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Borrowing

luckybert · 2016-03-08 12:15:32

I need 3k to pay off debts. I'm overdrawn in two bank accounts and am paying interest on these. I realise I'd pay interest on the loan but I'd feel happier with a positive balance in both. I pay £25 a month off of 1 and then they charge me £6 per month in interest so it'll take a while to clear. My option is to take out a…

Comments

Vikipollard Posts: 739 Forumite

9 March 2016 at 9:15PM

Could you post up the SOA you've done? That would allow people to understand better what you spend and what you owe.

I thought you needed £3k to clear your overdrafts, but you said later that it's actually c.£1600 total for that (plus the £2.6k credit card to also pay). As others have said, borrowing extra to tide you over is a really bad idea - at best, if you didn't touch it for anything else, it would run out in 10 months of loan payments, and then what?

Please don't do this.

LBM July 2006. Debt free 01 Sept 12 .. :T
Finally joined Slimming World: weight loss 33lbs...target achieved 51wks later 06.05.13 & still there :j
Aim to be mortgage free in 2022. Jan 17 33250 Nov 17 27066 Mar 18 24498 Sep 18 20608 Nov 18 19250 Jan 19 17980 Mar 19 16455 May 19 15024 Nov 19 10488 Feb 20 8150 May 20 5783 Aug 20. 3305 Nov 20 859 Mortgage free, 02.12.2020
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