Got a Loan now need advice

max2009

I think they will now look at the form you filled in closely and check things out.Both parties have acted irresponsibly with yourself acting illegally.

ScRiMpNsAvE_2

powned wrote: »

another useless response for the morally superior :rolleyes2

Useless how exactly??

Did you even read my post? I'm hardly slagging the bloke off am I? AND I'm offering constructive advice aren't I??

I'd say your contribution was a hell of a lot more useless. Stop trolling and start advising - that is, if you've got anything worthwhile to say.

ScRiMpNsAvE_2

Makeandsave wrote: »

Thanks to everyone for there advice i know i might not want to hear it but it is true. I was very desprerate at the time. I have been on the sick for a year now but been looking for work in retail/bar work however going to start a course on the 15th of this month all postive steps.

I understand the longer you spend out of work the harder and more daunting it is to get the ball rolling again. With the added pressure from the mounting debt it really can't be doing your self esteem (or your sanity) any favours.

Great to hear you're making headway, like you say all positive steps. However, you shouldn't lose sight of the fact that the lender is unlikely to be happy to wait around for you to get back on your feet. If you've any chance of digging yourself out of this hole, avoiding repercussions, you really need to act fast. It certainly won't be easy either, but it will no doubt be better than the alternative.

Being signed off sick are you in a position to get back to work? If so I'd highly recommend it if you can, not just to improve your financial situation but for the boost you'll get too.

If you still find yourself out of work, and cannot make the payments, I'd approach CAB as soon as possible, before you do the lender. Whatever you do, don't leave it too long to seek professional advice.

Let us know how you get on, and best of luck.

Makeandsave

Hi,

Thought i would post a quick update to this,

I rang up Moneybackbank today to find out what i owe (not missed a payment ) I owe £2605.25 but they say if i pay now it is £2275.69 (saving £329.56) I have about £750 in savings i have cut back a lot over the last few months and not gone out i have even lost weight . I had a phone call from the bank today saying i have been approved for a Credit card with 13 months 0% free, I have £2450 limit on this card.

What i plan on doing is use my tesco card to pay the 2275.69 off to get clubcard points.
Pay £750 off with my savings.
Then transfer the £1525.69 to my new card for 0% for 13 months would be £1569.94 with fee.

I would save £285.31 in doing this and earn 2275 clubcard points 1 per pound i think (ask lady on phone).

I would also be able to pay the £1569.94 over the 13 months even if i only pay the min of 2.9% i would have some savings at the end of the 13months that could clear this.

Do you think this is a good plan?

PaulLuke

Makeandsave wrote: »

Hi,

What i plan on doing is use my tesco card to pay the 2275.69 off to get clubcard points.
Pay £750 off with my savings.
Then transfer the £1525.69 to my new card for 0% for 13 months would be £1569.94 with fee.

I would save £285.31 in doing this and earn 2275 clubcard points 1 per pound i think (ask lady on phone).

Do you think this is a good plan?

The main problem I can see with this is using your Tesco Clubcard to pay off the loan. Will the loan company accept a payment via credit card and if so, how will Tesco view the payment? i.e. will it be treated as a cash transaction or as a purchase?- It might be worthwhile checking this out as this may affect your calculations

Makeandsave

PaulLuke wrote: »

The main problem I can see with this is using your Tesco Clubcard to pay off the loan. Will the loan company accept a payment via credit card and if so, how will Tesco view the payment? i.e. will it be treated as a cash transaction or as a purchase?- It might be worthwhile checking this out as this may affect your calculations

I rang Tesco cc up and it took them 20 mins to give me the answer if it would be a cash transaction. So i spoke to the loan company and they will take payment by debit card and i can balance transfer the rest into my account.

Fonz_2

Makeandsave wrote: »

I rang Tesco cc up and it took them 20 mins to give me the answer if it would be a cash transaction. So i spoke to the loan company and they will take payment by debit card and i can balance transfer the rest into my account.

Will Tesco allow a balance transfer into your current account?

Makeandsave

Fonz wrote: »

Will Tesco allow a balance transfer into your current account?

It is RBS card the new one i want to do the Balance transfer to, I will give them the sort/account numbers to see if they will do it first. I just want to get the loan paid of and save the little bit of cash.

Makeandsave

Looks like i have been told the wrong information by my bank

Looks like i can only balance transfer to credit/store cards. Would i be able to get a balance transfer of £1500 onto a credit card then request a payment to my bank account then use that to pay the loan is thie legal?

Makeandsave

Just a update I now have paid my loan off and own my credit card £1396 on 0% for 13 months, By doing this i saved £305, My monthly payments are down from £104 to £33 a month and when it comes to the end of the 13 months i will just transfer to another card. I do plan on paying more then the Min of £33 but not till Jan. This mean i will not be on such a tight budget.