Ok so i need help now.

tesuhoha

Actually, don't take out that one. I've just noticed the fee is £17.50 pm min, not £10 as I thought.

tesuhoha

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237835058201&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

This seems a good account as your income is over £1,000. You will get £100 cashback and a free overdraft.

the_seraphim

thanks for your help, i have decided to refinance the payday loans into one six month and one 12 month loan. both at rates around 20% of the rates of the payday loans, so im paying the same amount of interest, but over a much longer period.

also my boss has nearly (after 6 months and barclays dragging their feet) got the bacs system set up for work.

also i already have the santander account mentioned, and my bank wont give me an overdraft because of my poor credit, although the woman is helping me to improve my credit rating with the bank through some specific steps that i think made sense, putting a few pounds a month into my isa to show im trying to save, also by taking out (an already needed tbh) contents insurance again just a few pounds a month, but it shows the bank i am able to make payments and understand the value of insurance...

i dunno wether she was talking rubbish but i needed the insurance anyway and a fiver a month for the level of cover i got seemed ok.

thanks for all your advice, and especially for that loan site posted, very helpful in getting some telephone numbers to call to try and refinance cheaper.

still need to check with the companies as to making payment plans with them, see if i can stop the interest but if im just going to pay them off straight away with the other loans it seems pointless.

fatbelly

the_seraphim wrote: »

...the woman is helping me to improve my credit rating with the bank through some specific steps that i think made sense, putting a few pounds a month into my isa to show im trying to save, also by taking out (an already needed tbh) contents insurance again just a few pounds a month, but it shows the bank i am able to make payments and understand the value of insurance...

Paying into an ISA won't help your credit rating. No point saving at 3% if you are paying debt at 300%.

Contents insurance isn't a bad idea as such, but what's happened here is that she has sold two products and so she is two points closer to her target for the month. It's nothing to do with helping you.

Can you now afford the contractual instalments on all your borrowing?

dancingfairy

:mad::mad:
I have to say your post has made me mad.
You've now ended up with an ISA - improving your credit rating - yeah right - what a load of rubbish. Contents insurance - yeah probably useful but again - improving your credit rating :rotfl:.
So the person in the bank has SOLD yes SOLD you 2 products - good bonus for her.
Oh and instead of dealing with the debt as has been suggested you have now got 2 loans - honestly you couldn't make it up - could you. 20% ouch.
Please tell me they aren't secured on your house?
I hate to say it but your bank and the loan companies are taking you for a ride. No doubt we'll see you back here in 6 -12 months when it all implodes. :mad::mad:
df

MonkeyMad

the_seraphim wrote: »

£50 to vodafone (contract too new to reduce, also includes insurance)

If I were being really impassionate about this, being in your situation and spending £50/m on a phone is madness (accept that you have wife/kids and like to keep in touch, but I had mine before they were really popular and we survived as did our parents).

Accepting that the contract is in place then you need to cut it down as much as you can. How much would you get save if you cancelled then insurance. Frankly you need to take a chance that if you lost/broke the phone(s) then you would have to put up with a £10 PAYG for the duration

Triggles

Yep. Doesn't sound like the bank employee did anything but help herself on this. If you could fill out the SOA, then you could get some more specific suggestions.

DVardysShadow

the_seraphim wrote: »

also i already have the santander account mentioned, and my bank wont give me an overdraft because of my poor credit, although the woman is helping me to improve my credit rating with the bank through some specific steps that i think made sense, putting a few pounds a month into my isa to show im trying to save, also by taking out (an already needed tbh) contents insurance again just a few pounds a month, but it shows the bank i am able to make payments and understand the value of insurance...

i dunno wether she was talking rubbish but i needed the insurance anyway and a fiver a month for the level of cover i got seemed ok.

bah! she was lining her own pockets with commission at your expense. Committing to an ISA while you have such serious debt issues will do NOTHING to improve your credit rating - it will just keep you in debt for longer.

fatbelly

dancingfairy wrote: »

Oh and instead of dealing with the debt as has been suggested you have now got 2 loans - honestly you couldn't make it up - could you. 20% ouch.

Just to point out thatthe OP said the new loans were 20% of the previous apr.

Considering the previous loans were payday loans @2000% I take it that the OP now has two new loans with Provident/Greenwood/Morses/Shopacheck for around 400% apr.

The link helpfully provided earlier linked to the doorstep lenders comparison site.

If the new monthly payments are affordable, fine. If not, Seraphim, we need a full SoA, and then let's deal with things properly.

Triggles

That's what I was thinking, fatbelly. it doesn't sound like it was horribly helpful to him. This kind of thing really makes me angry - I know banks are a business but I personally think that it is highly irresponsible and morally wrong to sell products to someone and claim that it is going to help them. They are taking advantage of someone who is already financially in difficulty, and it is just wrong. I wish they could be held accountable for that in some way. It happens far too frequently.