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Personal loan option of 30K
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Why not borrow a smaller amount and do the work in chunks.. Then you can always borrow a secondary amount once you've paid down the original loan?
It will also help focus the mind on one specific task in hand, such as sorting a kitchen which can be more expensive than you think.
Taking such a big loan would scare me personally, and the repayments will be quite high. Taking smaller amounts means that you can keep the term short, and be shut of each loan quickly. Also, who knows what will happen in 1 / 2 years time, you may find it preferable to have a smaller amount of liabilities as a just in case in the future.0 -
That is a good advice. thanks.0
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Max personal loan is 25k.
You can of course get a partner/wife/husband to also apply for another £25k themselves.
Some providers have recently changed this to £50KI’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 -
A mortgage and a car loan are pretty normal. With 60k why not just do the garden and house on a PAYG with the salary you have every month.
You cant exactly consolidate a car loan if it's your only loan and if you did then the other 22k to fit a new kitchen and renovate a house and garden just doesn't seem enough.
Another solution to take up the chunk of it is to get finance on a new kitchen, all the major players and independents offer finance.0 -
I've had the same preapproved loan offer of an amount over £25,000 for about 4 years now, letters every month from my bank, so it can't be a new thing
I also used to get those offers.
Just one of the reasons i ended up with a £177,000 total debt.
A house repossession wiped £120,000 off that, and an IVA took care of the rest.
Those letters just go in the bin now............I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it 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.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
I think getting a loan of that size when you are on contract employment rather than permanent is extremely risky.
Why do you need to consolidate your car loan into a loan for kitchen and garden. Why not save up for the kitchen or garden and do them one at a time? As a last resort a 0% card to subsidise costs. Taking out such a large loan on top of a mortgage will take a lot of disposable income out of your account each month. Do you have savings? If you don't you are obviously living up to your income.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment 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.
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sourcrates wrote: »I also used to get those offers.
Just one of the reasons i ended up with a £177,000 total debt.
A house repossession wiped £120,000 off that, and an IVA took care of the rest.
Those letters just go in the bin now............
I see umpteen posts from you sourcrates but have never once questioned myself as to why you are on these boards!Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0
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