?
Submitted October 26, 2020 at 07:44PM by Ophiron https://ift.tt/37IVxw1
