Discussion
I tried the moneysaving expert forums, but people seem to be too busy trying to live on £36 per month than to answer a simple questions about debt consolidation..
In short :
18 get a job, went to my head get a loan £3000 (NatWest)
19 fall on hard times get another loan £3000 (NatWest)
So now 21 and paying this loan off slowly, and it currently sits at just over 7k left to pay. Now the payment is not really a payment these days, but still I would rather not pay the interest if I can help it.
I have an early settlement figure of around 5k, so what I tried to do was get a 5k loan on a better rate from another bank or source to pay this one off and cut down the monthly's. This would seem the best way to do it if you have no got the cash saved right?
But I cannot seem to get accepted anywhere? Now I paid for an experian check and I am all ok according to that, I have never defaulted on the loan or any other standing orders, paid all my DD's on time ect no mucking around.
Is this the best way to cut down the loan? And any idea why I cannot get accepted for this amount?
Cheers
In short :
18 get a job, went to my head get a loan £3000 (NatWest)
19 fall on hard times get another loan £3000 (NatWest)
So now 21 and paying this loan off slowly, and it currently sits at just over 7k left to pay. Now the payment is not really a payment these days, but still I would rather not pay the interest if I can help it.
I have an early settlement figure of around 5k, so what I tried to do was get a 5k loan on a better rate from another bank or source to pay this one off and cut down the monthly's. This would seem the best way to do it if you have no got the cash saved right?
But I cannot seem to get accepted anywhere? Now I paid for an experian check and I am all ok according to that, I have never defaulted on the loan or any other standing orders, paid all my DD's on time ect no mucking around.
Is this the best way to cut down the loan? And any idea why I cannot get accepted for this amount?
Cheers
okgo said:
I tried the moneysaving expert forums, but people seem to be too busy trying to live on £36 per month than to answer a simple questions about debt consolidation..
In short :
18 get a job, went to my head get a loan £3000 (NatWest)
19 fall on hard times get another loan £3000 (NatWest)
So now 21 and paying this loan off slowly, and it currently sits at just over 7k left to pay. Now the payment is not really a payment these days, but still I would rather not pay the interest if I can help it.
I have an early settlement figure of around 5k, so what I tried to do was get a 5k loan on a better rate from another bank or source to pay this one off and cut down the monthly's. This would seem the best way to do it if you have no got the cash saved right?
But I cannot seem to get accepted anywhere? Now I paid for an experian check and I am all ok according to that, I have never defaulted on the loan or any other standing orders, paid all my DD's on time ect no mucking around.
Is this the best way to cut down the loan? And any idea why I cannot get accepted for this amount?
Cheers
Have you been living in a cave ?In short :
18 get a job, went to my head get a loan £3000 (NatWest)
19 fall on hard times get another loan £3000 (NatWest)
So now 21 and paying this loan off slowly, and it currently sits at just over 7k left to pay. Now the payment is not really a payment these days, but still I would rather not pay the interest if I can help it.
I have an early settlement figure of around 5k, so what I tried to do was get a 5k loan on a better rate from another bank or source to pay this one off and cut down the monthly's. This would seem the best way to do it if you have no got the cash saved right?
But I cannot seem to get accepted anywhere? Now I paid for an experian check and I am all ok according to that, I have never defaulted on the loan or any other standing orders, paid all my DD's on time ect no mucking around.
Is this the best way to cut down the loan? And any idea why I cannot get accepted for this amount?
Cheers
okgo said:
I tried the moneysaving expert forums, but people seem to be too busy trying to live on £36 per month than to answer a simple questions about debt consolidation..
In short :
18 get a job, went to my head get a loan £3000 (NatWest)
19 fall on hard times get another loan £3000 (NatWest)
So now 21 and paying this loan off slowly, and it currently sits at just over 7k left to pay. Now the payment is not really a payment these days, but still I would rather not pay the interest if I can help it.
I have an early settlement figure of around 5k, so what I tried to do was get a 5k loan on a better rate from another bank or source to pay this one off and cut down the monthly's. This would seem the best way to do it if you have no got the cash saved right?
But I cannot seem to get accepted anywhere? Now I paid for an experian check and I am all ok according to that, I have never defaulted on the loan or any other standing orders, paid all my DD's on time ect no mucking around.
Is this the best way to cut down the loan? And any idea why I cannot get accepted for this amount?
