To Consolidate or Not to Consolidate? SOA added...

pnq06

Morning everyone...

Thanks so much for the advice so far- I decided at the 11th hour NOT to go through with the loan... Instead I'm going to try and work out another way around it but I can't help feeling like they will penalise us for not taking the loan and therefore asking for the OD back immediately :eek:

Thanks RAS for going out of your way to do the maths for me :beer:

And tyllwyd I should maybe ask Lloyds about it but she did say they only issue loans for £5000-£25000... So maybe they can offer us a CC instead?!?! I'm really starting to see what we almost let ourselves in for here :eek:

I will post a SOA in a bit- Just wanted to say thank you all for making me see sense :beer:

tyllwyd

pnq06 wrote: »

And tyllwyd I should maybe ask Lloyds about it but she did say they only issue loans for £5000-£25000... So maybe they can offer us a CC instead?!?! I'm really starting to see what we almost let ourselves in for here :eek:

I'm surprised they say they'll only do loans for over £5000 - I'm sure they've sent me adverts in the poste before now offering lower amounts. It might be that they only loan the larger amounts if you want to borrow over a long period. It can't hurt to get a bit more info out of them about their terms and conditions.

Good luck!

pnq06

tyllwyd wrote: »

I'm surprised they say they'll only do loans for over £5000 - I'm sure they've sent me adverts in the poste before now offering lower amounts. It might be that they only loan the larger amounts if you want to borrow over a long period. It can't hurt to get a bit more info out of them about their terms and conditions.

Good luck!

I thought I had received smaller loan adverts too but they have their own scoring system once you pass the credit checks- she didn't go into it in any detail other than saying that we were a "B" if that means anything to anyone???

pnq06

My SOA is monthly as follows-

Outgoings....

Rent- £450
C/Tax- £109
CSA- £152.72
Loan Insurance- £4.49
Internet- £18.00
BT- £10.50
H/Insurance £8.95
Gym(for DP :rolleyes: ) £20
Nationwide Loan(7.9%) £214.17
o2 Mobile- £15
Gas/Electric £68.50 (this has a £90 overpayment included)
Water- £28.12
Sky- £18
TV License- £11.61
Lloyds Overdraft (19.3%) £50 (approx.)

Total Outgoing- £1,179.06

Income...

Wage- £1,250.94
Child Benefit- £75.20
Child tax credits- £112.60 (although I'm convinced its wrong even after numerous phone calls :rolleyes: )

Total Income- £1,438.74

Which leaves us with £259.68 to get in food shopping and anything else like travel for me... MIL pays for the running of the car but we do try to pay towards it if we can afford it.

Flamehearted

Just my 20 cents worth..

But surely you could lose the internet access, gym memebership and switch to pay as you go for phone calls ? This would at least start saving you some money. Instead of the gym why not take up running. And most librarys provide free internet access.

Oh and also perhaps cancel Sky ?

I recon if you do all of the above you'll save 850-900 pounds a year.