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Extending loan period
jonny_power
Posts: 270 Forumite
in Loans
Hi,
We've got 2 personal loans with HSBC. They aren't for massive amounts (1 is a loan for our car, the other for some essential house work). They both have 2-3 years left to run. We have also racked up about £1500 on a credit card and with my wife currently pregnant we're struggling to save, repay the card and plan ahead for christmas and the new baby.
Would it be possible/is there a way to negotiate adding a couple of years to the loans we have to reduce the repayments but a couple of hundred a month. Should we pick up the phone and speak to HSBC? Otherwise, is it worth taking out a new loan to payoff the old ones (and card) over a longer term?
Any helpful advice would be great.
We've got 2 personal loans with HSBC. They aren't for massive amounts (1 is a loan for our car, the other for some essential house work). They both have 2-3 years left to run. We have also racked up about £1500 on a credit card and with my wife currently pregnant we're struggling to save, repay the card and plan ahead for christmas and the new baby.
Would it be possible/is there a way to negotiate adding a couple of years to the loans we have to reduce the repayments but a couple of hundred a month. Should we pick up the phone and speak to HSBC? Otherwise, is it worth taking out a new loan to payoff the old ones (and card) over a longer term?
Any helpful advice would be great.
0
Comments
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You can apply for a personal loan at any cheap personal loan provider and use the money to do the debt consolidation that you want to do.
Have you considered credit card 0% offers? Some of the cards offer "money transfers" that pay money into a current account. You can then use that to repay the loan(s). Then you pay the credit card minimum payment and save any extra into a savings account until near to the end of the 0% deal time. Just before the end you try for a balance transfer credit card deal and/or use the savings you've accumulated to do some repaying of more of the balance.0 -
You've got two loans, a credit card debt and a reducing income.
What are you doing to address your overspending?0 -
I am afraid the foreign holidays the OP has previously enjoyed are going to have to go on the back burner for a few years (18 years in my case!) and it will have to be bucket & spade in cleethorpes or dry stone walling in Yorkshire for a while!0
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"plan ahead for christmas"
Why the need to plan ahead for christmas, you don't have to do any planning for christmas.0 -
"plan ahead for christmas"
Why the need to plan ahead for christmas, you don't have to do any planning for christmas.
Yup, I've always found Christmas has just turned up without me needing to take any action.
I seem to recall it normally arrives sometime towards the back end of the year, though I may be wrong.0
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