Is this a good idea?

BREX

Had a meeting with bank manager today:eek: for review.
According to them my DH is fine for credit :rolleyes: (dont know how) and she suggested him taking out a loan to cover our debts.

That means making £257 per month for 3 1/2 years as opposed to £500 per month for 7 years (her figures). She said that would improve our credit rating more quickly....the thing is I dont know whether to sugget thi to DH because hes a bit loose with money and if it was in his name I would worry .
Any suggestions?

motch

If you do get a loan DON'T use the banks PPI as they will rip you off big time.
If you needed insurance for the loan try someone independent from the bank it will be far cheaper.

Lloyds TSB love to keep toping up any existing loans as they make more on it, especially with their PPI's.

If at all possible i'd try and get a 12-15 months 0% balance (2.5-3% fee)transfer and try your damned hardest to shift all or most of the debt in that time.

motch

Join Quidco too i've made about £230 in a year

Jacks_xxx

:wave: I hate to sound like rotten old cynic honey but as a rule, the banks are looking out for their own interests and NOT yours.

And that nice lady was selling you a product she's been told to sell to get a commission or fill a quota - so you can't trust her information.

(Sorry)

However if you post all you info on here we can give you impartial advice based on our experiences and with a desire to help uppermost in our mind.

The other thing you could do is punch in all the debt info into

http://www.whatsthecost.com/snowball.aspx

and see what it says about paying off your debts versus the loan.

let us know how you get on sweetie,

Love Jacks xxx

liz105

how on earth did she get to those figures?!?!?!!

sammiboo

hi there

Jacks advice is spot on - people on these boards can advise you - post up everything and we can see what the best course of action is

CLAPTON

9,000 over 3 1/2 years at 257 per month is about 11-12% APR

9,000 over 7 years at £500 per month is about 125% Apr

I think maybe her figures are a little wrong

Maybe you could post your current debt details
i.e. amount, APR and how much you are currently paying off each month

Lemon_Tree

I know i AM a cynic but don't trust the bank, check everything out yourself first. But then i think this is the same advice from everyone