Newbie Loan Advice Please!!! - APR!

kelzbelz_04

I think im confusing people!!!

Ok here it is, in full! (for anyone who fancies a gander)

- Current Loan - £6500 at 7.4% - costing £174 per month. (This has 3 years left, and was taken out 4 years ago so its getting there fine and is a good rate)

- Overdraft - currently £2000 - he's had it forever- its an arranged overdraft and costs £30 per month for the privelige.

- Tax Bill - £2500 needed by June 2012.

Wedding - £6000 - coming up very quickly, booked 18 months ago, and if we'd known we'd be having this conversation we'd have not booked it! We considered cancelling it recently but its a bit far gone!

So theres our murky life story! And Leeds - if I dont be 'jovial' as you put it, id be crying! I can promise you that!

Thanks for all your advice!

Now you know the actual damage, and I have typed it all out, if anyone can see a way that we could start sorting it out without a loan obviously that would be great ... im not sure tho!

My job is ok - 20k a year (hoping for social work soon at substantially more!) My chap is a driving instructor earning about 26k ish this year, but he has had debt forever and so all extra money seems to go on that! Because he started off in debt , he's finding it hard to save anything up and with the debt payments, is breaking even....

Urgh I hate money!

Tixy

Have you done a budget - or a statement of affairs on th debt free wannabe section of the forum?

Do you know how much you can afford for all your debts (and the wedding) each month after living costs?

If not do this next before you commit to anything.

ViolaLass

You still haven't said why you couldn't cancel the wedding or downsize it. "It's too soon" is vague and not a good reason. Do you mean that you would lose deposits? Or that you would have to tell everyone? Or that you've already paid for everything and it's non-refundable? Or just that it seems like a big pain?

LovelyLeeds

kelzbelz_04 wrote: »

but I genuinely cant think of any other way ... answers on a postcard!

Ok, I have an idea for you to try: post up your SOA, Statement of Affairs as if you've received the £17K loan, plus all your other outgoings and incomings. This will then give you a good idea of what you're in for, for at least the duration of the £17K loan you think you want.
(I can't find the SOA link - soz).

LovelyLeeds

mumtomany wrote: »

I didn't know you had to be married to have kids!!! lol

You've missed the point I was making.

kelzbelz_04

Thanks Leeds, Thanks Tixy, yes i'll find the SOA and do it!
The debt is all his except for half the wedding which would be mine!
My debt actually isnt too bad! so should I post up his SOA rather than mine? Or a combined one? xxx

Viola - lots of reasons - the invites are out, everything is bought and arranged, we've paid deposits on things and would lose that .

LovelyLeeds

kelzbelz_04 wrote: »

Or a combined one?

Definitely a combined one, don't leave anything out.
By posting for advice before you've taken this loan, could be the best financial piece of management you've ever done - and I don't mean that sarcily (as some posters may mis-interpret!).:p

mumtomany_2

LovelyLeeds wrote: »

You've missed the point I was making.

No i got your point. I wasn't trying to offend you. I just thought that was funny!

LovelyLeeds

mumtomany wrote: »

No i got your point. I wasn't trying to offend you. I just thought that was funny!

Not offended, in fact I 'thanked' your post!

somethingcorporate

You do realise that consolidating a debt at 7.4% into a larger debt at 11% over a long period of times means it becomes a lot more expensive and is actually a financially stupid thing to do?

I am not sure why people think dealing with 2 payments is difficult, I have dozens of monthly commitments and certainly wouldn't want to increase the cost just to have a few less. It is financial madness!

Just in case my message is not obvious do not consolidate a 7.4% debt into a new loan at 11%.