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HELP - home improvements needed with debt...?!
konn1ch1ha
Posts: 247 Forumite
Hi all,
Not sure if this is the most appropriate avenue of MSE to post on, but here goes...
I am the owner of a flat (no mortgage) that belongs to a management company (owning 4%), which the building needs a full refurbishment costing the whole shareholders around £42,000, costing me about £1700 as one of the shareholders.
I am already maxed out on my overdraft so I can't go there. My bank, Lloyds, has offered me a fixed flexible loan but a the price of 29.7%APR, obviously a huge interest rate with big monthly repayments.
I am unable to apply for any credit/money transfer cards because of my financial situation and the only outlet that seems viable is the bank loan. What other options could I take?
It's really frustrating that I can't get a more friendly loan because of the fact I own a property with no mortgage and that can't be used as collateral or a good financial back-up.
Any advice would be appreciated.
Not sure if this is the most appropriate avenue of MSE to post on, but here goes...
I am the owner of a flat (no mortgage) that belongs to a management company (owning 4%), which the building needs a full refurbishment costing the whole shareholders around £42,000, costing me about £1700 as one of the shareholders.
I am already maxed out on my overdraft so I can't go there. My bank, Lloyds, has offered me a fixed flexible loan but a the price of 29.7%APR, obviously a huge interest rate with big monthly repayments.
I am unable to apply for any credit/money transfer cards because of my financial situation and the only outlet that seems viable is the bank loan. What other options could I take?
It's really frustrating that I can't get a more friendly loan because of the fact I own a property with no mortgage and that can't be used as collateral or a good financial back-up.
Any advice would be appreciated.
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