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Advice- Refinancing
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Hi,
So over the years I was rather lapse with money. helping others and getting into a mess so much so I had more going out than coming in..
I decided in the March of 2013 to be totally strict and only paid out the essentials. Come July 2014 I had 3 payments of overdraft, credit card and a catalogue account with total repayments of around £200 a month but I was just repaying the minimum amounts.. So I wasn't getting anywhere.
On a visit to my bank they suggested a refinancing loan as it would give me an end date to my "problems" although it meant I wouldn't be any better off. I went ahead with loan and 4 months in now I am looking into ways to repay this loan as the APR rate is significantly higher than I originally thought.
So I am after some advice on the way forward? How long do I have to wait before proceeding? Where is best to go? Where is best to start?
Thanks
M
So over the years I was rather lapse with money. helping others and getting into a mess so much so I had more going out than coming in..
I decided in the March of 2013 to be totally strict and only paid out the essentials. Come July 2014 I had 3 payments of overdraft, credit card and a catalogue account with total repayments of around £200 a month but I was just repaying the minimum amounts.. So I wasn't getting anywhere.
On a visit to my bank they suggested a refinancing loan as it would give me an end date to my "problems" although it meant I wouldn't be any better off. I went ahead with loan and 4 months in now I am looking into ways to repay this loan as the APR rate is significantly higher than I originally thought.
So I am after some advice on the way forward? How long do I have to wait before proceeding? Where is best to go? Where is best to start?
Thanks
M
0
Comments
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how much are your debts
what is the APR of your loan
how much do you earn
what do your credit file say0 -
Make ad hoc repayments to reduce total interest payable.0
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