Thinking of getting a £10,000 loan

no_more_cards_for_me

Husna wrote: »

We both have steady incomes, albeit not a huge amount. £1200 is whats left over after paying for ALL outgoings, including bills, shopping, mortgage, going out, peoples birthdays, etc etc, everything.

If you all know of any cheap kitchen and bathroom companies, please let me know. The less I spend, the better.

Unless something else crops up!

Seriously your more likely to win on a quiz show game than get a loan for this lot, you are already in debt to a relatively large amount.

Scrimp and save what you can but don't try and borrow more money. On the salary you have at the moment I would say that you are already overcommitted.

Tixy

Whilst we can all try advising Husna that she cannot in anyway afford the things she wants at a total of £10k, there is basically no chance that she will get any loan, no bank is going to lend based on those figures, so whilst I agree with the advice given its all academic anyway.

Husna

Thanks everyone for your advice. I think I'm going to have to really sit down with my husband and prioritise everything that we need to get done.

The kitchen is a must, so may take out a smaller loan and get that done. Bathroom would be number2, so might get a 0% credit card for purchases and pay with that.

PS, I wasn't joking when I said if you know of any cheap kitchen and bathroom companies, let me know. Please do let me know if anyone knows of any such companies.

ILW

Husna wrote: »

Thanks everyone for your advice. I think I'm going to have to really sit down with my husband and prioritise everything that we need to get done.

The kitchen is a must, so may take out a smaller loan and get that done. Bathroom would be number2, so might get a 0% credit card for purchases and pay with that.

PS, I wasn't joking when I said if you know of any cheap kitchen and bathroom companies, let me know. Please do let me know if anyone knows of any such companies.

Are they still giving out 0% cards to people with an £8k income?

Husna

Yes, I got one a few months ago.

no_more_cards_for_me

Husna wrote: »

The kitchen is a must, so may take out a smaller loan and get that done. Bathroom would be number2, so might get a 0% credit card for purchases and pay with that.

Have you seen that Avatar is out on Blue ray soon ?

Surely you must as your living on a different planet to the rest of us.

0% - no chance
Additional borrowing - bad idea

why not either

1) Change your job
2) Get a 2nd Job

Borrowing money on a low income will land you in a heap of problems, or aren't you worried about that ?

woody01

Husna wrote: »

Hi all

This is our situation.

We owe £3500 on 3 different cards. I've balanced tranferred and moved £1800 at 3.94%, £700 at 5.9%, both 'life of the balance' cards, and the remaining £1000 is interest free til July, but I will soon be applying for another BT card to move that debt onto (HSBC 15mnths interest free on BT). I will be able to request a credit limit increase on the 3.94% card in July too, which I will do, and if that goes through, I plan to move the £700 onto that card instead, therefore, pay less interest.

We're thinking of applying for a A&L loan for £10,000 as their APR is cheapest at the mo, 7.8% typical. I realise that there is a chance that I may be offerred a higher rate. If I get it over 6 years, it would cost me approx £175 a month, which I can afford.

We need it for a new kitchen (£4000), bathroom (2000), fireplace (1000) and car (£3000).

I earn approx £8000 p/a and my husband earns approx £8640, both after tax.

My husbands been refused credit before, and I never have so thought I would apply. What are the chances I could get the loan if I earn only £8000 a year???

I already have a mortgage with A&L so thought that may help.

I could really do with some advice

PS, if I got offered the loan at a higher rate, could I refuse it and would that damage my credit report?

You earn only £16K per annum between you and you seriously think someone/anyone will lend you £10K.
I am amazed you have the credit commitments you already have and can afford them now.

Sorry...but not in a 1000000 years.

theoretica

Must the kitchen come from a company? What about argos and a local workman? (or asking on Gumtree/freegle/the workman for a 2nd hand kitchen or bathroom) You don't want to be paying for companies' overheads, offices, advertising...

Coveredinbees!!!!

I was going to say you don't need to spend that much on a kitchen if you do it yourself but I just totted up the cost of mine and it was about 8K. Oops.

Tixy

Coveredinbees!!!! wrote: »

I was going to say you don't need to spend that much on a kitchen if you do it yourself but I just totted up the cost of mine and it was about 8K. Oops.

You can do it cheaper though - I'm in the process of updating mine and think its going to come in under £1400. Now admittedly I am using the old cupboard carcasses and not buying a new fridge or freezer but still it meant I could afford to do it and I certainly couldn't at £8k or so.

Even with new carcassess I had it costed around £3k.