Cheers
Here's 50p.In short :
18 get a job, went to my head get a loan £3000 (NatWest)
19 fall on hard times get another loan £3000 (NatWest)
So now 21 and paying this loan off slowly, and it currently sits at just over 7k left to pay. Now the payment is not really a payment these days, but still I would rather not pay the interest if I can help it.
I have an early settlement figure of around 5k, so what I tried to do was get a 5k loan on a better rate from another bank or source to pay this one off and cut down the monthly's. This would seem the best way to do it if you have no got the cash saved right?
But I cannot seem to get accepted anywhere? Now I paid for an experian check and I am all ok according to that, I have never defaulted on the loan or any other standing orders, paid all my DD's on time ect no mucking around.
Is this the best way to cut down the loan? And any idea why I cannot get accepted for this amount?
Cheers
Go and buy a newspaper.
Actually, no. You're on a wind up aren't you? Surely? Do people not REALISE that there is NO MONEY FOR LOANS!!!!
Argh!
Edited by Vesuvius 996 on Tuesday 30th September 14:39
Try borrowing more - 'decent' rates (7.9% for example) are often only available on amounts over £8K or so.
Alternatively, get a credit card and transfer the balance to it - some will be 0% for 12 months if you can pay it off that quickly, others are, for example, 5.9% for the balance of the loan. The beauty of the credit card is that you effectively get a flexible loan - if you're better off one month you can pay off a bigger amount and therefore dratically cut the interest you pay.
Alternatively, get a credit card and transfer the balance to it - some will be 0% for 12 months if you can pay it off that quickly, others are, for example, 5.9% for the balance of the loan. The beauty of the credit card is that you effectively get a flexible loan - if you're better off one month you can pay off a bigger amount and therefore dratically cut the interest you pay.
LeeME3 said:
Try borrowing more - 'decent' rates (7.9% for example) are often only available on amounts over £8K or so.
Alternatively, get a credit card and transfer the balance to it - some will be 0% for 12 months if you can pay it off that quickly, others are, for example, 5.9% for the balance of the loan. The beauty of the credit card is that you effectively get a flexible loan - if you're better off one month you can pay off a bigger amount and therefore dratically cut the interest you pay.
Isn't there normally a transfer rate of at least 2.5% on these though?Alternatively, get a credit card and transfer the balance to it - some will be 0% for 12 months if you can pay it off that quickly, others are, for example, 5.9% for the balance of the loan. The beauty of the credit card is that you effectively get a flexible loan - if you're better off one month you can pay off a bigger amount and therefore dratically cut the interest you pay.
But if you could pay off the whole thing within the interest free period you are still better off I would presume than the interest charged on your existing loan
limpsfield said:
LeeME3 said:
Try borrowing more - 'decent' rates (7.9% for example) are often only available on amounts over £8K or so.
Alternatively, get a credit card and transfer the balance to it - some will be 0% for 12 months if you can pay it off that quickly, others are, for example, 5.9% for the balance of the loan. The beauty of the credit card is that you effectively get a flexible loan - if you're better off one month you can pay off a bigger amount and therefore dratically cut the interest you pay.
Isn't there normally a transfer rate of at least 2.5% on these though?Alternatively, get a credit card and transfer the balance to it - some will be 0% for 12 months if you can pay it off that quickly, others are, for example, 5.9% for the balance of the loan. The beauty of the credit card is that you effectively get a flexible loan - if you're better off one month you can pay off a bigger amount and therefore dratically cut the interest you pay.
But if you could pay off the whole thing within the interest free period you are still better off I would presume than the interest charged on your existing loan
You need to stop seeing loans as the solution to not having enough money. They are NEVER the solution to not having enough money except in cases where you are brassic now but KNOW 100% you will have extra money in say a years time, hence the theory of a student loan.
You need to sit down and work out if you can afford to live, at a guess from what your saying I guess maybe not.
Work out money coming in, against money going out, start with definites like direct debits, then move to rent/car tax etc. Finally with what you have left over decide if you can have any quality of life.
I suspect the answer is enough money left over to keep breathing and not much more, that isn't a life by anyones book.
So then you need to work out how to get more money to get rid of the debt. Start off by looking to see what you could sell, even if you can only raise a couple of K that would help massively, maybe you will have to lose the car or at least downgrade, if you can't clear it then look to see what bills you can cut out, mobile phone? Internet? Gym membership? Magazine subscriptions? All luxuries, lose them and go pay as you go on phone (and don't use it much!!!).
Finally can you earn more? Ask for promotion/pay rise at work? Look for better paid job? Second job? Weekend work? Maybe a bit of ebay trading or car boot sales?
