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  • FIRST POST
    • Slure
    • By Slure 11th Sep 17, 2:12 PM
    • 9Posts
    • 5Thanks
    Slure
    Consolidation Help
    • #1
    • 11th Sep 17, 2:12 PM
    Consolidation Help 11th Sep 17 at 2:12 PM
    Hi,

    I recently got a pay rise at work to £32,750 per annum. I also get a bonus of £400 a month on average. This means my take-home pay will be £2,250 after tax.

    My current outgoings are:

    £200 RBS (£6,000 left, was £10,000)
    £270 RBS (£5,000 left, was £12,000)
    £250 George Banco (£6,091 to settle, was £6,000 been paying it for 6 months)
    £172 Santander (£4,000 left, was £10,000)
    £750 Rent
    £46 EE Contract

    This leaves about £600 per month remaining, but food/travel/general living expenses come out of this.

    I also have a loan of £2,000 with a less-than-favourable lender shall we say, and I wish to consolidate the George Banco (£250 p/m) one plus that one in to a lower repayment, albeit over a longer period of time.I know my salary will rise to £33,750, then £34,750, then £35,750 each February until 2020.

    The Santander and £270 p/m RBS loan ends in December 2019 which is still some time away.

    I have seen loans of £8,500 for £150 p/m over 5 years which would free up some more capital and allow me to overpay the others, thus freeing up more cash as my salary increase. Eventually I will be able to save £1,000 per month when all these god damn debts are cleared.

    My problem is I can't get a loan anywhere (0% on Experian credit checker for every single loan) and my Mum/Step Dad won't help me despite having a 999 credit rating. I was in tears and they said 'don't worry we will sort it' but have done precisely nothing since that day in July.

    Where do I go from here!?

    Thanks in advance.
Page 2
    • Tarambor
    • By Tarambor 14th Sep 17, 7:01 PM
    • 1,580 Posts
    • 1,081 Thanks
    Tarambor
    and my Mum/Step Dad won't help me despite having a 999 credit rating. I was in tears and they said 'don't worry we will sort it' but have done precisely nothing since that day in July.
    Originally posted by Slure
    Because you've amply demonstrated you are incapable of controlling your spending and living within your means given you are now currently effectively living hand to mouth.

    Also, they aren't going to be paying a penny are they, simply getting the money on my behalf to allow me to make inroads in to my debt without a crippling APR. It's logical.
    But you are asking them to risk the entirety of the amount of the loan you want them to get on your behalf. They are 100% liable for the entirety of the loan as it is in their name so if for whatever reason you can't pay them then they'll end up being saddled paying for your debts and if they can't afford to pay it then they'll be the ones having bailiffs knocking at the door, having stuff repossessed, having their credit records trashed. I suspect that you have a history with your parents of borrowing money and never repaying it.

    You are crap with money as clearly demonstrated by the fact you think that them getting a loan for you is a no risk deal for them.
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