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Has anyone extended a pre-existing loan?
Hello everybody,
I was just wondering if anyone has ever extended a pre-existing loan?
I currently have a Professional studies loan with Barclays for £6000. Over the last 3 years, in addition to this, I have accrued debts on credit cards and from friends and live off my overdraft (£7,000). I also owe my mum £6000 and I would really love to pay her back. She's an absolute angel.
All in all my combined debts add up to around £19,000. I feel so ashamed and such a failure!
On the positive side I have a GOOD credit score as I never miss a payment. I am now however beginning to feel the pinch and am aware that I am paying far too much in interest. I want to be able to breathe again.
I want to ask Barclays if I can extend my loan and increase it to maybe £20,000 to consolidate. My current outgoings are £430 on debt repayment. If I consolidate it will be more along the lines of £340. And I wont owe my mum, my friends or anyone else any money anymore. I will have just 1 debt to Barclays (wierd warped world; sounds like bliss).:o
So these are my questions;
1. Has anyone extended their pre-existing loan with Barclays (or anyone) and what was it like?
2. How would a lender respond if I told them £6000 was to pay back my mum?
3. In the news they're saying that Banks are declining lots of loan applications; does this mean that they're going slam the door in my face? i.e. Has Barclays got stricter?
Thank you for taking the time to read my little story. Cheers
I was just wondering if anyone has ever extended a pre-existing loan?
I currently have a Professional studies loan with Barclays for £6000. Over the last 3 years, in addition to this, I have accrued debts on credit cards and from friends and live off my overdraft (£7,000). I also owe my mum £6000 and I would really love to pay her back. She's an absolute angel.
All in all my combined debts add up to around £19,000. I feel so ashamed and such a failure!
On the positive side I have a GOOD credit score as I never miss a payment. I am now however beginning to feel the pinch and am aware that I am paying far too much in interest. I want to be able to breathe again.
I want to ask Barclays if I can extend my loan and increase it to maybe £20,000 to consolidate. My current outgoings are £430 on debt repayment. If I consolidate it will be more along the lines of £340. And I wont owe my mum, my friends or anyone else any money anymore. I will have just 1 debt to Barclays (wierd warped world; sounds like bliss).:o
So these are my questions;
1. Has anyone extended their pre-existing loan with Barclays (or anyone) and what was it like?
2. How would a lender respond if I told them £6000 was to pay back my mum?
3. In the news they're saying that Banks are declining lots of loan applications; does this mean that they're going slam the door in my face? i.e. Has Barclays got stricter?
Thank you for taking the time to read my little story. Cheers
0
Comments
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I can answer the first part of your question which is I have extended a loan with Egg before. They gave me a new loan and used part of the new loan to pay off the oustanding amount of the existing loan as demonstrated below;
Oustanding amount £2500
New loan £5500
Money paid to me £3000
Hope this makes sense.
The only down side to this is that the old interest rate and terms of the loan may not apply to the new loan.Debts at :idea: moment £31,500
[STRIKE]Debts as @ 28 June 2009 £15,654[/STRIKE] [STRIKE]Debts as @ 25 July 09 £7,264 [/STRIKE]:j[STRIKE]Debts as at 8 Sept 09 £6,590 [/STRIKE]:T Debts as @ 10 October 09 £5,976:j:j
Official Debt Free Wannabee- Nerd Club Member Number 742..........Longhaul supporters club member-Number 72
Proud to be dealing with my debts! Love this forum :grouphug:0 -
Thank you for that.
Much appreciated. I agree, this is a really good website.
Cheers 0
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