Once the debt is gone then you will find you suddenly have the money to do nice things again as you don't have that 2-500 a month millstone round your neck. Getting shut of debt is the only way to get out of it.
If you genuinely can't do any of those (and I don't believe that, it will be excuses holding you back) then yes consolidate, but do it yourself not through debt management companies and make sure you don't increase the term, if you currently pay eg. £300 a month and will be paying it for 4 more years, then consolidate together, clear the tables and REDUCE the term to say 3 years and keep the payment the same, if you can combine this with selling some goods and paying off a lump of it, and earning more to support a higher payment get the term as low as possible, better to have a year of misery than 5 years of misery.
You need to sit down and work out if you can afford to live, at a guess from what your saying I guess maybe not.
Work out money coming in, against money going out, start with definites like direct debits, then move to rent/car tax etc. Finally with what you have left over decide if you can have any quality of life.
I suspect the answer is enough money left over to keep breathing and not much more, that isn't a life by anyones book.
So then you need to work out how to get more money to get rid of the debt. Start off by looking to see what you could sell, even if you can only raise a couple of K that would help massively, maybe you will have to lose the car or at least downgrade, if you can't clear it then look to see what bills you can cut out, mobile phone? Internet? Gym membership? Magazine subscriptions? All luxuries, lose them and go pay as you go on phone (and don't use it much!!!).
Finally can you earn more? Ask for promotion/pay rise at work? Look for better paid job? Second job? Weekend work? Maybe a bit of ebay trading or car boot sales?
Once the debt is gone then you will find you suddenly have the money to do nice things again as you don't have that 2-500 a month millstone round your neck. Getting shut of debt is the only way to get out of it.
If you genuinely can't do any of those (and I don't believe that, it will be excuses holding you back) then yes consolidate, but do it yourself not through debt management companies and make sure you don't increase the term, if you currently pay eg. £300 a month and will be paying it for 4 more years, then consolidate together, clear the tables and REDUCE the term to say 3 years and keep the payment the same, if you can combine this with selling some goods and paying off a lump of it, and earning more to support a higher payment get the term as low as possible, better to have a year of misery than 5 years of misery.
okgo said:
I have had no issue with credit in recent months even up to last week where I had to sort out some new contracts..
Is that the reason? I mean 5 grand is not a lot to lend to someone who can afford to pay it back and has a proven track record of doing so is it?
i wanted a £5k loan from barclays but they rejected the application as i have a £3k overdraft facility, despite the fact my account is in the black. i cut my overdraft back to £1k and they said i could borrow upto £19k.
they then told me the £5k would attract 24.9% apr.
after i stopped roffling i bid them good day and good luck......
wildoliver said:
You need to stop seeing loans as the solution to not having enough money. They are NEVER the solution to not having enough money except in cases where you are brassic now but KNOW 100% you will have extra money in say a years time, hence the theory of a student loan.
You need to sit down and work out if you can afford to live, at a guess from what your saying I guess maybe not.
Work out money coming in, against money going out, start with definites like direct debits, then move to rent/car tax etc. Finally with what you have left over decide if you can have any quality of life.
I suspect the answer is enough money left over to keep breathing and not much more, that isn't a life by anyones book.
So then you need to work out how to get more money to get rid of the debt. Start off by looking to see what you could sell, even if you can only raise a couple of K that would help massively, maybe you will have to lose the car or at least downgrade, if you can't clear it then look to see what bills you can cut out, mobile phone? Internet? Gym membership? Magazine subscriptions? All luxuries, lose them and go pay as you go on phone (and don't use it much!!!).
Finally can you earn more? Ask for promotion/pay rise at work? Look for better paid job? Second job? Weekend work? Maybe a bit of ebay trading or car boot sales?
Once the debt is gone then you will find you suddenly have the money to do nice things again as you don't have that 2-500 a month millstone round your neck. Getting shut of debt is the only way to get out of it.
If you genuinely can't do any of those (and I don't believe that, it will be excuses holding you back) then yes consolidate, but do it yourself not through debt management companies and make sure you don't increase the term, if you currently pay eg. £300 a month and will be paying it for 4 more years, then consolidate together, clear the tables and REDUCE the term to say 3 years and keep the payment the same, if you can combine this with selling some goods and paying off a lump of it, and earning more to support a higher payment get the term as low as possible, better to have a year of misery than 5 years of misery.
