loan help

ladyfalco

i'm looking for a consolodtion loan for £17000 for our debts, found one on money supermaket but as our home is a right to buy bought home most companies wont let us apply. Has anyone got any suggestions. We are hoping to pay it back as soon as we can, over 3 to 5 years depending on the monthly payment. Thanks.

jonesMUFCforever

How long ago did you buy your house?
I believe that for the first 5 years that the Council will have first refusal if you want to sell as well as wanting their discount back, therefore anybody wanting a secured loan would be 3rd in pecking order.This does not make good security from their point of view.

Have a look at Google for Personal loan repayment tables - approx monthly repayments for £15000 over 5 years is about £300 per month. Can you comfortably afford this?
If so then you could start paying your debts of now without a loan by snowballing ie pay most off the highest charging credit, minimum on rest until one is paid off then move on to the next highest charging etc etc until it has all gone!

ladyfalco

We was looking to pay £300-£400 a month, we currently pay £560 and my husband may have a nrw job which means a pay cut. the Interest on the loans and cards are practcally what we pay monthly on them

jonesMUFCforever

I would suggest in that case that you visit the Debt free wannabee board.
You need to make a full statement of affairs detailing every penny that you receive in salary and benefits and every penny that you spend.
There are some guys on there that will tell where savings can be made so that you have more capital to hand to reduce your debts by more than the minimum each month.

From what I have read I don't think you could really afford a consolidation loan.

Hermione54

Consolidation is usually a big mistake and is the reason many of us ended up on these boards.

financial_solution

ladyfalco,

need to know:

1) current mortgage lender.
2) Approx mortgage balance.
3) Approx value of property.
4) Any missed mortgage payments.
5) Approx date of purchase.
6) Total incomes.
7) Any CCJs.

I would then hopefully be able to give you an idea of what we have available.

Regards,

Mark.

jonesMUFCforever

Personal advertising is not allowed on the boards.

Naughty Naughty.

SarahNeedle1872

Hey, I would suggest not to consolidate.... its far too easy to get spending again - personal experience! Are u able to get lower interest rate cards rather than a loan?
I would also echo what ejones said, put together a list of ur income/outgoings and hop over to Debt Free Wanabee (where I hail from!) to post. There are loads of people there with lots of good ideas. See what ur options are before u decide to consolidate, especially with a secured loan.
Good luck, and hope to see u on the other forum

Sarah x