Can Anyone Help Us With A Loan?

kiwifroot

Hi!
Please help - I haven't been on this forum before, although I subscribe to the newsletter, I came here on the advice of a friend. I already posted this elsewhere but was advised to post it here too.

My husband and I's combined monthly income is £2075 including tax credits and child benefit, and our outgoings are about £1340 for rent, bills etc

With our combined debts of approx £9K (I have £6.5k on store cards and a loan, he has one card and loan) and we pay about £520 in repayments on various cards, loans etc, but would love to get a consolidation loan to cut this down and be debt free ASAP.

if we were to consolidate out debts with a loan of £9500 at 20% interest the repayments would be £317 per month over 36 months and would save us more than £200 per month.
Alternatively even a of the same amount loan being repaid over 24 months would only cost us £475 with a 20% interest rate, still saving us £45 a month, so you could get your money back a lot quicker if we are offered a lower rate (a 14% rate over 24 months would be about £451 which would be affordable for us).

We are safe to loan to because;
We have no County Court Judgments and have never missed a rent or council tax payment.
We are both on the electoral register, and have lived at the same address for more than 3 years (we are settled here with our child and have no intention of moving until he is much older).
We haven’t missed any payments since being at this address (Direct Debits relating to my last address were cancelled in error, plus my ex-flat mate ran up debts in my name to spite me as we fell out which is why we moved, and we didn’t have any internet access at the time to check as I was on maternity leave and we didn’t have a home computer at the time, so they were defaulted however are now settled).
We don’t smoke, rarely drink and are responsible, hard working adults with safe jobs (my husband and I have been employed by the same companies for 4 and 2 years respectively).
We have a stable relationship that has lasted 5 years, and our marriage one and a half years.
We want to get out of the trap of paying minimum payments and pay off our debts as soon as possible so we will be able to get a mortgage in 3-5 years time once our son has started middle school.

Any advice would be gratefully received as if we keep just paying minimum payments we’ll be stuck in this situation a very long time!

Billy_two_speakers

:rolleyes: Who here has dosh to spare ?

And if such a good bet go try a bank :rotfl:

Jedilibrarian

If you do a SOA people will be able to advise you a bit better here is the link http://www.makesenseofcards.com/soacalc.html (use the MSE button to format and then past in here).

Hippychick

20% interest :eek::eek:

david_hellier

Hi and welcome to the site.

Unfortunately you are in the wrong place to seek a loan from MSE users. If you really need to borrow money, use a licenced lender like a bank.

If you are serious about tackling your debts we can help if you post your SOA as suggested. Consolidation, even using a bank, is never the solution as it makes the situation worse.

We look forward to hearing from you.

kiwifroot

Billy_two_speakers wrote: »

:rolleyes: Who here has dosh to spare ?

And if such a good bet go try a bank :rotfl:

i wasn't asking YOU for money, but asking if anyone knew where we could get help, actually as the cards we have the APR is about 29% so a 20% would be a lot less

hypno06

Hi, and welcome.

I would suggest that you forget about looking for a consolidation loan - they very rarely work, as many on this site will testify.

Instead, post your SOA on the link given above and look at how you can manage your money better. If you are only looking at saving £45 a month by getting a loan, you can do this easily in your general day to day living, I would bet.

Also, look at the "up your income" board on MSE for ways of generating more income, and join in the "make £10 a day challenge" on this board - that would make you £300 a month if you put your mind to it, and that would make you far better off and debt free a lot quicker than taking a consolidation loan that makes you "feel" as though you are £200 a month better off.

Seriously, I know it will seem as though we are telling you a whole load of nonsense, but believe me, a consolidation loan really is not what you should be doing.