Waiting for decision on Natwest Top up loan

sammie28

Deleted post due to nasy comments!!!!!! So much for the rules being 'be nice to people'
No wonder people are reluctant to ask for help.

StuTheDon

Hi,

We would need to know your approx salary and how much debt (including your overdraft) that you have.

sammie28

Hi, current monthly income is approx £2300.
Loan i have with them is £5000. Credit cards, overdraft etc are approx £5000. Interest rate i have for current loan was 21.9%, and that is £130 over 5 years. New loan is £15,000 over 7 years at a rate of 12.9%.
Current income will increase now cause i've just increased my hours to full time, so will be approx £2600 per month.
Oh i have car finance which i had when i took out this first loan, it is £295 per month owing about £14000.

chalkie99

Have you heard yourself?

You owe money on an existing loan, an overdraft, car finance and "other stuff on credit" and it's "driving you mad" waiting for the nod on even more credit!

Count yourself lucky if you get declined. The bank may be saving you from yourself.

sammie28

Did i ask for a load of abuse??? No i didn't. So thank you but don't bother answering if you can't be nice. And for the record the new loan will consolidate the other credit, so i will be paying less each month. Then the credit cards and cataloges are being cancelled!

geoffky

I also hope you get refused because you have not got a clue as to the predicament you are in....more debt will not solve your problems....less spending is your only choice otherwise you will end up in a debt spiral...face up to facts and you have a chance to change it all..

StuTheDon

Sammie - to get back to your original question. You already have £10k of debt, and you want a further £15k to consolidate etc. The banks add the new loan to your existing debts (as they have no guanrantee you will actually pay off your debts with the new loan). This means you would need a salary of at least £50k to get accepted, probably more because of the car.

To be honest with you, you are pretty much maxed out on your available credit. Not what you want to hear, but I can't make it sound nicer than that. I think you will do very well indeed to get accepted. I would focus on getting that debt down.

sammie28

StuTheDon - thanks for your reply. Nice to see someone will offer advice not just have a go! Needless to say i was dubious about posting on here for fear of people having a go and being rude, don't tink i will be bothering again.
Thanks again Stu

lilly2011

Sammie, i think what is being said above is that although in theory, you'll be "saving" every month on the reduced payments, your debt overall will actually increase as you are paying the interest on top of the £15k you are borrowing.

I was advised against consolidation and am thowing every penny of available income i have at my existing debts which means less interest to pay and i'll be debt free much quicker.

Good luck

StuTheDon

Sammie - no problem. I hope it all works out for you, but you are quite close to your limit so please think about paying off your debts with highest interest ones first. What you are doing is consolidation and very few people actually find it works for them - they clear their cards to 0, dont close them and then start spending again. You then end up with a bigger loan, and maxed cards....

If you do not get the top up approved, perhaps consider returning the car and get a cheaper one (if you are more than half way through your agreement) and channel those monthly payments to your loan. You'd be clear in 18 months!

_Andy_

There is no point to threads like these. Just because another person (who has different individual circumstances) got refused/accepted doesn't mean you will. Just wait it out, no point in anyone here speculating.