Asda Personal Loans

bach230

I took out an Asda Personal loan last August for £3000 to buy a used car for myself as my last one was on its last legs. I’m now obviously 11-12 months into this loan at which point I was advised I could increase my loan if I needed to.

I went on the Asda website yesterday and it said that they were no longer doing Personal loans and that they were devising a new system which should be in place soon to help people out in the future.

I posted earlier this week saying that my hubby was looking into getting a £7000 loan to cover different things but he has been refused this. His parents are therefore planning to loan him £500 to put towards driving lessons as he is desperate to drive and the sooner he does get driving the better as it could mean better prospects for jobs for him. My mum has now offered to lend us £120 for us to go on holiday to a family caravan next week. Originally this money was going to come out of my ISA savings of which I have £720.60 currently but I have just had to put all of my wages (£1040) into the joint account to cover the overdraft meaning that I have £61 to my name in my own current account. My husband wants me to be able to at least have some money down on holiday to mainly help out with costs of food – he is taking around £200 which he has managed to save which will help towards costs of food. I am prepared to take some money out of my ISA but not a huge amount as its supposed to be my savings – I’ve had to dip into it so much over the last 3 years since we moved into our own house, I could have probably had £3000-£4000 in there by now!!

Anyway, does anyone know if Asda Personal loans group will still allow me to just up my loan by a small amount or not? This money would be used to put into the joint account to help boost it up because we are regularly going overdrawn more and more each month at the moment – I don’t think it helps with my hubby being paid on the 14th of the month and me being paid around the 28th/29th of the month – I have considered whether it might be better for one of our wages to go in at the same time as the other but I don’t know if this would work.

Also would a low rate credit card be an option as we would possibly need between £1000-£2000 to go into the account and to pay off two of my hubby’s cards (River Island at £234.00 and Bank of Scotland at £294.00).

Thanks for any help

Natalie

Simon11

It seems like you need help regarding your outgoings. Getting a loan will not help you as you are struggling already with debt and costs of life. DON'T GET A BIGGER LOAN!

You also need to change your view point of the £700 in the isa savings pot.

"I am prepared to take some money out of my ISA but not a huge amount as its supposed to be my savings"

From where I sit, I would consider your £700 saving as it should be chucked towards at the debt you are facing. No points getting a lower saving interest of 2%, when you are paying 10% interest on your debt.

Its a no brainer:o I'd suggest looking at this website to see how paying off debt is better than saving

bach230

Simon - i have actually thought several times about just chucking all my ISA savings into the joint account to help it out but then we have had to dip into my savings so much over the last 3 years for different things i'm worried that if i put it all into the joint account, if we had an emergency problem that we needed to pay for, we wouldn't have any savings/money to help out!

CHR15

You are entering into a depressing spiral.

Only barely being able to support your current outgoings, borrowing more money will mean your outgoings go up even more.

Sorry but the best advice is to concentrate on controlling your outgoings, until you find yourself in the posisiton of having money left over each month, borrowing more will likely lead to disaster.

Consider that if your other half does pass his test, an extra set of wheels costs the earth to run (Insurance, fuel, Tax etc).

Good luck.