What do banks consider a large loan?
Comments
-
poppasmurf_bewdley wrote: »I think you have just summed up the situation very well. The only person who will be hurt is himself (and his family). But what frightens me even more are the ominous words "without knowing anything about the years preceding those and my personal circumstance in the coming 5-10 years." Who on earth can know what will happen next month or next year let alone in the coming 5-10 years??? David Cameron is still wondering how he got it all so wrong and he thought he had it all sewed up!
The fact you have to ask that question shows you know very little about my life.
I wouldn't mind these comments if it's what I had come on here to discuss, but it's not. It's ignorant people butting into a conversation with irrelevant responses based on little more than assumption and an 'I know it all because I've seen it all before attitude'.0 -
essex.cyclist wrote: »1. If you'd bothered reading my posts before jumping to your own conclusion, you'd see that I am getting the loan to pay off a family loan because they need the money, so the 0% option wasn't something I'd overlooked.
2. The last two years have been spending money on the house. That process is now complete. That's why we haven't been saving.
3. My credit cards are mainly 0% and I'm not using the loan to pay them off - I am paying off a family loan and have a plan in place to pay the credit cards off by next summer.
I've not managed my money well this year but that is a short term issue on my part and not part of a wider problem.
The fact you haven't even read my posts shows your ignorance.
My advice to you would be to do that in future and maybe focus on giving advice that people have asked for, not advice that they haven't, based on things you don't know about them.
I did forget that that you were just paying off the family loan and not some of the credit card aswell because I read it the other day and came back to it. But that still doesn't stop you from applying for a 0% money transfer card. But you do say in point 3 it's not all interest free so I would assume you would pay that off aswell if you sourced funds at a lower interest rate.
But what you seem to be forgetting in all this is that I can only give my opinion on what you have said on here so I'm happy to make assumptions based on other similar posts on this forum.
Also this is a public forum and nobody on here is getting paid to give specific answers and advice in reply to your questions. So I'm definetly not giving advice I'm just posting my option of your situation and seeing how you reply.
So if you want advice in a professional manner then you need to go to a service such as CAB or pay for it. But if you come on here to get it for free then you can't expect to control what replies you get!.0 -
I did forget that that you were just paying off the family loan and not some of the credit card aswell because I read it the other day and came back to it. But that still doesn't stop you from applying for a 0% money transfer card. But you do say in point 3 it's not all interest free so I would assume you would pay that off aswell if you sourced funds at a lower interest rate.
But what you seem to be forgetting in all this is that I can only give my opinion on what you have said on here so I'm happy to make assumptions based on other similar posts on this forum.
Also this is a public forum and nobody on here is getting paid to give specific answers and advice in reply to your questions. So I'm definetly not giving advice I'm just posting my option of your situation and seeing how you reply.
So if you want advice in a professional manner then you need to go to a service such as CAB or pay for it. But if you come on here to get it for free then you can't expect to control what replies you get!.
You've replied to something that I didn't ask and you've done it with a response based on both assumption and incorrect information through not reading properly.
Plenty of people have given great advice on these forums to me - specifically based on what I asked, so it has been worth my time in coming here. You could perhaps learn from those people and how they responded.
It is a public forum, you're correct. And on that basis, I reserve the right to tell you that your response was ignorant.0 -
OP - out of interest, who is the 3.3% loan you've been quoted with? Sainsburys? M&S?
This article may be useful to you, especially if you bank with Nationwide:
http://www.moneysavingexpert.com/news/loans/2016/01/ms-launches-new-cheapest-ever-33-loanI'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
Completely agree with your comment.
Wow, what a bunch of judgmental folk there are on here. I wish people would stick to answering the OP's question/s and not veer into labelling, condemning and judging the OP while knowing little or nothing of his financial circumstances, family finances, history with debt, sources of income, etc.
If you don't have anything that could answer the OP's query, you could you know just jog on to the next thread. And if you do want to alert the OP to anything of concern (remember, it's only your OPINION), there is the right way to do it - in a polite and non-judgemental way. You can be direct, to the point AND put your opinion across in a polite/professional manner.
The very worst are those that pop up with a one-liner saying (they're there on every kind of financial thread) "You earn £XXX, how come you only have savings of £Y or how come you have debt of £Z"
Good luck with the loan and good on you for replying to those ignorant comments.essex.cyclist wrote: »Too many people on here seem to want to give their opinion on everything.
