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I need loan advice!!
Hi all,
I really need some advice and have recently been feeling overwhelmed with debt concerns!
I have 2 loans...one with RBS which I owe 10,900 on. Im paying 17% APR which makes me feel like the total amount of my loan just isnt budging!! My second loan is with a local credit union for £8000 and monthly Im paying £200 towards this plus I owe £2000 on my credit card. I work full time plus try work some extra hours per month just to cover the loans. This is all getting on top of me and Im really begining to panic. Should I consolidate all my loans? If so, would you advise I approach the RBS regarding this or should I be looking elsewhere??? Please help.:(
I really need some advice and have recently been feeling overwhelmed with debt concerns!
I have 2 loans...one with RBS which I owe 10,900 on. Im paying 17% APR which makes me feel like the total amount of my loan just isnt budging!! My second loan is with a local credit union for £8000 and monthly Im paying £200 towards this plus I owe £2000 on my credit card. I work full time plus try work some extra hours per month just to cover the loans. This is all getting on top of me and Im really begining to panic. Should I consolidate all my loans? If so, would you advise I approach the RBS regarding this or should I be looking elsewhere??? Please help.:(
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Comments
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If your interest rate was 17% when you took out that loan i would expect any further loans to be at a worse rate.
You need to cut back to the bare bone and only spend where essential, Find the debt free section and fill out a SOA, people will advise on the best course of action.Censorship Reigns Supreme in Troll City...0 -
Consolidation wont work, rarely does plus I don't think you would get another loan.
Id go over to the dfw board and post an soa.
Cut back on your spending etc.0 -
What is a SOA?0
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An SOA is a statement of affairs. Your income and expenses, including all loans and their interest rates. That can be used to work out possible options for you.0
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SOA form below.
http://www.stoozing.com/calculator/soa.php
When you have done it, post on the debt free wannabe board. They are great at helping with budgets.
As others have said, consolidating rarely works.
Good luckSPC 8 (2015) #485 TOTAL: £334.65
SPC 9 (2016) #485 TOTAL £84
SPC 10 (2017) # 485 TOTAL: £464.80
SPC 11 (2018) #4850 -
I would suggest you visit your local citizens advice. They have debt advisors who can help you work out a payment plan or debt solution suitable to you. It is free and confidential.0
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Contact stepchange or one of the other free debt advice charities & post your soa on the DFW board.SPC 8 (2015) #485 TOTAL: £334.65
SPC 9 (2016) #485 TOTAL £84
SPC 10 (2017) # 485 TOTAL: £464.80
SPC 11 (2018) #4850
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