Loan advice needed

iwanttoberich

Thanks to people who have responded. I have made a decision so no longer need advice.

PeacefulWaters

Sometime just changing your mindset when it comes to credit is what's needed.

You seem intent on payment plans, short deadlines, loans, overdrafts and the like.

I'd suggest paying off everything you owe with the funds now freed up. Even if it means paying interest due.

Then open a savings account, build up some capital and never borrow again.

Caz3121

iwanttoberich wrote: »

I have just come to the end of a credit union loan. I have an outstanding bill to pay and approached my credit union for another loan to pay it off so I can save approx £200 interest charges.

Can you give a breakdown of these figures. Usually a settlement figure at the end of a loan would have very little interest saving.
Does the £200 "saving" factor in the interest you would be paying on the loan you would have been taking to pay it off?

iwanttoberich

Caz3121, the £200 interest is not for a loan. It is on a catalogue purchase. The interest-free period is coming to an end so the interest will automatically be added on to the original cost (£600).

Life happens and things don't always go to plan. Contrary to PeacefulWaters's judgment, I am not intent on payment plans etc, I am simply trying to cut down on the cost of an item.

Apples2

What did you decide to buy from a catalogue for £800 when you were already in a DMP?

PeacefulWaters

iwanttoberich wrote: »

Caz3121, the £200 interest is not for a loan. It is on a catalogue purchase. The interest-free period is coming to an end so the interest will automatically be added on to the original cost (£600).

Life happens and things don't always go to plan. Contrary to PeacefulWaters's judgment, I am not intent on payment plans etc, I am simply trying to cut down on the cost of an item.

Life doesn't always go to plan.

But borrowing more when you've already agreed payment plans with creditors is, frankly, extracting the urine.

dealer_wins

The ball has been picked up and taken home.

iwanttoberich

I asked for advice not judgment, criticism or questions about what I bought and my reasons for buying it. Every expensive purchase is not a frivolous one.

Loads of people come to this forum for advice and are instead made to feel worse than they already do. In most cases they already know that they had not made the best decisions in the first place, so there is no need for forum members to make comments such as 'extracting the urine' or 'already in a DMP'. If you have no constructive advice then say nothing. I would rather have no response at all than some of the ones given.

PeacefulWaters

iwanttoberich wrote: »

there is no need for forum members to make comments such as 'extracting the urine' or 'already in a DMP'.

I plead guilty as charged to the first one.

But isn't "already in a DMP" a statement of fact? Referenced by you in your original post?

If you have no constructive advice then say nothing. I would rather have no response at all than some of the ones given.

My first post on the thread gave constructive advice. It's up to you if you wish to take it.

I'd suggest paying off everything you owe with the funds now freed up. Even if it means paying interest due.

Then open a savings account, build up some capital and never borrow again.

suicidebob

iwanttoberich wrote: »

I asked for advice not judgment, criticism or questions about what I bought and my reasons for buying it. Every expensive purchase is not a frivolous one.

Loads of people come to this forum for advice and are instead made to feel worse than they already do. In most cases they already know that they had not made the best decisions in the first place, so there is no need for forum members to make comments such as 'extracting the urine' or 'already in a DMP'. If you have no constructive advice then say nothing. I would rather have no response at all than some of the ones given.

The point is, you would have been given constructive advice in the past when you encountered problems, but you seem to be continuing to make the same bad decisions.

So you're not really asking for advice, you want help getting out of one hole so you can dig another one.