Second personal loan

inamuddle_2

Hi, I am considering applying for an unsecured personal loan to consolidate my credit card balances of 20k. I currently have a 18k unsecured personal loan which has 2 years to completion. What is the likely hood of me getting the second loan or is there an alternative strategy? I would like to add that I have a good credit history and also employed.

Any thoughts or opinions appreciated.

jonesMUFCforever

If I have read your post right you have a total liabilities of £38k? ie £18k on a PLN and £20k on credit card.
You further state that you think you have a good credit history.
Please answer why you have these debts in the first place?What has happened to the money? List all your weekly/monthly outgoings and compare what is coming in - lets see if you have a surplus of income over expenditure before committing to another loan ie can you afford the repayments?
We need more info to give practical advice.
Eric

MarkyMarkD

£38k is a large amount of unsecured debt to have. Once you've exhausted alternative strategies (0% credit cards, etc.) I would consider getting the existing lender to advance the rest - they may give you a reduced rate on your existing loan to match the new amount.

Walletwatch

Agree with Eric. There's no point anybody on this forum trying to give you their suggestions / advice without knowing the full picture. Chances are you'll get an unsecured loan based on some suggestion you get on this forum, and again drive up your liabilities, by spending further on your credit cards, once they are freed up.

Give us more details as queried by Eric to let us 'help' you in the true sense.