I asked clear questions about specific points I was interested in - thanks to those who have actually bothered to answer those questions, rather than ignorantly sit in judgement.0 -
Candyapple wrote: »OP - out of interest, who is the 3.3% loan you've been quoted with? Sainsburys? M&S?
This article may be useful to you, especially if you bank with Nationwide:
http://www.moneysavingexpert.com/news/loans/2016/01/ms-launches-new-cheapest-ever-33-loan
Thanks, that is interesting - Zopa seemed to be the most competitive and Nationwide was almost an equivalent, but as they're my bank I was tempted to speak with them first.
I'll make a call on it this week I think.0 -
Completely agree with your comment.
Wow, what a bunch of judgmental folk there are on here. I wish people would stick to answering the OP's question/s and not veer into labelling, condemning and judging the OP while knowing little or nothing of his financial circumstances, family finances, history with debt, sources of income, etc.
If you don't have anything that could answer the OP's query, you could you know just jog on to the next thread. And if you do want to alert the OP to anything of concern (remember, it's only your OPINION), there is the right way to do it - in a polite and non-judgemental way. You can be direct, to the point AND put your opinion across in a polite/professional manner.
The very worst are those that pop up with a one-liner saying (they're there on every kind of financial thread) "You earn £XXX, how come you only have savings of £Y or how come you have debt of £Z"
Good luck with the loan and good on you for replying to those ignorant comments.
Thank you - nice to know it's not just me!
All the best to you too.0 -
essex.cyclist wrote: »You've replied to something that I didn't ask and you've done it with a response based on both assumption and incorrect information through not reading properly.
Plenty of people have given great advice on these forums to me - specifically based on what I asked, so it has been worth my time in coming here. You could perhaps learn from those people and how they responded.
It is a public forum, you're correct. And on that basis, I reserve the right to tell you that your response was ignorant.
I really don't think you understand the point I am making. I didn't want to reply directly to your questions because that has already been answered by previous posters. I decided to make some assumptions about your financial situation and see what your reply would be. If everyone just gave polite and professional replies directly answering any questions they were asked without any debate then this forum would be very boring.
But if you want an answer to your original question from me then here it is:
When taking out a loan you want to take out the smallest amount you need so you pay the least interest. So if you can do with 7.5k then only take a loan for 7.5k (but if you go lower than that the loan will have a a slightly higher interest rate).
But considering your parents don't need the money back until next spring then your best course of action would be to pay them as much money as you can from now until then. Then a few weeks before they need the money back apply for a interest free money transfer credit card and use the money from that card to pay them the rest. This will result in the lowest interest charges possible.
How about that?0 -
I really don't think you understand the point I am making. I didn't want to reply directly to your questions because that has already been answered by previous posters. I decided to make some assumptions about your financial situation and see what your reply would be. If everyone just gave polite and professional replies directly answering any questions they were asked without any debate then this forum would be very boring.
But if you want an answer to your original question from me then here it is:
When taking out a loan you want to take out the smallest amount you need so you pay the least interest. So if you can do with 7.5k then only take a loan for 7.5k (but if you go lower than that the loan will have a a slightly higher interest rate).
But considering your parents don't need the money back until next spring then your best course of action would be to pay them as much money as you can from now until then. Then a few weeks before they need the money back apply for a interest free money transfer credit card and use the money from that card to pay them the rest. This will result in the lowest interest charges possible.
How about that?
"If everyone just gave polite and professional replies directly answering any questions they were asked without any debate then this forum would be very boring."
This is a remarkable thing to say.
This isn't a forum for entertainment. It's to help people in need.
It wouldn't be boring, if everyone gave polite and professional replies - it would be useful, mature and enjoyable.
You made a mistake. Time to acknowledge it and move on, and hopefully change the way you approach things in future.0 -
And from what you've written, it looked like you were in need.essex.cyclist wrote: »This isn't a forum for entertainment. It's to help people in need.
The thing is, what you are writing makes you sound like so many other people on here in the past who have then got into difficulties from having that frame of mind.
You may well be different from them, that's true. We don't know you. But I think it would be somewhat amiss of people to read what sounds like someone about to get themselves into further trouble and stay silent without giving opinions.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards