Best thing to do? New loan or stick it out?

allofushere

Hi, Please can anyone offer any advice to me. I currently have a loan over 5 years for 12k taken out in June 2010. I also have a visa balance of £6700. I'm tempted to consolidate these on a long term loan simply to give me some spare money each month for xmas etc as at the moment every penny I earn is taken with bills and loans etc. However, I am owed £12600 from a former partner but in order to get this a property has to be sold and after 2 years on the market this still has n't happened. I am also owed £1400 from Goldtrail Travel, a holiday company that went bust this summer. I'm told that it can take a very long time to be refunded so......

So basically I'm owed alot of money but there seems no way of getting my hands on it at present. I would like to consolidate my loans but don't know if this is a good idea under the circumstances. Please can anyone give me any pointers?? I feel as if I am swimming against the tide at the moment. Any help would be welcome.

many thanks.

pjcox2005

Maybe worth posting the interest rates for both the current loan and the visa balance.

I would suggest that unless the new loan is a significantly lower interest rate then it may not be worth doing if any fees for arranging the loan are charged.

More importantly, I think you need to move from the mindset that you have the money coming to you. That sounds strange I appreciate, but there are clearly issues getting it and every day you think it will be here means that you presumably won't be concentrating on your debt.

It's a personal call but should you be paying a significant amount of interest then I would suggest getting on the debt free wanabe board, posting a statement of affairs and get their assistance on what you can cut back on in order to pay off the debt quicker.

CLAPTON

whats you income?
what do your credit files actually say?

allofushere

My income is net £1150 per month plus 216.00 maintenance and 81.20 child benefit.

I have a very good credit rating I think, as I've always managed to pay. BUT... I left my previous partner in Nov 2008. I still have a joint mortgage with him (which he now pays as he lives in house) and also 2 loans for I'm guessing now about 16k which are in both are names and which he pays. So technically I'm still down as a debtor for these as well, until my ex can sell his other house and pay me off. its all so complicated and all so out of my control. I don't seem to be able to do anything about it.

Simon11

Wouldn't you rather over the longer term pay less interest on this loan?

I'd personally get rid of the loan asap, rather work very hard for like 4 years, rather than have something like this over my head for 8 years ect as an example

Coveredinbees!!!!

Lets face it if you former partner is living in the house he isn't going to be in much of a hurry to actually sell the place and give you 12.6K without you putting some pressure on him to pay up

allofushere

Its another property he's selling, his from before we moved in together. I really do stand for rocks on my head and have been way too soft with him. I just wanted out at the time and now I think i'm paying for it. I would love to wake up tomorrow and have rid of him and all this financial baggage but i know thats not going to happen without me getting tough.