Ovetdtaughts

valerieh

Hi I'm thinking of getting a loan to pay off my overdraught is this a good idea X how does it work , does the money go into bank on payday so you have expenditure upfront so wages and loan are in the bank the same time X

CLAPTON

valerieh wrote: »

Hi I'm thinking of getting a loan to pay off my overdraught is this a good idea X how does it work , does the money go into bank on payday so you have expenditure upfront so wages and loan are in the bank the same time X

whether its a good idea depends upon how much the OD is costing you now (fees plus interest) compared to how much a loan will cost you in interest

however unless you reduce your spending you are liable to end up with a loan to pay off and also an OD

if your application for a loan is successful, it will be transfers to your bank account which has no relation to your wages

how much is your OD
how much does it cost in fees and interest each month
do you now spend less than your income ?

valerieh

I'm roughly£1400 od every month , due to weekly pay changing to monthly and couldn't catch up , we are adding the £1400 to an existing loan , taking over an extra 6 months but payments will drop but going to make over payments to clear S close to existing loan expirary date .. We have £3000 going in and £1948 going out each month .., going to draw budget out bank every week and use instead of taking card out and forgetting how much we spend .. Fees are £28 a month .. Loan is currently £415 a month , but will reduce to £360 with extra term ... So the overpayment will be the interest we save and the difference between the old and new payment .., if that makes sence X

CLAPTON

a budget is essential : try this one and also consider going over tot he debt free wannabee board and posting it there for comments

http://www.moneysavingexpert.com/banking/Budget-planning?_ga=1.76451473.520014148.1451919055


also start a spending diary : write absolutely everything you spend in it -even newspaper, cup of coffee, lunch ..everything -you will probably be surprised how much you waste.

valerieh

Hi I'm doing that as we speak keeping a log of spending X

Kernel_Sanders

Why do you type an X instead of a full stop?
You can correct the thread by clicking Edit and going advanced.

valerieh

Is it against the rules

grumbler

No, it's just annoying.
And it's overdraft.

Archi_Bald

mauriphonic wrote: »

Objection withdrawn, I've just looked it up properly. My apologies Grumbler.

You can delete your posts. Just edit them, then delete.

valerieh

How rude , I'm
A fairly new user on here

Robin9

valerieh wrote: »

Is it against the rules

No but long sentences and things like X put people who can help you off and you might not get the help you need.