consolidation loan advice needed

helpneeded1982

hi

i have need to borrow 9000 to consolidate various outstanding c/cards and loans and want to consolidate that debt and pay over an extended period of time i3 60 months. i want to pay as little interest as possible and i was wondering if anyone had any recommendations or options??

opinions4u

Before you approach any lender answer the following questions:

1) Are you still overspending in your day to day finances?
2) Is there a risk that you will simply consolidate and then build up new debts on the cards and overdrafts?

If you have answered "Yes" to either question, a consolidation loan is a disaster waiting to happen.

If not, you could try the likes of Tesco or Sainsburys for a best buy rate (but only if you have a clean credit history, stable address and employment history). Alternatively, your own bank is most likely to make a favourable decision, although the rate may be a little higher.

telboyo

Don't do it. Please listen to the advice of the people on here- take the pain now and pay these debts. If you consolidate I can practically guarantee that in a few years time you will be backk in the same situation, except the problem will be much larger. Benn there done that- as I suspect many people on here have.

CHR15

To obtain a £9k loan you would need a pretty much unblemished credit history, no late payments, no defaults, no ventures into an overdraft etc.

On top of that your exposure will be a £9k loan added to your existing debts (assume that is already £9k) so you will have a potential unsecured debt of £18k.

The general opinion is that lenders do not appear keen to lend above 50% of your salary in unsecured loans so you would have to be earning in excess of £36k (along with a gleaming credit history).

If any of the above rings alarm bells, you may need to have a rethink and look at other options.

CLAPTON

what's your income
what do your credit files say about you
do you regularly use your overdraft
do you only pay the minimum on your credit cards
are you a house owner
what are the full debt details

opinions4u

CLAPTON wrote: »

what's your income
what do your credit files say about you
do you regularly use your overdraft
do you only pay the minimum on your credit cards
are you a house owner
what are the full debt details

Do you have that on copy and paste now?