I can do the above, although tricky in my business at the minute to sell more.You need to sit down and work out if you can afford to live, at a guess from what your saying I guess maybe not.
Work out money coming in, against money going out, start with definites like direct debits, then move to rent/car tax etc. Finally with what you have left over decide if you can have any quality of life.
I suspect the answer is enough money left over to keep breathing and not much more, that isn't a life by anyones book.
So then you need to work out how to get more money to get rid of the debt. Start off by looking to see what you could sell, even if you can only raise a couple of K that would help massively, maybe you will have to lose the car or at least downgrade, if you can't clear it then look to see what bills you can cut out, mobile phone? Internet? Gym membership? Magazine subscriptions? All luxuries, lose them and go pay as you go on phone (and don't use it much!!!).
Finally can you earn more? Ask for promotion/pay rise at work? Look for better paid job? Second job? Weekend work? Maybe a bit of ebay trading or car boot sales?
Once the debt is gone then you will find you suddenly have the money to do nice things again as you don't have that 2-500 a month millstone round your neck. Getting shut of debt is the only way to get out of it.
If you genuinely can't do any of those (and I don't believe that, it will be excuses holding you back) then yes consolidate, but do it yourself not through debt management companies and make sure you don't increase the term, if you currently pay eg. £300 a month and will be paying it for 4 more years, then consolidate together, clear the tables and REDUCE the term to say 3 years and keep the payment the same, if you can combine this with selling some goods and paying off a lump of it, and earning more to support a higher payment get the term as low as possible, better to have a year of misery than 5 years of misery.
But the loan if I pay the lump will be a saving of 2k interest, if I over pay the loan it makes no different I pay the whole lot back. I was just looking to just try and get this lump to save that interest.
Credit card may be an option, but I am trying to get out of debt and I have a credit card too that I need to clear. Don't get me wrong I want to clear these and am not looking for more handouts to live, I want to bring it all down and save money where possible and this seemed like a good start...
Thanks anyway though, cheers Lee, I will check it out because that amount would probably do my Credit Card too.
Also my overdraft is 1500 quid on my current account.
Edited by okgo on Tuesday 30th September 14:58
okgo said:
wildoliver said:
You need to stop seeing loans as the solution to not having enough money. They are NEVER the solution to not having enough money except in cases where you are brassic now but KNOW 100% you will have extra money in say a years time, hence the theory of a student loan.
You need to sit down and work out if you can afford to live, at a guess from what your saying I guess maybe not.
Work out money coming in, against money going out, start with definites like direct debits, then move to rent/car tax etc. Finally with what you have left over decide if you can have any quality of life.
I suspect the answer is enough money left over to keep breathing and not much more, that isn't a life by anyones book.
So then you need to work out how to get more money to get rid of the debt. Start off by looking to see what you could sell, even if you can only raise a couple of K that would help massively, maybe you will have to lose the car or at least downgrade, if you can't clear it then look to see what bills you can cut out, mobile phone? Internet? Gym membership? Magazine subscriptions? All luxuries, lose them and go pay as you go on phone (and don't use it much!!!).
Finally can you earn more? Ask for promotion/pay rise at work? Look for better paid job? Second job? Weekend work? Maybe a bit of ebay trading or car boot sales?
Once the debt is gone then you will find you suddenly have the money to do nice things again as you don't have that 2-500 a month millstone round your neck. Getting shut of debt is the only way to get out of it.
If you genuinely can't do any of those (and I don't believe that, it will be excuses holding you back) then yes consolidate, but do it yourself not through debt management companies and make sure you don't increase the term, if you currently pay eg. £300 a month and will be paying it for 4 more years, then consolidate together, clear the tables and REDUCE the term to say 3 years and keep the payment the same, if you can combine this with selling some goods and paying off a lump of it, and earning more to support a higher payment get the term as low as possible, better to have a year of misery than 5 years of misery.
I can do the above, although tricky in my business at the minute to sell more.You need to sit down and work out if you can afford to live, at a guess from what your saying I guess maybe not.
Work out money coming in, against money going out, start with definites like direct debits, then move to rent/car tax etc. Finally with what you have left over decide if you can have any quality of life.
I suspect the answer is enough money left over to keep breathing and not much more, that isn't a life by anyones book.
So then you need to work out how to get more money to get rid of the debt. Start off by looking to see what you could sell, even if you can only raise a couple of K that would help massively, maybe you will have to lose the car or at least downgrade, if you can't clear it then look to see what bills you can cut out, mobile phone? Internet? Gym membership? Magazine subscriptions? All luxuries, lose them and go pay as you go on phone (and don't use it much!!!).
