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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Help! loan to consolidate another
Comments
-
And they won't be paying any of the money back?0
-
They will, but not straight away!0
-
Look at your income/outgoings and where possible overpay the loan.
Barclays offer 4.9% APR Representative - but didn't offer you this rate when you applied so you are highly unlikely to get this rate if you re-apply.
The APR is a business decision based on risk.
When you wanted/needed a loan, they provided you with it.
Now you need to pay and, if possible, overpay as much as possible to minimise the interest you pay.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
Did you really tell the bank the real reason for the loan?
They would never have agreed to lending the money if you said it was for investments.0 -
jonesMUFCforever wrote: »Did you really tell the bank the real reason for the loan?
They would never have agreed to lending the money if you said it was for investments.
I've took a personal loan to help my family, reason I've said is to consolidate another loan abroad...0 -
You would have had to withhold the real reasons for wanting the loan from the bank to have gotten the loan to begin with?0
-
Look at your income/outgoings and where possible overpay the loan.
Barclays offer 4.9% APR Representative - but didn't offer you this rate when you applied so you are highly unlikely to get this rate if you re-apply.
The APR is a business decision based on risk.
When you wanted/needed a loan, they provided you with it.
Now you need to pay and, if possible, overpay as much as possible to minimise the interest you pay.
Yeah.. You are right.. I will do that because I have no option..
Thank you0 -
OP you have been economical with the truth - be careful these things ten to come back to bite you on the b*m.0
-
You would have had to withhold the real reasons for wanting the loan from the bank to have gotten the loan to begin with?
I really had a loan abroad 4 years back and i've applied for with same reason 3 years back which was rejected, but I should've told the real reason, they may've rejected straight away and I wouldn't be in this situation!! anyway it was an online application, I should start overpaying them!0 -
You won't get another loan to consolidate based on your income and current liabilities. Your best bet would be to ask your family to start making payments towards the massive debt you took out fraudulently to help them.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards