Experian Consolidation Suggestion...3 loans

Dandytf

I was undecided between Credit Ratings or Loans board. Anyway here's one suggestion from Experian in suggesting I bring my EV finance+FD30 Admiral loan+Furniture Secure Bank Trust loans together. I'm not posting numbers yet as I have done recently across other mser boards. If I were to take a look at those numbers, what should I be aiming for if considering consideration. thanks

[Deleted User]

You would need to look at the numbers. You'd likely pay more for the consolidation loan, even if you could get it, which is unlikely.

But you'd also need to look at your attitude to credit. Consolidation loans aren't appropriate for those addicted to credit as it disguises the problem. Far better to pay off what you have.

Dandytf

Not going to be an option as guaranteed unsecured offers from 17.34
15.5k over 4 years = 20k total repayable.
It doesn't make sense.

thanks

Grumpy_chap

"guaranteed" on the CRA sites means very little - they do not decide whether to advance the loan or the rate it will be offered at, if at all.

Passing affordability checks for consolidation loan is not easy.   How much is that £15k of loans compared to annual income?

The best thing is to make overpayments to reduce the outstanding balance as quickly as possible.

Could you sell the EV and use the funds to pay down debt?  Likely to save more than swapping to a different type of loan.

Sncjw

Well we know he earns 9k a year now. 

Even 15k on loan to cover the debt then plus the current debts as the lender would be assessing you affordability on the current debts plus new loan. That makes 30k in debt. 

No way you will get that. 

I can see the fall before my eyes now 

Ebe_Scrooge

Dandytf said:

It doesn't make sense.

thanks

What doesn't make sense is your apparent determination to take on as much debt as is humanly possible, knowing full-well that you can't afford it.  Really, you have been offered very sound advice on this forum time after time after time, yet you seem determined to ignore it all and carry on your credit crusade.

For your own sanity, I really would suggest contacting one of the debt-management charities for some constructive and impartial advice.

Dandytf

it doesn't make sense was as stated from 17% range loan apr.

Dandytf

maybe is should try mse advice 1st and approach my own bank 🤣

[Deleted User]

Grumpy_chap said:

"guaranteed" on the CRA sites means very little - they do not decide whether to advance the loan or the rate it will be offered at, if at all.

Passing affordability checks for consolidation loan is not easy.   How much is that £15k of loans compared to annual income?

The best thing is to make overpayments to reduce the outstanding balance as quickly as possible.

Could you sell the EV and use the funds to pay down debt?  Likely to save more than swapping to a different type of loan.

He only just took out finance on the EV (second hand Zoe, already range is around 90 miles based on his other post), he's been sold a pup and not a chance anyone would buy it at sufficient to clear the finance. Add on the windows finance (don't remember if he posted the figures but given he paid 3k or something daft like that for a front door and he's using Anglican on a 9.9% APR finance deal, chances are he's been rinsed on that too); add on the iMac finance; add on the balances he's holding on at least a Virgin BT card (used because he was spending more than he could afford to pay back on his cards); add on £700 or something for his kitchen fit, the £500+ he wants to spend on a DSLR camera, add on the contract cost for an iphone 12 which he already wants to replace with a 13 pro or 14...

His salary was halved due to illness (he's on UC and the disability payments) so getting a loan would just mean even more silly % APR debt and highly unlikely he'll use the money to pay off the finance anyway

Sending him to a debt charity would be a good idea, they probably know him on first name terms given the previous DMP he went though and the chances he'll have a second soon as he's unwilling to listen to advice..

Sncjw

Dandytf said:

maybe is should try mse advice 1st and approach my own bank 🤣

Even your own bank will be highly likely to refuse you. It would be least 30k of debt on a 9k wage. No way. 

Dandytf

Sncjw said:

Dandytf said:

maybe is should try mse advice 1st and approach my own bank 🤣

Even your own bank will be highly likely to refuse you. It would be least 30k of debt on a 9k wage. No way. 

maybe that's why I'm laughing