Help with managed loan

melch

After falling into financial difficulty, I consulted HSBC, from which I have the biggest loan. They suggested that I consolidate my overdraft and personal loan into one "managed loan". This was their solution at a point where I needed my finances sorted out so that I could afford to live.

Is there any way that I can now get out of this agreement as I am paying a ludicrous amount each month in repayments and interest and not seeing the amount come down? I know that I have borrowed the money but believe this was the incorrect solution for me.

ANY IDEAS OR SUGGESTIONS???

CLAPTON

Without knowing your financial circumstanes it's difficult to comment but in essense you need to review your income and spending to try to free up more money to repay the loan faster .... can you increase your income (overtime, parttime job, let a room etc) and examine your spending to reduce it.

If your credit rating is good you may be able to take out a much cheaper loan and use the money to settle the HSBC debt.

melch

No money to free up, already working full time.
Just need to re-arrange the loan(and % interest where posible) in some way.


:mad:

CLAPTON

As I said, without knowing your full circumstances it's not possible to advise properly but there would be no point in re-arranging the loan unless you can get a lower APR...

what are you paying now?