We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

What should she do??

Yorki
Yorki Posts: 11 Forumite
My mum is thinking about borrowing a small amount of money to finish deco in her house before she puts it up for sale!

She already has 2x secured loans still paying for these
1 @ 223pcm & 1 @113pcm welcome finance & london scottish both rip off companys!



I advised her she might be better off consolidating for a better rate but i dont know to much about this myself.... Can anybody advise anything?
;)
Thanks

Comments

  • What is the point in getting a secured consolidation loan against a property you are just about to sell. The loan will have to be paid off with the proceeds of the sale anyway.
  • Yorki
    Yorki Posts: 11 Forumite
    Because she needs extra money now!
  • So your willing to pay new setup fees, pay 2 early repayment redemptions for the sake of a few months. Anyway you asked for a consolidation loan, what you sound like your really after is extyra borrowing. Even without hearing the circumstances I am already guessing you have little chance anyway.
  • Simon11
    Simon11 Posts: 788 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Deco doesn't have to be expensive, just a lick on white plan and good clean!

    More debt isn't the solution!
    "No likey no need to hit thanks button!":p
    However its always nice to be thanked if you feel mine and other people's posts here offer great advice:D So hit the button if you likey:rotfl:
  • Simon11 wrote: »
    Deco doesn't have to be expensive, just a lick on white plan and good clean!

    More debt isn't the solution!

    To right - you can get giant cartons of white paint dirt cheap at B&Q.Never worth getting a loan just to decorate.
    "If you no longer go for a gap, you are no longer a racing driver" - Ayrton Senna
  • CHR15
    CHR15 Posts: 5,193 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    And some Cillit Bang

    This idea of borrowing sounds a recipe for disaster.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.9K Banking & Borrowing
  • 252.4K Reduce Debt & Boost Income
  • 452.7K Spending & Discounts
  • 241.8K Work, Benefits & Business
  • 618.3K Mortgages, Homes & Bills
  • 176K Life & Family
  • 254.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.