Please Advise

jacquelinenicholas

i have an number of loans with a bank. could i get a credit card and put the outstanding amounts on to a card and pay it off that way. i have 4 loans in total and have managed to get two of them down to under a thousand pounds. any advise appreciated.

thanks

ard123en

with out seeing how much interest you are paying and the terms of the loans ect

the best advice I can think of right now is play the most off the highest interest loans first

lynzpower

Hi there Jacquiline and welcome to DFW!

Yes, ard is right, the higher APR debts need to come off first, in order to make the very best out of your money. You could get a CC, but some Ccs dont take on debts from Loans.

Have you ever posted a SOA before? If you wanted to do so, we'll have a nose over your situation, and offer some extra advice about how to pay things off quicker. Have a look at southern scousers "first time posters" sticky. In that you'll also find the snowball calculator, which will help you look at what to pay off first.

HTH
lynz
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jacquelinenicholas

i think im paying at about 17% on my loans. two with black horse and two with lloyds. i did once ask if they would reduce the interest rate but they said they couldnt.

£2.777 - black horse personal loan, 36 months left on this one
£1.870 - left to pay for a car. with 26 months left
£788. - left on a lloyds tsb loan and another
£590 - on another lloyds loan

jacquelinenicholas

havent done a proper SOA before, i'll have to look around the site to find out about it and post one thanks

CLAPTON

to do an SoA then read this
http://forums.moneysavingexpert.com/showthread.html?t=107280&page=1

also for your loans

state, for each loan, monthly payment, how many months left to pay and ask each company for a settlement figure (i.e. how muich if you pay it off now ...and ask for it in writing.)

jacquelinenicholas

these figures ive put here are if i pay them now sorry if i misslead. just thought of that as i phoned the the other day.
£2.777 - black horse personal loan, 36 months left on this one
£1.870 - left to pay for a car. with 26 months left

i pay £64 per month on first one and £75 on the second. a bit scared to do an soa but i will.. i the process of thinking. thanks for the thread, im busy working on it

jacquelinenicholas

here goes
gas - 40 per month
electric - 35 per month
rent - 280 per month
council tax - 66 per month
black horse loan- 65 per month
black horse loan - 74 per month
lloyds tsb loan - 127 per month
lloyds tsb loan - 120 per month
all loans around 17%
car - 130 tax per yr
insurance 280 per year
food - 300 per month
petrol - 80 per month
tv license - 11 per month
smoking - 80 per month
living - 250 perhaps
internet 18 - per month
phone - 40 per month
mobiles pay as u go - 20 per month
2 kids at home - teenagers
also argos card on which i owe about £450
thats all i can think of at the moment
i bring home £800 per month
OH comes home with £178 per week.
also get £20 per week board of son.

Annie_Fanny

Hey jacqueline!

Listen honey - don't be scared (although I know it is!) about doing an SOA. Although scary you will feel so knowledgeable about your situation that it will be only a good thing. Yes it may hightlight the gym membership or whatever but at least you have somewhere to start and that is positive!

Can I just request as well that find out exactly what aprs you are paying on your debts. Also you find out if you can overpay on each loan AND are there any repayment penalty fees AND are there any settlement figures? Basically knowledge is power...i.e.

£2777 - black horse loan - 36 months left - apr?
£1870 - left to pay for a car (with who?) - 26 months - apr ?
£788 - lloyds tsb loan - apr ?
£590 - lloyds tsb loan - apr ?
£450 - Argos Credit Card - apr?


You can do it!

Annie

jacquelinenicholas

gonna give black horse and lloyds a call tommorrow to find out exactly settlement figures and penalty fees ect, i'll let u all know the outcome.
im paying for my car loan through black horse (something i'll never do again), its cost me about triple the amount it said it was in the garage forecourt. i wouldnt mind but i went for the cheapest car, to pay cash it would of been £1.750, but iv been paying it now for about 2 years and still owe that amount. arrrrrrrrrghhhhhhh

Annie_Fanny

jacquelinenicholas wrote:

here goes

MONTHLY
gas - 40 per month
electric - 35 per month
rent - 280 per month
council tax - 66 per month
black horse loan- 65 per month
black horse loan - 74 per month
lloyds tsb loan - 127 per month
lloyds tsb loan - 120 per month
car - 10.83 per month
insurance - 23.33 per month (insurance for what?)
food - 300 per month (Can deffo chop this down have you visited the Old Style board - could maybe shave off £100 ?? and still eat really well)
petrol - 80 per month
tv license - 11 per month
smoking - 80 per month (Ahhhhh - well dare I say it? This needs to go!)
living - 250 perhaps (Ahhh! This needs to be cut totally back!)
internet 18 - per month (Who with? Haggle! I am with ntl and they knocked off £7.50 a month with a little persuasion!)
phone - 40 per month
mobiles pay as u go - 20 per month


i bring home £800 per month
OH comes home with £178 per week.
also get £20 per week board of son.

OK...

Incomings = £1592
Outgoings = £1640.16

So there is a shortfall of £48.16 a month. You can easily make this up with the SOA you provide and improve your standard of living!

These are just my initial findings - am sure more will be along later!

Annie
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