Help!!! trying to get debt free

shaun1986_2

Hi all,

this is my 1st post, i am trying to get debt free as soon as i can. i have a loan out with santander, and i cannot change the monthly installments which i wanted to do so i could increase how much i pay back and get rid quicker.

what can i do, i cannot afford the installments plus a min of £500 to make the capital repayments, and have 41months left on just the installments.

my credit rating isnt great so i think another loan would be out the question on intrest rate! and am not sure wheter i would get a credit card to cover the amount so i can pay that back.

any advice would be greatly appreciated

shaun

JulieGeorgiana

You can ask for a final settlement figure, so save the extra money, and when you think you have enough, ask them for this figure and pay it off in full. It does mean not spending your savings in the mean time.

There might be other options, but this is one I did when I was on my Debt Free Journey.

Good Luck.

camuk81

Depending on how long the loan is for any payments at the beginning are just toward any interest payments. With that in mind phone them as suggested above.

Do you know how much you can afford to over pay? Put the over payment into a savings account and leave it till you get a settlement figure that matches the saving pot.

Banks should be able to future predict a settlement figure to give you a rough idea of when and how long and how much.

I agree another loan is a poor idea at the moment. Work on repaying this and then see where you stand. If your rating is bad you may up with a bad credit lender who charge apr that makes your eyes water!