Increasing a loan?

x.jem.x

CH27 wrote: »

Everything adds up though & you still need to eat & have a social life.

Oh yes I know that...I just think that (even if I wait until Feb to move out..which seems like I will have to), I won't be paying the £103 a month for my loan so I think £1000 a month (my salary) is more than enough? I was on £932 in a previous job in Hayes in Middlesex and I used to transfer £550 into a joint account for me and my fiance! What I want to make clear is that I am not moving out from living with my parents, I have rented twice before and now I am living with a distant relative who I am getting a bit sick of and I want my independance back. That is why I even suggested going to such measures as increasing my loan.

Thanks for everyones help so far!

x.jem.x

Apples2 wrote: »

As soon as you update your details with a new address they may come back to you. I don't think another loan is a good idea, this will come back to bite with some nasty venom.

I don't understand, how will moving house make any difference? I haven't informed the credit company I have moved and the phone number they used to contact me on hasn't changed. Therefore, why stop contacting me? They know they we're in the wrong.

Disambiguative_Shopper

x.jem.x wrote: »

Thank you for the advice. Wouldn't they talk to me about it over the phone as I work so it's hard for me to get into a branch? Or is it best to show my face?

I'm hoping they can help me........

Absolutely the telephone is an option. I am not advocating increasing debt but i know years ago when i was in the mire, as a loan drew to a close it was easier to get a new one with the same company to end the old and generate cash, then it was to amend an existing loan or go to a new company.

Also, slowly as APRs come down, new loans can be cheaper than existing ones.

At one point i was 48ooo in personal loans (2, 25000 and 23000). I would re-borrow them every 12 months to reduce APR and shorten to period.

Granted the world is different now and lending is tight, but it is still good practice to review your debt regularly.

Tixy

Before you take the leap work out a really detailed income & expenditure account £1000 won't go far after paying rent, council tax and utilities. If fact they'll eat up probably £600 of your salary, which won't leave much for debt repayments, food, mobile & broadband, travel, clothes & haircuts, entertaining, etc etc

Most of the people we see struggling on the debt free wannabe section of the forum are people whose rent/mortgage is more than a third of their net pay, and yours will be significantly more than that.

On your salary I would consider looking for a flat share / rent a room rather than your own place, it will be much cheaper and you usually won't need a deposit.

RichGold

x.jem.x wrote: »

Yes I could afford the repayments

Post of the week.

DCFC79

RichGold wrote: »

Post of the week.

Its a regular occurance that old saying

RichGold

DCFC79 wrote: »

Its a regular occurance that old saying

Yes, I notice you managed to squeeze it out of the OP by the 4th post. That will be hard to beat.

DCFC79

RichGold wrote: »

Yes, I notice you managed to squeeze it out of the OP by the 4th post. That will be hard to beat.

Thank-you RG, let's see if it can be beaten

Firefox1975

This is just all wrong. :-(

Apples2

x.jem.x wrote: »

I haven't informed the credit company I have moved and the phone number they used to contact me on hasn't changed. Therefore, why stop contacting me? They know they we're in the wrong.

I'm bewildered by that statement jem. You genuinely think THEY are in the wrong for not continually and relentlessly hassling you?

I'm sure these companies try for a while (as they have done), but stop when they consider their own actions could be construed as harassment, then it all goes quiet.

I'm sure the balance is increasing merrily and will continue to do so before they sell the debt on to another department of theirs.

We could almost write a future post for you. "How come my debt has gone up so much but they haven't even contacted me about it, this must be wrong"

Good luck Jem.