how to run away from loan

lobster_3

:eek: :eek: :eek:
jolly skint, full time job,part time job,3 teenagers and struggling!

have got a loan with lloyds bank last year before I realised that this might not be the best plan. loan redemption is just over £16000 and 9 years left to run, repayments are £250 a month and if you do the term x repayment sum it gives £27000 to repay!!!!

advice please! as I do not want to give lloyds bank all my money.(mainly cos I haven't got any)
have got credit card with an available balance of £12,500 which is currently unused. they will offer 5.9% for the life of the balance and no transfer fee but will only pay credit cards or store cards. have got £8,000 available on another but have not checked rates yet until I have a plan.
how can you get hold of this money to pay off loan? or should I try for new loan? or should I just put my head in the oven??? :eek: :eek: :eek:

homersimpson_3

jolly skint, full time job,part time job,3 teenagers and struggling!

why if you have full-time and part-time job are you skint? are any of your children working and/or making contribution to household? are you claiming all benefits etc entitled to? post incomings and outgoings etc.

how can you get hold of this money to pay off loan? or should I try for new loan? or should I just put my head in the oven???

what is rate on this loan?

lynzpower

hi there

No need to run away from anything hun there will be a solution out there for you. Why not do a statement of accounts -read southern scousers 1st time posters sticky, and lets see how we can help

hbl_2

How's my maths? £16,000 costing £27,000 over the term of the loan, is a 59% increase, so each £100 costs £159?

That strikes me as pretty extortionate. I would double those monthly payments while you look for a better rate loan to replace it with.

Andybez38

lobster wrote:

:eek: :eek: :eek:
jolly skint, full time job,part time job,3 teenagers and struggling!

have got a loan with lloyds bank last year before I realised that this might not be the best plan. loan redemption is just over £16000 and 9 years left to run, repayments are £250 a month and if you do the term x repayment sum it gives £27000 to repay!!!!

advice please! as I do not want to give lloyds bank all my money.(mainly cos I haven't got any)
have got credit card with an available balance of £12,500 which is currently unused. they will offer 5.9% for the life of the balance and no transfer fee but will only pay credit cards or store cards. have got £8,000 available on another but have not checked rates yet until I have a plan.
how can you get hold of this money to pay off loan? or should I try for new loan? or should I just put my head in the oven??? :eek: :eek: :eek:

Just give yourself a slap around the face to make sure your not dreaming. If your not face up to your debt, and phone lloyds to tell them your having problems repaying the loan. They maybe able to HELP.

Dr.Shoe_2

Ask Lloyds to give you one of their credit cards and transfer the loan onto that then promptly transfer that balance to your 5.9% one.

Addicted2Chocolate

i expect the amount repayable is so high because you took the payment protection (insurance) Lloyds TSB always include this unless you ask for it to be removed...makes laon muuch more expensive and you pay a interest premium and interst on the cash advance and insurance preimum combined.

lobster wrote:

:eek: :eek: :eek:
jolly skint, full time job,part time job,3 teenagers and struggling!

have got a loan with lloyds bank last year before I realised that this might not be the best plan. loan redemption is just over £16000 and 9 years left to run, repayments are £250 a month and if you do the term x repayment sum it gives £27000 to repay!!!!

advice please! as I do not want to give lloyds bank all my money.(mainly cos I haven't got any)
have got credit card with an available balance of £12,500 which is currently unused. they will offer 5.9% for the life of the balance and no transfer fee but will only pay credit cards or store cards. have got £8,000 available on another but have not checked rates yet until I have a plan.
how can you get hold of this money to pay off loan? or should I try for new loan? or should I just put my head in the oven??? :eek: :eek: :eek: