Loan help and advice needed

flipflop1979

Hello, please can anyone help?

We have got our self in a bit of a mess and I really need to get it sorted. To pay all of our credit cards and existing loans I need to borrow £30,000 :eek: .

As far as I know our credit rating is fine I’ve never been refused credit and have never missed any payments.

Because of the amount will the loan need to be secured? How does that work? If my house is worth £200,000 but I’m already mortgaged up to £190,000 will they let me borrow the whole amount?

I really don’t want a secured loan and was wondering if I have a loan with Northern Rock as an existing customer would I be more likely to get accepted? (I know the max I can borrow off them is £25,000)

I also took out a loan 5 months ago that I would want to pay off in full as well, would this count against me when they look at my credit file?

Sorry for all the questions and twittering on but any help would be gratefully received

CLAPTON

You firstly need to address the reasons for overspending.
Sadly borrowing 30,000 is not paying off anything but merely transferring the debts around.

I would suggest you start by looking at your spending and the causes of the debts before considering refinancing them.
So i would suggest you post a full SOA over on the debt free wanabees board and seek comprehensive advice before trying the refinancing route.

flipflop1979

Sorry, I know that I'm not paying them off....

I've looked at the DFW previously and this is how I have worked it what I need to do, its my only real option. We have already cut back to the bare minimum and this would be our ten year plan to get ourself sorted out.

inmypocketnottheirs

Borrowing money to pay off debts only adds to the problem. And invariably you will end up paying more interest.

Please hop over to the DFW board and post a statement of affairs, including all incomings and outgoings, loans, credit cards, repayments and interest rates and I am sure the brains over there will help find you some extra cash to pay off your existing commitments quicker and cheaper than refinancing.

HTH

djwolf

Yeah agree with the rest. You need to write down all outgoings and try to cut down where you can and pay the money off slowly. The only good thing about one big loan is that it makes things less complicated by only creating one monthly payment but watch out for the interest charges. You may be better utilising 0% credit cards for a while. £30k is a lot to borrow and will probably take an awfully long time to pay off.

Butlers1982

I am Mr Harley The Managing Director of Harley Loans Investment company i am a certified and a resgistered loan lender i offer loan to interested people who are in need of financial asistance also i offer all kinds of loan like student loan, company loan, personal loan, home loan etc. if there is any interested person out there do contact us on [EMAIL="harleyloansinvestment@yahoo.com"]harleyloansinvestment@yahoo.com[/EMAIL] along with the amount needed as loan, country, duration and your monthly income.

Surely this shouldne be on here??? do no under any circumstances contact this email address please

You will struggle getting 30k unsec. I work as a mortgage and loan advisor for a big uk company. I would recomend secured loan to pay everything off as your debt to income ratio will probably too high.
the sort of rate you should be looking for would be around 7% or lower if your credit rating is ok

monopoly_money

inmypocketnottheirs wrote: »

Borrowing money to pay off debts only adds to the problem. And invariably you will end up paying more interest.

Please hop over to the DFW board and post a statement of affairs, including all incomings and outgoings, loans, credit cards, repayments and interest rates and I am sure the brains over there will help find you some extra cash to pay off your existing commitments quicker and cheaper than refinancing.

HTH

sorry off topic but im laughing my sides sick at your siggy! :rotfl: :T

inmypocketnottheirs

monopoly_money wrote: »

sorry off topic but im laughing my sides sick at your siggy! :rotfl: :T

Many a true thing said in jest!