Loan - Please help.

ta20_2

Hi,

I have an £8,000 loan with Natwest with an APR of 20.9% = £15.684.48 (total payable)
My repayments are £163 each month, however i am trying to look for an alternative way to reduce this and save myself money.

I do not own a credit card but what options do I have to help clear this debt in a shorter amount of time? Is it ideal to buy a credit card to pay off my loan at a cheaper rate? - Please advise..

ViolaLass

Can you afford to overpay?

How far into the loan are you?

What is your income?

ta20_2

At the moment I can't afford to overpay as I started an apprenticeship November last and my annual income is £9,960 (unsure of what my wage increases to after completion).

I am 3 months into the loan but worried about paying this over the course of 8 years..

ViolaLass

What was the loan for? Why did you take it?

ta20_2

I became a victim of fraud. Long story short I was in debt with PayPal and had to settle the balance of £7,560 (something along those lines) in the space of two weeks. I reported the person to the fraud department and informed them of the situation but PayPal didn't really take this into account therefore I was forced to find a way to pay the money so I chose a loan.

ViolaLass

Did you go to the police?

ta20_2

No I didn't go to the police directly however my mother went to seek advise from one of the police stands in our area who advised me to contact the Action Fraud which is what i have done but because the person who has done this has disconnected his phones and presumably blocked his cards, he has completely gone off of the radar.
Action Fuad did advise me that If i don't hear back from them within 28 working days then the case would not be taken any further.

ViolaLass

With such an enormous loan and such low income (how did you get the loan?!), you're going to struggle to get anything else. Focus on overpaying, it's your best bet.

DCFC79

Cant see you getting a loan based on your income and not sure you could get a credit card either.

ta20_2

My apprenticeship will be finished in November so my full wage should go to about £16K minimum per annum. I think my best bet is to stick it out until around November, then if I am eligible, should I perhaps look into getting a credit card? If so how would that work in terms of paying off the loan? Thanks in advance

DCFC79

ta20 wrote: »

My apprenticeship will be finished in November so my full wage should go to about £16K minimum per annum. I think my best bet is to stick it out until around November, then if I am eligible, should I perhaps look into getting a credit card? If so how would that work in terms of paying off the loan? Thanks in advance

You would need to apply for a specific card, cant remeber the name but either a balance transfer loan or money transfer card, google it, maybe Martin has covered it.