Please Help Need Advice

rubyred35

hi im receiving income support and disability benefits . my bank tsb knows my situation , i took out aloan in april for a car 7,000 , then decided to do my home up, using overdrafts and credit cards , i called into bank and asked if i could top up loan instead of paying interest on overdraft and cards , my overdraft limit on both my accounts is 2,500 .. and credit card 7,000 , there reply was sorry not at present , then in july when i went to pay my monthly bill to credit card i was asked to see manager , she offered me another loan on the condition i paid all outstanding overdraft and credit cards off ,plus that overdrafts would be reduced to 500 only , i said i would think about this , they are constantly asking me back down the bank to arrange loan ? im very confused its like they are panicking ive never missed any payments , i cant understand why all of a sudden they will now give me a loan but only on there terms to pay all debts ?plus they offered me an extra 2,000 for a holiday ? they just seem to keen please can you advise me thanks

milliemonster

I think you need to get some serious financial advice, whay are you taking on so much credit when you are on benefits?, before long you are going to find this very difficult to manage if you are not careful

Rafter

Ruby,

The team in the bank get paid a bonus every time they sell you something.

As milliemonster says, if benefits are your only income you need to be very careful about getting into debt.

A £2000 holiday that you will be paying for in years to come seems to very poor advice!

As long as you are happy with your budget and loan repayments, and you will pay off your car before it is worthless, then you look to be in control.

Be very careful before getting into more debt. Make sure you aren't paying PPI on your cards and loans (because it is pointless if you are currently on benefits anyway). Consolidating your debts into one simple loan seems like a good idea, but just make sure you don't run up the credit card again. Make sure you pay off the loan before your house needs more improvements too.

Good luck

R.