need to borrow £6k - help

myright

thanks guys, I think he has a couple of debts.

So other than paying it off with his income. what is the best way to obtain a loan? and what kind of terms should he expect. He just wants to know this side of things, so he doesnt get ripped of firther as he he will be going to the bank one of these days.

Apples2

myright wrote: »

So other than paying it off with his income. what is the best way to obtain a loan?

What else is he going to pay it off with?

What about the question from Clapton? If he does have £250 month spare, why isn't he using it?

DCFC79

myright wrote: »

thanks guys, I think he has a couple of debts.

So other than paying it off with his income. what is the best way to obtain a loan? and what kind of terms should he expect. He just wants to know this side of things, so he doesnt get ripped of further as he he will be going to the bank one of these days.

Try his own bank ?

He might be better off using his wages or as much as he can afford to use to pay off the debts.

KingElvis

Try Hatchet Harry or Barry the Baptist....their super discount "pay back before tonight and don't get murdered" scheme is a winner.

DCFC79

KingElvis wrote: »

Try Hatchet Harry or Barry the Baptist....their super discount "pay back before tonight and don't get murdered" scheme is a winner.

Or theres Mr Wong just down the very dark side street who will boil you if you dont pay up by midnight.

bargainbetty

Stop taking the mickey, you lot!

Right, sit your friend down and work this out:

How much debt does he currently have?
How much does he want to take out? Add the two numbers together,

If they add up to more than half his salary, then chances are he won't get a decent loan anywhere. It doesn't matter if he 'intends' to pay off one with the other, all the banks will see is X + X = way too much debt. They can't make him pay off his old debt with it, so very few offer consolidation loans anymore than come to more than half your salary.

With regard to terms, if he is offered anything, ask them to show the total sum borrowed, the total interest payable and how much it will be per month, fixed. Do not accept a managed loan, anything over the current rate of interest on his debts is a waste of time (find out what it is, obviously) and do not accept PPI or any form of insurance, no matter what the salesman says.

If he has £250 per month to pay off a loan, then he should be throwing every penny of that at his existing debt instead. Give it six months or so, and he may be able to refinance chunks of the debt onto a lower rate credit card or something (smaller amounts possible).

Good luck x

myright

thank you so much!