back again

queenofthedump

Hi all

I am not new to this site but i have not been on it for ages either.
I have a dilema and i know you guys and girls will be able to advise me or at least make me think carefully before i do anything

Basically i have an appt with my bank to discuss what they may be able to do with my loan to make it cheaper.

So do i use any extra they offer to knock down credit cards or overdraft or do i only do it if i can retake the amount i owe over same time for cheaper - i have in my head that if i can destroy a card out of it it will be worth doing but if not then it is not. Dont have time to post soa but am just making credit card mins plus bit extra on one and have enough to eat and put fuel in car. Everything i pay direct debit is needed and as cheap as i can get so i havent completely fallen in to bad habits since my last visit- have stopped smoking yet again day 4 today and we have stopped using cc's since 1 sep 06 which is one reason i would like the overdraft gone so what we see is what we have without being charged for it.

any new ideas or wisdom most welcome

Marie b xxx:o

rog2

Unless they are going to decrease the interest over existing term, or write off part of the debt, then they are very unlikely to actually make the loan any cheaper.
They will, probably, propose that you convert your existing loan, by signing a new agreement, into a longer term loan, possibly secured against property.
Although this may mean that your monthly payments could be considerably less, the loan is likely to be over a longer period, and you could finish up by paying substantially more in total for the loan.
If the loan is secured against your house, then you have the obvious risk - if your current loan is an 'unsecured' loan, then the risks are more biased towards the banks.
Basically, I would advise to think very hard before comitting yourself to any new borrowing agreement. Weigh up all of the pros and cons, and, before you agree to any proposal from your bank, ask for time to consider what other options there may be.
Perhaps you might also find some suggestions on the loans board.
Good luck.

D&DD

Hi Marie good to see you and to see you're still plugging away :T I,too would be a bit wary of the bank as sometimes it's mighty tempting when they offer you lower repayments but also stretch the term for years more...If they make you any offers say you'll think about it and check with the peeps on here first for feedback maybe?? Good luck