Reshceduling a personal loan

uptohighdoh

Hi all
I have an unsecured personal loan with RBS. It was for £25,000 over 7 years. There is £14,200 remaining over 36 months. I have credit card debts of £22,000 and am unable to get cheaper balances etc. due to level of debt. I have never defaulted on any payments either on the cards or the loan.
If I applied to take the loan back up to £25,000 over 7 years again this would let me pay off and get rid of 2 cards, as well as take a further £2,500 off another. In addition it would free up another £180 monthly for me to put towards the remaining 2 cards. Is this a good idea? Is the bank likely to approve this?
Many thanks in advance.

BoGoF

Is this a good idea - no.

Is the bank likely to approve it - no.

The days of easy credit are gone and the bank isn't going to let you potentially double your debt.

chalkie99

Things have tightened up a lot since you took that loan out.

With debts of £36k you now want to borrow an extra £11k making a total of £47k.

You will need a whopping income of nearly £100k to stand any chance!

First question - What is your current income?

uptohighdoh

Thanks for your reply.
Why is it not a good idea?
Is it because I could potentially rung the cards back up again? That wouldn't happen. I need to get debt free asap and this would be a quicker way fo doing it.

BoGoF

uptohighdoh wrote: »

Thanks for your reply.
Why is it not a good idea?
Is it because I could potentially rung the cards back up again? That wouldn't happen. I need to get debt free asap and this would be a quicker way fo doing it.

And you really think the banks will take your word for it?

You've done it once......

chanz4

Banks look at what you say and do is another story

uptohighdoh

I just don't know what I am going to do then. There is virtually nothing left after I make my payments. Definitely worth more dead than alive, that's for sure.....
Thanks anyway.

BoGoF

I'm sure you had a blast spending £47 K though?

uptohighdoh

BOGOF - Whilst I appreciate your advice, you have absolutely no concept of what has brought me to where I am today. The word "blast" just did not figure.
Thanks.

Emmzi

Debt management plans, IVA and bankrutcy are all better options than "better dead than alive".

Please go to the debt free wannabe board an post up a statement of income and expenditure, and debt details.

They have helped thousdands, if you are prepared to listen, they will be able to help you.

But first you need an open mind.

BoGoF

uptohighdoh wrote: »

BOGOF - Whilst I appreciate your advice, you have absolutely no concept of what has brought me to where I am today. The word "blast" just did not figure.
Thanks.

My apologies....just thought you may have something(s) to show for your debt which you could perhaps sell to help you out. Reading between the lines it would appear that is not the case.