We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
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.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards