Need help with getting a new loan

Beckster

I've had a loan with HSBC and been paying it off without missing any payments. But the amount is starting to cripple me each month and the amount has payment protection as well. So I went in to speak to someone in a branch to see if I could get a better rate. They came up with some numbers and I asked if it was with payment protection and I was told I had to have payment protection. I know that's not quite true so I am looking to take my business elsewhere.

I have been to Nationwide and they gave me quotes with and without payment protection and the amounts were lower. I looking to lend £5000 ideally over 4 years but will look at 5 years.

I am not sure where else to look and what small print to be aware of, please can anyone help?

I bring in £1006 per month
I have an OD of £300
I have a loan of £2774.16
CC balance of £1000.49 Interest free until August
CC balance of £472.21

Warriorsith

I'd push to get the PPI taken off regardless of what the bank thinks. You wanna read the 'Removing PPI' threads that are knocking about the chat rooms etc and also read the PPI terms/Conditions to see what you can do. If you've got a better loan deal elsewhere then the choice is yours, just get it w/o PPI if you can to save a few pounds.

mountainofdebt

The thing that I would be very wary of is that you may be paying interest on interest if you go down the road of replacing your HSBC loan with a new loan , regardless of who you go with.

I assume that you would be paying off all your debts with this loan and again I would be wary of doing this unless you have addressed how you got into debt in the first place as you could find your self in a bigger hole than before.....and that's someone who is despartately trying to dig herself out of the that particular hole.

Why are the repayments being to bite now?

Beckster

Hi thanks for the advice.

I will try getting rid of the PPI first.

Mountainofdebt, With regards to addressing the reasons for getting into debt, I have come a long way with that and I'm now in a full-time permanent job with a final salary pension. Where as before I wasn't and was living beyond my means.