help with my plan take a loan or not??

hur575

Hi all

I need help with my budget; I just finally finished my PhD in cancer research. Iam hoping to get a better job and better salary soon. I have a lot of debt but that was to fund my studies but also I use to spend without thinking which end me in more debt. I have dilemma I have been accepted for loan from welcome finance for £2000 and have to pay £170.0 a month with insurance which I have to take. Iam thinking to cancel it and re budget to reduce my debts. Also iam thinking to work for investment banks or the bank which they do graduate scheme, salary will be the same as what iam earning and they will give me at least £3k to start.

My spending, I never use to save and iam always to max with my debt but here what iam planning

Salary £1500

Career development loan /£180 a month it was 8k but made lump sum before, now 3k
Professional loan £245 a month took 15k and now still 15k
Personal loan £350 a month took 17k now £12600
Rent £433
Gym £49 a month ( I know!!! But I can’t cancel for a year)
Food £40 a month
Barclaycard £50 a month limit 2k I am up to the limit
Halifax CC £20 a month limit 950 I am up to the limit
Natwest CC £7 a month limit 300 I am up to the limit


If I took the loan pay off Barclaycard but I will have nothing spare!!!

Lucy1982_2

What about rent, household bills etc. Do you run a car?

We need a list of everything that outgoing out of your account to help you more. When did you take out the gym membership? If it was recently you may be able to cancel it.

Edit - just spotted the rent!! But do you not pay any other bills? Also have a look at this link http://www.whatsthecost.co.uk/snowball.aspx as it will show you how to pay off you debts the quickest way without paying to much interest.

Good luck

moneymaker2

Just to make you aware that you don't have to take insurances. Welcome Finance are governed by the FSA, and as such you cannot be made to take insurances, these are optional.

My advice would be not to take out a loan the £2000 is hardly going to pay off anything, you'll pay it back over a longer term than the things you are clearing.

If you pop up a full SOA, then i'm sure there will be some others to come along and help go through it to help yuopu save some money that way.

Hope this helps. Laura

hur575

Just to add my other plan was for rent less than that of £270 a month which it made more sense. Now iam in bigger dilemma me and my friend need to find place together and we have been bad with food because sharing with other people has been bad experience for us so we eat out a lot. Now we plan to move together and cook the problem is I said yes to this flat which is £163 more than my current. After doing the calculation I am shocked I will have no much spare cash, what do I do?? The problem my friend has no place and she will accept any off especially the landlord allowed her stay without deposit for now and pay him later. It is good deal for her but not me!!! What can I do advice please?

hur575

Lucy1982 wrote: »

What about rent, household bills etc. Do you run a car?

We need a list of everything that outgoing out of your account to help you more. When did you take out the gym membership? If it was recently you may be able to cancel it.

Edit - just spotted the rent!! But do you not pay any other bills? Also have a look at this link http://www.whatsthecost.co.uk/snowball.aspx as it will show you how to pay off you debts the quickest way without paying to much interest.

Good luck

Oh bills about £30 a month and I have changed my mobile to pay only £15 a month I was paying 60 for my t-mobile

thanks in advance

Lucy1982_2

Can't you tell her that the rent will just be to much for you? and look for somewhere cheaper?

Surely she isn't going to have a problem with this.

Lucy1982_2

I always find it really hard to stay within my mobile allowance. But I moved to T-mobile and pay £25.00 and each £61 allowance to spend on calls and text. Suits me fine and I have dropped my bill from £70!!!!

misspoppy

you have to think of you and you have to be realistic about your current situation. I can't work out if you actually earn the £1500 pm now or not. I think you should explain to your friend that you can't afford this flat things will only get tighter if you don't get the job that you want.

The loan really doesn't seem a good idea what is the interest rate on it?there have been a few bad cases on here about welcome finance.

It is unrealistic to think that you can live on £40 of food for a whole month, £10 a week????? even with the best will in the world that is incredibly tight.

hur575

misspoppy wrote: »

It is unrealistic to think that you can live on £40 of food for a whole month, £10 a week????? even with the best will in the world that is incredibly tight.

iam thinking chickpea is cheap and noodles for 15p, I want to show myself that I can make it for at least 3months then maybe revalute.
thank you for the advice