Consolidating loans?

Redaspen85

Hi,

I'm hoping someone here could help me.
Myself and my husband have a 7,000 loan that we took out overseas that we are paying back every month still into the overseas bank account from the UK.

We also have a 2,500 loan that we have here in the UK that we pay back every month also.

We are thinking of getting a larger loan here to pay off the one abroad so we have one payment rather than 2.
Plus the exchange rate fees and the 9.50 transaction fee per month.

What would be the best way to do this? Anyone done it, any advice welcome.

Thanks

[Deleted User]

You would need to get a loan which costs you less than your existing one.

Many have done it.

Many also often fail, either because they cannot get a further loan, or they spend all of it on sweets and stuff and are left with two loans.

Dobbibill

If you are going to save money with a cheaper rate then brilliant.

If you just want to consolidate because you want one payment rather than two then don't bother, your going to get yourself into the consolidation loop, going round and round.

As a rule consolidation doesn't work....life throws you a curve ball and so the lending becomes greater to resolve that curve ball and then another comes along and so on

If you think you may be able to get a better rate then try the calculator https://www.moneysavingexpert.com/eligibility/loans-calculator/
It's an indication but never a guarantee, the only way to guarantee a rate is to apply.