News

Muscle750 · 07-11-2009, 8:21 PM

Today i had a appointment with Nat west basically ive a personal loan with them the balance is about £18k however i also have other unsecured debt of about £10k a few weeks ago i had a quick chat with a advisor at Nat west who said he could transfer another £5k there and then however he did warn me it was at 11.4% so i said i would think about it he arranged for me to go and see him today, armed with what i owe etc, so today i get there and was told i was seeing someone else a foreign lady whose english lets say wasnt exactly good, Basically i showed her all the figures and she then turned and said basically the only way was to stick my wifes name on the loan. which she wouldnt entertain and personally i dont blame her, or swap our mortgage and go with them and pay them a £1k fee and £2k to get out my fixed 5.04 fixed for another 24 months at A and L. So one minuite they were willing to give me another £5k then they want me to move my mortgage, basically all im trying to do is reduce my out goings below is a list of the amounts and payments

Egg £1474 £50 month
Halifax CC £1670 £50 moth
Barclaycard £6030 £160 month
Black horse £1780 (loan) £92

Everyone is been paid and nobodys screaming yet althou i cant keep doing 11 hour days and weve no money spare every month
Now im thinking if i go to another company/bank ie A and L where our mortgage is and ive had p l with them before and settled them without any probs wether they would be abit more "sympathitic" thing is weve just had some work done to our house and this went over budget the work i hasten to add was mostly essential replacing joists windows etc
Im not prepared to move my mortgage and shoot myself in the foot to the tune of £3k
Anyone got any suggestions Im phoneing the utilites on monday see if i can reduce my DD £100 a month each on gas and leccy. Virgins gonna be told to stuff their broadband as well unless they want to "deal". If i could reduce my monthly outs by £250 to £300 a month id be quite happy
Our mortgage balance is £138k and are paying £825 a month A and L

Ames · 07-11-2009, 8:30 PM

Another loan isn't the right answer. If you're already struggling, then you're already in a hole, and to take out another loan is to keep on digging.

Why don't you post on the debt free wannabe board, they'll be able to look at the whole situation and see where you can cut back to meet payments more easily.

Muscle750 · 07-11-2009, 8:41 PM

I just want to reduce the interest thats been paid and start knocking a hole in the amount owing

RobertoMoir · 07-11-2009, 9:32 PM

I agree with the advice to post on the debt free wannabe board, where the people specialise in helping folks take control of their debts. You'll want to post a full statement of affairs (SOA) to enable them to help you with that.

As for taking out another loan, I strongly advise against it. There's a reason firemen don't use petrol to put out a fire and its the same reason that "more debt" isn't really the cure for debt.

Muscle750 · 07-11-2009, 9:43 PM

Ok but im not taking on anymore debt as i would use the money to clear the existing debt and obviously cut the cards and pay lower interest

Ames · 07-11-2009, 9:46 PM

'obviously'... I thought that, then 'things' happened, little 'emergencies' and before long I had the loan and the maxed credit cards, and the overdraft... it's a common story on DFW.

ILW · 07-11-2009, 9:52 PM

Quote:

Originally Posted by Ames

'obviously'... I thought that, then 'things' happened, little 'emergencies' and before long I had the loan and the maxed credit cards, and the overdraft... it's a common story on DFW.

And at that point it usually seems to become the banks fault, iresponsible lending, mis selling etc etc.

RobertoMoir · 07-11-2009, 10:46 PM

Quote:

Originally Posted by Muscle750

Ok but im not taking on anymore debt as i would use the money to clear the existing debt and obviously cut the cards and pay lower interest

Not to be rude but debt collectors and bailiffs have a name for a surprisingly high number of people who say that: "The debtor". Sorry if that comes across as rude, i'm not trying to upset you, just shake you out of the way of thinking that the solution to money problems lies in debt.

Nobody intends getting into debt they cannot manage, yet these boards seem awfully busy, don't they? When I worked as a bailiff I never once knocked on the door of someone who was intending to get into debt to the point where a bailiff is outside their house. I know I'm a great person and fantastic company and all that, but I'm pretty sure that none of them seemed pleased to see me.