Taking out a loan, in the UK for 2 years

MallyGirl

Ilse123 wrote: »

Well, it's offensive to me but perhaps I just a sensitive petal . Maybe I misunderstood what a joint loan is - I understood it to be shared responsibility, rather than taking out a loan on behalf of someone else

With a joint loan you are both equally liable for the lot. If you were to split and one party stopped paying then the other party would be liable for the lot, not just their half.

yksi

HSBC loaned to me after one year in the country, so high street banks will help, but help is subjective when it's eye-watering interest.

You're not likely to get 7k from anyone at a rate that's acceptable, but you're very likely to get 0% balance transfer credit card offers for a few thousand, possibly with two years to pay. You say you don't like credit cards because they're expensive - I thought that too but the reality is different if you get a transfer offer.

Ben8282

yksi wrote: »

HSBC loaned to me after one year in the country, so high street banks will help, but help is subjective when it's eye-watering interest.

You're not likely to get 7k from anyone at a rate that's acceptable, but you're very likely to get 0% balance transfer credit card offers for a few thousand, possibly with two years to pay. You say you don't like credit cards because they're expensive - I thought that too but the reality is different if you get a transfer offer.

Very true except that a balance transfer offer will be of no use as a balance can't be transfrred from an Irish credit card.

Thrugelmir

Ilse123 wrote: »

But still would prefer to move away from any debt in Ireland with Brexit looming.

What impact is it likely to have on your debt?

[Deleted User]

I don't really understand what Brexit has to do with the Irish credit card debt either. Surely the simplest solution is just to keep the credit card as it is and pay it off?

Nebulous2

Well the Irish debt is subject to exchange rate variation which always carries a risk if you borrow in one currency and earn in another. With a lack of political stability that variability is more likely to be volatile. So I can certainly see why the op would want to transfer the debt.

It could also be high interest rate.

TripleH

I would think Brexit is more likely to have a positive effect than a negative moreso because a conclusion to something ends the uncertainty, in this case to exchange rates.

Ilse123, akso bear in mind that people here will provide specific as well as general answers to the same question so that someone in a similar situation searching for advice can find an answer as well.

Good luck with sorting it out though.

EssexHebridean

Our standard position on here if we see something that raises alarm bells is to comment on it because - as TripleH says above - it might help someone else. For example if someone ELSE'S boyfriend searches to see whether they are sensible to take a joint loan to help their girlfriend clear debts, your thread might now come up with Socajam's very well made point. As a general guideline - taking on debt on behalf of someone else - no matter WHO that someone else is - is not a great plan at all.

Nebulous2

TripleH wrote: »

I would think Brexit is more likely to have a positive effect than a negative moreso because a conclusion to something ends the uncertainty, in this case to exchange rates.

It's stll a gamble. Playing roulette with your money. Borrowing money is one thing, but adding a currency exchange bet into the mix has the potential to go badly wrong. Just look at the mess in Poland where people took mortgages tied to the Swiss Franc. It's an issue for many people buying property abroad, particularly if your income is in a different currency.

foxy-stoat

Ilse123 wrote: »

I moved over to the UK almost 2 years ago from Ireland. In Ireland I have a credit card debt of 7000 EUR which I would love to get rid of with a loan I take out in the UK

So you want to get "rid" of 7000 EUR worth of credit card debt and replace it with 6000 stirling worth of loan debt? Obvious answer is keep paying the credit card for another year and try again for a loan.

I wouldnt assume that you will get anywhere near the 3% interest rates for loans for this type of borrowing.

Good luck all the same