Personal loans/secured loans

Chrysalis

jd2015 it sounds like some have misunderstood what you are trying to do, I have understood and applaud you for avoiding defaulting.

So you basically refinanced the debt to get the cost of interest down, but will still maintain the same payments now as you are on the cards to pay down the debt quicker, there is nothing wrong with this plan and its good management of debts.

Its not really that different e.g. to the recommended practice of shifting card debt to 0% BT cards to remove the interest cost, so I am surprised you had so many negative comments.

But obviously you dont want to fall into the trap of deciding to spend that £400 on something else, be firm and stick to your plan.

Jd2015

Thanks Chrysalis, as I said on the other thread I'm pretty much done with posting on this area of the forum but yeah that's pretty much the plan, by refinancing and lowering the interest rate overall i will have more free cash that I can build more contingency into my budget and allow me to make overpayments on my debt at the same time getting me out of debt quicker. As stated the loan is 7 year but im aiming to clear everything in 5 years.

Loan arrived in my bank account a little over an hour ago so all systems are go over the weekend. Operation "lets clear this sh£$!!" is on

Ebe_Scrooge

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dealer_wins

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dealer_wins

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