Help needed

Esme123

I have an overdraft of £700, credit card bill of £500 and a outstanding lloyds bank loan of 2400 which will be finished in 16 months. I'm struggling to clear my overdraft and credit card this month so I asked about a loan for £4000 over 3 years and was shocked to find I would have a total debt to repay of £5600! Is there any way to reduce this , my finances will improve slightly in a few months, I just don't know what to do?

CLAPTON

best thing to do is to post up on the debt free wannabe board;
post up full details of your income, spending and debts there (called an SOA) and see what suggestions people can make.

but basically you are struggling financially so banks will see you as very high risk of defaulting and so will charge high interest rates

chalkie99

Esme123 wrote: »

I'm struggling to clear my overdraft and credit card this month so I asked about a loan for £4000

But your overdraft and credit card only add up to £1200 so why the heck are you looking at borrowing £4,000 ? :huh:

Keep the loan you have going and concentrate on the card and overdraft which are causing you the problems, especially the overdraft which not only shows to potential lenders that you are struggling but which can also be reduced or called in at short notice leaving you with unexpected problems.

dealer_wins

Esme123 wrote: »

I have an overdraft of £700, credit card bill of £500 and a outstanding lloyds bank loan of 2400 which will be finished in 16 months. I'm struggling to clear my overdraft and credit card this month so I asked about a loan for £4000 over 3 years and was shocked to find I would have a total debt to repay of £5600! Is there any way to reduce this , my finances will improve slightly in a few months, I just don't know what to do?

Struggling to meet commitments + want a loan = stupidity + bankruptcy.

DCFC79

Heartoflove, what brought you here ? you seem to have spammed other boards with the same post.

Tixy

Esme123 wrote: »

I have an overdraft of £700, credit card bill of £500 and a outstanding lloyds bank loan of 2400 which will be finished in 16 months. I'm struggling to clear my overdraft and credit card this month so I asked about a loan for £4000 over 3 years and was shocked to find I would have a total debt to repay of £5600! Is there any way to reduce this , my finances will improve slightly in a few months, I just don't know what to do?

What are the APRs on your existing debts?

You say you are struggling to clear you overdraft this month - is there a reason you need to clear it in 1month? has it been recalled by the bank?

Its not financially sensible to borrow £4k just because you have a small overdraft and credit card.

Esme123

Thanks Tixy your kind words helped me put into perspective the debt problem I had, I've spoken to the bank my overdraft is ongoing and reducing at rate I can manage and I've cleared my credit card off!