We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Advice- Refinancing
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
-
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.5K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards