Loan advice

kathsl22

Hi

I'm just looking for some advice with regards to a loan which I am currently paying off.

Although I am managing to meet all my basic financial payments every month such as rent, utilities, food etc, I am finding that the monthly payments on the loan are leaving me with very little to play with each month.

So much so that sometimes I need to use my credit card to pay for emergency things such as car repairs.

I am considering extending the loan so that my monthly payments are lower however I'm aware that that would mean the overall cost of the loan would be more.

In my head I guess I just want to get the debt paid off as soon as possible but if I am struggling a little should I consider extending the term or try or struggle on the best I can with the view to getting it paid off asap?

Not sure what to do.
Any advice much appreciated

CLAPTON

how much do you owe
what is the apr
how much the monthly payment

does you loan provider offer options to extend the period of the loan or do you need to apply for a new loan

Tixy

Before you decide to extend, and likely increase the cost of the loan - have you looked in detail through all your monthly outgoings to see if there are any savings you could make - eg have you recently checked things like your utilities /phone & broadband / insurances etc are all the best deals you can get?

Have you tried keeping a spending diary to see if there are any places you are spending more than you realise?

Might be worth writing down an income & expenditure / statement of affairs (including budgeting for things like car costs over a year) to see if it looks like you should be able to manage your loan repayments, or if you will likely have a shortfall each month after including all outgoings.

bargainbetty

Hello!

Most people on here would recommend having a really good look at your outgoings before extending the loan - can you do a statement of affairs (privately, or post it on here). If you are very honest, you can often see ways to shave off a few pounds on lots of things, which adds up to lots of pounds...

If you do post it up, people will offer lots of help and advice. Ignore anyone who trolls - the regulars will deal with them!

good luck

Edit: Tixy got there first!