Impartial advice needed!

somethingcorporate

The quality of advice was not up for dispute, merely the presentation.

Some people (including myself) like direct responses and posting on an open forum you are likely to get all sorts. Just because you don't like direct responses doesn't mean you should get your knickers in a twist about people (newbies and oldies alike) posting them.

If you want carebears everywhere why not hop on over the mumsnet or make your own wooly forum. If you want all kinds of honest (and impartial-ish) advice like the OP asked for then a public open forum is the place for you.

Unfortunately, newbies have a habit of getting all uppity when they don't have a load of carebears patting them on the head agreeing with everything they say. But that's life on the ol' interweb.

Janie4Now

somethingcorporate wrote: »

The quality of advice was not up for dispute, merely the presentation.

Some people (including myself) like direct responses and posting on an open forum you are likely to get all sorts. Just because you don't like direct responses doesn't mean you should get your knickers in a twist about people (newbies and oldies alike) posting them.

If you want carebears everywhere why not hop on over the mumsnet or make your own wooly forum. If you want all kinds of honest (and impartial-ish) advice like the OP asked for then a public open forum is the place for you.

Unfortunately, newbies have a habit of getting all uppity when they don't have a load of carebears patting them on the head agreeing with everything they say. But that's life on the ol' interweb.

I'm sure you didn't mean that to sound as sexist or as patronising as it did.

If you're genuine, it takes a lot of courage to post here. I maintain my view that belittling people rarely does any good and will often simply frighten them away. There are ways of putting things and they need to be tailored to the individual. Otherwise, the only person they help is the poster, presumably by plumping their ego.

As I have said before, shall we get back on topic now before we frighten the OP off completely?!

xKazi

Oh dear I seem to have caused a fuss! Don't worry - I'm thick skinned. It is true I do need to sort my spending out and have really carefully tried to find where I can cut back - some of it immediatley (eg being the designated driver to cut down going out costs, not needing to buy clothes) and some of it as I renew things - eg I will not be renewing my phone contract but going onto a 1 month sim only £15 month deal in November. Obviously I'm in debt because of my spending, what I meant was since being a student - where large overdraft and a certain lifestyle is encouraged I've got into a cycle of debt - whereby my wage gets me out of my overdraft just for my monthly spending to shove me right back under, etc etc each month. I really want to try and get out of this and I am committed to making changes and cuts.

Does anyone agree on best loan deals? I've been talking it through with a couple of friends and they seem to agree if I CAN borrow the 12.5k to pay my car and debts off in full and then make one monthly repayment of either £245 per month for 5 yrs or £305 for 4 yrs this would be best? What do you all think?

Thanks

CLAPTON

the general view is that lenders are reluctant to let people borrow more than half their annual income (just a rule of thumb which I'm sure is often broken)

and in general, lenders will look at existing debt level and add the new loan amount ..

so in your case they will see 25,000 of potential debt (you of course know you will be repaying the 'old' debt but of course there is no requirement for you to do so).

many potential lenders will view people regularly in their OD as struggling with debt or poor money managers


however, without knowing the debt amounts and APRs and monthly payments it is a little difficult to really advice, but a deal at 7-8% would probably be beneficial to you as long as you don't start spending again

I doubt however they will offer such a loan, but until you try you won't know.

xKazi

My worry is that if I try for 13k (I earn 24k before tax) and get rejected will this stop me getting a smaller loan to cover at least my overdrafts?

I see what you mean about them not knowing what I'm going to do with the money - do you think there is anything I could do to make me seem like a 'safer bet'?

Thanks

CLAPTON

my view is you have zero chance of getting a 12.5k loan for the reasons given in my previous post (unless maybe your own bank would do this and withdraw your OD and CC)

so to avoid the £5 charges you could
-drastically reduce your spending
-try for a new CC and spend on that rather than pay £5 a day on the OD
-try for a modest loan to just cover the ODs

Janie4Now

I can only agree with Clayton, especially No. 1, BUT I would go back and talk to your bank.....they have already offered you a loan and know that you are trying to sort everything out so they may be prepared to help further.

I can't advise on repayment - only you know what is realistic - whilst it may be tempting to go for the higher amount over the shorter period that would be pointless if it means your budget is too tight and you're going to start racking up debts again. Make a sensible budget, allow for a contingency amount (which should go into a savings account!) and then talk to the bank.


(glad you weren't put off the forum )