Finally can you earn more? Ask for promotion/pay rise at work? Look for better paid job? Second job? Weekend work? Maybe a bit of ebay trading or car boot sales?
Once the debt is gone then you will find you suddenly have the money to do nice things again as you don't have that 2-500 a month millstone round your neck. Getting shut of debt is the only way to get out of it.
If you genuinely can't do any of those (and I don't believe that, it will be excuses holding you back) then yes consolidate, but do it yourself not through debt management companies and make sure you don't increase the term, if you currently pay eg. £300 a month and will be paying it for 4 more years, then consolidate together, clear the tables and REDUCE the term to say 3 years and keep the payment the same, if you can combine this with selling some goods and paying off a lump of it, and earning more to support a higher payment get the term as low as possible, better to have a year of misery than 5 years of misery.
But the loan if I pay the lump will be a saving of 2k interest, if I over pay the loan it makes no different I pay the whole lot back. I was just looking to just try and get this lump to save that interest.
Credit card may be an option, but I am trying to get out of debt and I have a credit card too that I need to clear. Don't get me wrong I want to clear these and am not looking for more handouts to live, I want to bring it all down and save money where possible and this seemed like a good start...
Thanks anyway though, cheers Lee, I will check it out because that amount would probably do my Credit Card too.
What have you SPENT it all on?! How much do you earn?
Is it any wonder the economy is in the bog?
Edited by Vesuvius 996 on Tuesday 30th September 15:00
Well as said the loan is one loan I guess now and is at 7k, and then there is a CC with 2k on it.
The CC was got originally to help pay off this loan, but then again I was out of work (housing). So Its not like I have spunked it all on things, it has been to live to an extent. Although there are things that I have that I don't need.
Earn probably about 30k average some months there is more some less.
Having actually red your post wildoiliver it does ring true, I need to sort it out.
The CC was got originally to help pay off this loan, but then again I was out of work (housing). So Its not like I have spunked it all on things, it has been to live to an extent. Although there are things that I have that I don't need.
Earn probably about 30k average some months there is more some less.
Having actually red your post wildoiliver it does ring true, I need to sort it out.
Edited by okgo on Tuesday 30th September 15:09
okgo said:
Well as said the loan is one loan I guess now and is at 7k, and then there is a CC with 2k on it.
The CC was got originally to help pay off this loan, but then again I was out of work (housing). So Its not like I have spunked it all on things, it has been to live to an extent.
Earn probably about 30k average some months there is more some less.
Having actually red your post wildoiliver it does ring true, I need to sort it out.
So you owe a third of a year gross salary. Not too bad I guess.The CC was got originally to help pay off this loan, but then again I was out of work (housing). So Its not like I have spunked it all on things, it has been to live to an extent.
Earn probably about 30k average some months there is more some less.
Having actually red your post wildoiliver it does ring true, I need to sort it out.
Its not the worst out there I know, but I am not old and I DO NOT want this to get any worse hence why I asked how to help cure it.
I am fully aware what's happening out there, but I didn't know that it would mean that a small amount (in the scheme) was not available to someone who can pay it back..
But I think I need to sell some bits and really make inroads.
But its just this early settlement thing that annoys me, as I could save a huge chunk if I could get 5k together..
I am fully aware what's happening out there, but I didn't know that it would mean that a small amount (in the scheme) was not available to someone who can pay it back..
But I think I need to sell some bits and really make inroads.
But its just this early settlement thing that annoys me, as I could save a huge chunk if I could get 5k together..
Edited by okgo on Tuesday 30th September 15:12
okgo said:
Well as said the loan is one loan I guess now and is at 7k, and then there is a CC with 2k on it.
my only practical suggestion to this is to find a part time job and hammer the debt away asap. i can't see any bank lending to you at a decent rate with £9k already outstanding.i took a part time bar job a few years back as i had £4k of overdraft/cc debt and needed the deposit on a house.
its a b
h to say the least. i was working a 40hr week in my main job, driving an hour each way to get there, then doing 20hrs behind the bar on top of that.social life and any other interests will all go out the window for a while, but the up side is you will be earning £100ish quid a week extra after tax and you will be working on a friday/saturday night when you would otherwise be spending.
met my OH there too, which is supposedly a good thing
(ps - stay/become single. i would be quids in if i were single....)
Edited by shirt on Tuesday 30th September 15:41
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