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Moving to Oz - What to do with my loans?
nmbrown1234
Posts: 1 Newbie
in Loans
Hi, this is the first time i have done this so bare with me! I am moving to Australia and have a loan with approx £5k on it and credit cards with £2k. The loan is due to finish next Sept but I will struggle to keep up repayments on it (£365 per month) plus pay off my cards plus pay my mortgage as the house has not sold yet.
I was looking to re-fianance the loan and cards and pay them back over 7 yrs approx to keep the monthly payment down to approx £120/150 per month in total until my house has sold and i can pay off all debts. I have seen a couple of loans that have no arrangement fees or redemption pens but is there a catch? Is all the interest loaded up front so i will be stung when i come to pay it off in a few months? Am i better off with a loan with 1 months pens but the interest spread over the term of the loan?
Phew, think thats all! Does any one have advice? Thanks,
I was looking to re-fianance the loan and cards and pay them back over 7 yrs approx to keep the monthly payment down to approx £120/150 per month in total until my house has sold and i can pay off all debts. I have seen a couple of loans that have no arrangement fees or redemption pens but is there a catch? Is all the interest loaded up front so i will be stung when i come to pay it off in a few months? Am i better off with a loan with 1 months pens but the interest spread over the term of the loan?
Phew, think thats all! Does any one have advice? Thanks,
0
Comments
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If you tell a potential lender that you are moving to OZ my guess is that you will be declined a loan.
If you don't tell them you will be committing fraud.
If you are moving why not sell some of your stuff and repay some of your debt that way?0
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