Consolidation loan-which one and should i?

moneysaverno1

Hello all,
I really need some help, am stuck financially with loads of outgoings soon and not enough income!

I have 2 loans:

1= borrowed £10,000. £190 p/m, ive got about £8k left to pay and its a 5yr loan which i took out Mar 2005

2=£16,000, APR 7% approx. £230 odd p/m. Took out in May

Now i need another £5000 urgently too....help!

Should i get a consol loan?

thanking u all in advance :j

themaccas

Why do you need £5000? Consolidation is never a good idea, it looks like you have taken that route twice before? It NEVER works, we could probably give you some help if you gave us some more information there are a lot of us on here that have been in the same situation

Keep posting!

LuciferTDark

I took out a 5yr loan 8yrs ago & only just finished paying it off in the last few months, it's really not worth the bother.

Jacks_xxx

:hello:Hiya sweetie.

I need a bit more info hon.

It may be that there's a better solution than getting another loan.

Can you give us a better idea of your income and outgoings so we can see if anything else might work instead?

Love Jacks xxx

moneysaverno1

themaccas wrote: »

Why do you need £5000? Consolidation is never a good idea, it looks like you have taken that route twice before? It NEVER works, we could probably give you some help if you gave us some more information there are a lot of us on here that have been in the same situation

Keep posting!

i need 5k bcz i owe sum1 it!

yeah the 1st loan was a consol loan for other debts (my partner cant keep hold of money- until i took over the finances that is!)

aww thanks u guys...:T
well, our incoming is pants as i've moved and was jobless. im doing work now on minimum wage but hopefully it'll go up wen ive had time to look for a proper job. im on £600 p/m after tax, my partner is on 1k after tax. we have loans of £430 p/m...eek!!

Burlesque_Babe

Why not pop a Statement of Affairs up, we might be able to find some ways to trim your budget enough each month to free up x amount you can make as a regular payment to the person you owe the money to rather than committing yourself to even more debt. There's probably a high chance that you won't be able to borrow much more based on your income and the commitments you already have.

moneysaverno1

keren29 wrote: »

Why not pop a Statement of Affairs up, we might be able to find some ways to trim your budget enough each month to free up x amount you can make as a regular payment to the person you owe the money to rather than committing yourself to even more debt. There's probably a high chance that you won't be able to borrow much more based on your income and the commitments you already have.

Getting a consol loan is no prob as HSBC have already said i can have one for 25k but i dont wan to be stuck repaying sumthing i cant pay.

ive offered the person i owe monthly amounts but he wont take it, he wants £5k asap.

is there a statement of affairs template plz?

moneysaverno1

If it’s possible to borrow more cheaply elsewhere to replace existing borrowing, then this can provide a huge boost, as lower interest rates mean more of your cash goes towards repaying the actual debt rather than just servicing the interest. Those with big debts may save thousands a year in interest by being more savvy with their borrowing.- Wise Martins words and thats what i was thinking....consolidate and then pay it off when my income increases.

Also for short term borrowing is there a way of doing this (eg 20k) and then paying off the amount borrowed (after 2mths) with as little interest/charges as possible?