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Loans help needed!
Ally1977_2
Posts: 2 Newbie
in Loans
I have approx 7000 on my credit cards and overdraft, and an existing Lombard personal loan of 6500. I'm looking for a low rate loan to cover my credit cards etc as the intrest rate is high.
I asked Lombard if they could increase my loan to condense all my debts, but the best interest rate they could offer was 8.8%. I applied to Northern Rock for a loan of 13500 to cover the whole lot, but they turned me down.
Would I be better off just applying for a smaller loan to cover my credit cards and overdraft? My existing Lombard personal loan is 5.9%.
Also does anyone know which companies do credit inquiries rather than a full credit check? As I have already been turned down by Northern Rock I am worried about lots of declined loan applications looking bad on my credit history.
Thanks!
I asked Lombard if they could increase my loan to condense all my debts, but the best interest rate they could offer was 8.8%. I applied to Northern Rock for a loan of 13500 to cover the whole lot, but they turned me down.
Would I be better off just applying for a smaller loan to cover my credit cards and overdraft? My existing Lombard personal loan is 5.9%.
Also does anyone know which companies do credit inquiries rather than a full credit check? As I have already been turned down by Northern Rock I am worried about lots of declined loan applications looking bad on my credit history.
Thanks!
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Comments
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DO NOT CONSOLIDATE.
This is a blessing in disguise that you have been rejected. Please see it as a warning. These companies think you have too much debt. So...
You need to start paying it back as opposed to just moving it around. Head over to the debt free wannabe board and get reading. You need to work out a budget and spend less and earn more.0 -
Thanks, I will check that out. Trouble is, I can't afford to pay much more than the minimum amount on my credit cards each month and it is taking me a long time to pay them off. In the meantime I am paying a lot of interest. I was going to use the low interest loan to pay them off, then cancel them so I don't let them build up again...0
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5.9% is pretty good on your existing loan; I would stick with it if you can. Lots of advice on here about consolidation, but the general consensus seems to be that you must address the underlying reasons for your debts, or they just rack up again.I used to think that good grammar is important, but now I know that good wine is importanter.0
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How many hours of sleep do you have per day. If you still have some extra time, I would suggest that you get another job (anything for the time being) which will bring in some additional pounds to allow you increase on your CC repayment. That way, you will cut down on the accumulated interests you are worrying about.0
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