X 60RSA
Member
Registered: 20th Aug 01
Location: Lincoln
User status: Offline
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Well its not major but i hate having a loan and a credit card!
Basically i have 3k on my credit card and i have a 2k loan through my folks at 7% with northern Rock.
I'm paying £400 a month off my credit card, £260 to my folks for my rent an loan as i live at home.
I'm just sick of different outgoings and please anyone reading this dont get a credit card!
I'm tempted to go borrow 5k tomorrow and pay off my folks, pay off my credit card and pay off £480 a month for the 5k loan which would be over 16months, leaving me with around £700 a month for insurance, phone, rent, petrol and just general living........
Do you think its possible....
Cheers folks!
OR do i discuss this with my dad to extend the northern rock loan and risk him ripping my head off for getting myself into this shit owing money situation! 
[Edited on 16-01-2006 by X 60RSA]
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ClaireF
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Registered: 1st Nov 05
Location: hurlford, scotland Drives: corsa again
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as long as u dont spend on loads of other things u might be able to. I couldn't honestly to that
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Doug
Member
Registered: 8th Oct 03
User status: Offline
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Consolidation loans can be very helpfull. Just try and borrow the 5k from someone who gives you a better rate than 7% or at least equal to the 7%
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ssj_kakarot
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Registered: 29th Apr 03
Location: hartlepool
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er if you manage to get a loan at the best rate about 5-6% apr if you really lucky you would be best advised to then pay off the credit card as this will most probally be incuring a large intrest charge around 17% whitch does ammount to quite a lot after a while.
so yeah try and get loan, but get one with a decent apr and make sure its one were you can pay extra into each month if you have spare cash to pay it off faster.
you should be able to cut down on intrest charges from apr and also is easier to have one loan rather than a few.
failing that can always move your credit card balance to a card with 0% apr for a few month could save you some bucks.
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X 60RSA
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Registered: 20th Aug 01
Location: Lincoln
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I could go speak to my dad about it but he might go flippin mental! lol
Thing is the loan i got quoted for online through my bank is at 16%, probably best going in the branch, i'd be much happier getting rid of everything and having 1 mass payment and fingers crossed be debt free in 16months!?
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buckley
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Registered: 1st Jun 02
Location: GM
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i used these people for a few months and it was a lot easier i had more money for myself every month
http://www.allclearfinance.com/
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ssj_kakarot
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Registered: 29th Apr 03
Location: hartlepool
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yeah only do it if you can get a cheaper apr, dont tell them its to clear other debt ethier tell them its for home imporvement or something.
btw any idea how much intrest your paying on credit card.?
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ed
Member
Registered: 10th Sep 03
User status: Offline
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Swap the criedit card debt onto a new card which offers 0% for 6 months. Keep doing that untill you can pay off the debt. You could in fact swap all of the debt onto a 0% card, if you can get a high enough limit. Just make sure you keep paying the bill every month.
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X 60RSA
Member
Registered: 20th Aug 01
Location: Lincoln
User status: Offline
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quote:
Originally posted by ssj_kakarot
yeah only do it if you can get a cheaper apr, dont tell them its to clear other debt ethier tell them its for home imporvement or something.
btw any idea how much intrest your paying on credit card.?
Well on 3k they want me to pay £64 this month, so probably not alot?
1.240% for purchases
1.356% for cash
Not alot but i just hate having it! Want it gone and no more payments to them!
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stuartmitchell
Member
Registered: 24th Apr 04
Location: Kirkliston, Edinburgh
User status: Offline
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My mate was in your situation so he consolidated all his monthly payments with a bank loan and now just has one payment a month to make. He's still skint  but it's easier to keep track of your finances that way.
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Nismo
Member
Registered: 12th Sep 02
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consolodate , get an egg loan , pay everyone off then just pay egg back.
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Ben
Banned
Registered: 12th Jan 03
Location: West Yorkshire
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and to think i got slated because i said they were bad - spent what you earnt , not what your earning . always gets out of hand .
personaly if i were you id rob a bank
will solve everything
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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Just make sure your debts are at the lowest rate possibly. The Rock loan isn't disasterous at 7% but the credit card probably is. As Ed suggested, move it on to another card which offers 0% intro rate and pay as much off as you can before moving it again when the time is up.
£700 pm is loads to live on. I personally would get closer to the wind than that and pay it off quicker. Cheaper and it gets the problem out of the way sooner.
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MarkW
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Registered: 19th Mar 04
Location: Orpington, Kent
User status: Offline
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quote:
Originally posted by Ben
and to think i got slated because i said they were bad - spent what you earnt , not what your earning . always gets out of hand .
personaly if i were you id rob a bank
will solve everything
you got slated because you went on a bandwagon of 'i'm special i've never had a loan, i've never been in debt, fuck you all' kinda of line, whereas personal circumstances and peoples mistakes means they can't always just buy / spend what they have, they have to borrow & they have to get in debt - its life
As for X60's problem, is your paying £400 a month off the credit card when the minimum is only £64, why not just stick at it for a good few months and try and pay off a good sum at least half and then consolidate the rest, it might be worth having it really hard for a while and then just taking a loan to consildate what you owe ur parents and the smaller amount on the card?
But consolidating is probably your best option, and just setup aloan where you pay £300+ a month back therefore clearing the debt fairly quickly.
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Mav 3000
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Registered: 16th Aug 01
Location: Leicestershire
User status: Offline
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Stop spending would be a good start. If you can't afford to buy something you want, don't use other peoples money - be patient and show willpower.
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Ben
Banned
Registered: 12th Jan 03
Location: West Yorkshire
User status: Offline
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quote:
Originally posted by MarkW
quote:
Originally posted by Ben
and to think i got slated because i said they were bad - spent what you earnt , not what your earning . always gets out of hand .
personaly if i were you id rob a bank
will solve everything
you got slated because you went on a bandwagon of 'i'm special i've never had a loan, i've never been in debt, fuck you all' kinda of line, whereas personal circumstances and peoples mistakes means they can't always just buy / spend what they have, they have to borrow & they have to get in debt - its life
As for X60's problem, is your paying £400 a month off the credit card when the minimum is only £64, why not just stick at it for a good few months and try and pay off a good sum at least half and then consolidate the rest, it might be worth having it really hard for a while and then just taking a loan to consildate what you owe ur parents and the smaller amount on the card?
But consolidating is probably your best option, and just setup aloan where you pay £300+ a month back therefore clearing the debt fairly quickly.
get fucked
the advice you just gave was a load of shit , do you have debts?
why get one loan to cover another ? it dont matter what you do you wont pay any less with it just going to one person.
do you think the other company are just doin him a favour by lending him the money? i think not!
just pay the credit card and your mum and get it over and done with.
or ask your mum if she will wait till after you have payed the credit card company off
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Ben
Banned
Registered: 12th Jan 03
Location: West Yorkshire
User status: Offline
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quote:
Originally posted by Mav 3000
Stop spending would be a good start. If you can't afford to buy something you want, don't use other peoples money - be patient and show willpower.
THANK GOD SOMEONE ELSE HAS THEIR HEAD SCREWED ON
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chris-sri
Member
Registered: 3rd Apr 05
User status: Offline
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It will be cheaper to get a loan to consolidate it all PROVIDED that the interest rate is the same as or lower than your loan and lower than your credit card. You sound like you are making a good start anyway so I would just crack on.
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MarkW
Member
Registered: 19th Mar 04
Location: Orpington, Kent
User status: Offline
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quote:
Originally posted by Ben
quote:
Originally posted by MarkW
quote:
Originally posted by Ben
and to think i got slated because i said they were bad - spent what you earnt , not what your earning . always gets out of hand .
personaly if i were you id rob a bank
will solve everything
you got slated because you went on a bandwagon of 'i'm special i've never had a loan, i've never been in debt, fuck you all' kinda of line, whereas personal circumstances and peoples mistakes means they can't always just buy / spend what they have, they have to borrow & they have to get in debt - its life
As for X60's problem, is your paying £400 a month off the credit card when the minimum is only £64, why not just stick at it for a good few months and try and pay off a good sum at least half and then consolidate the rest, it might be worth having it really hard for a while and then just taking a loan to consildate what you owe ur parents and the smaller amount on the card?
But consolidating is probably your best option, and just setup aloan where you pay £300+ a month back therefore clearing the debt fairly quickly.
get fucked
the advice you just gave was a load of shit , do you have debts?
why get one loan to cover another ? it dont matter what you do you wont pay any less with it just going to one person.
do you think the other company are just doin him a favour by lending him the money? i think not!
just pay the credit card and your mum and get it over and done with.
or ask your mum if she will wait till after you have payed the credit card company off
You get a loan to Consolidate the other - e.g pay it off
Yes i have debt's of over 10k - i got fucked over by a business partner - i am consolidating - it is helping me, it helps others - though i guess you won't understand that.
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Ben
Banned
Registered: 12th Jan 03
Location: West Yorkshire
User status: Offline
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Yes i understand the interest rates .
but why wouldnt he have got the lowest in the first place? rather than a high interest rate?
99% of people getting loans dont know what they are getting themselves into
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Tiesto
Member
Registered: 6th Jun 02
Location: Hinckley, Leicestershire
User status: Offline
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quote:
Originally posted by Ben
Yes i understand the interest rates .
but why wouldnt he have got the lowest in the first place? rather than a high interest rate?
99% of people getting loans dont know what they are getting themselves into
Im sorry but your generalising here, plenty of people have loans and know what payments are needed over a period of time, not all people have 5k plus saved up in a bank account.
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chris-sri
Member
Registered: 3rd Apr 05
User status: Offline
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Nice to see we aren't generalising then
Normally the more money you borrow when you get a loan the lower the interest rate so bunching it all together saves money. His credit rating may also have improved by making regular payments which is another factor they take into account when deciding what rate to offer. Fair play if you aren't in debt but he asked advice on what to do now he is.
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myke
Member
Registered: 7th Feb 01
Location: High Wycombe, Buckinghamshire
User status: Offline
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quote:
Originally posted by X 60RSA
and please anyone reading this dont get a credit card!
amen brother.!
one of my big regrets.
hope you get it all sorted out.
maybe ask if your parents will consolidate the card loan so you only have to pay them back, then you might be able to slightly reduce the repayments.
and cut up the card.
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Robbo
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Registered: 6th Aug 02
Location: London
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Considered killing yourself, bit extreme but hey, you'll have no more money worries  Heck, you'll have no worries whatsoever 
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M333KS D
Member
Registered: 15th Mar 04
User status: Offline
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@ robbo
tbh i think the lad who sed he never has loans , cards etc, never in debt blah blah, i think aslong as you can afford to pay it back then whats the problem,
i have just bought a beemer which was quite a few pennies and i was not botherd at all about getting a loan cos i know i can afford it (purely because i had a pay rise at work). but if you cannot afford to do it and feel like its gunna be a struggle, then i agree , dont do it, but each to there own int it!!!!
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