Here Goes...Starting Up on a Journey

Superhoopza

MFWannabe said:

Superhoopza said:

MFWannabe said:

How long would it take you to pay off the debts if you don’t take out the new loan? How much interest would you pay in that time? 
Hard to say for sure, depends if I put it towards credit card payments or towards paying off a loan in full. My total debt will take 3.5-4 years to pay and in that time I'll pay about £18k interest if things stay as they are. This reduces if I can shift any interest anywhere.

Have you looked on the eligibility calculator at loans or balance transfer cards to see what you can get?
yes, that's how I found I was 'eligible' for this loan. It's the best I've had so far. 

If you give it a bit longer paying down the debts do you think you’ll get better offers than the current one? 
That's the golden question. I don't know.

Responses in bold above

I thought your earlier post said the offer was through clear score? Not the mse checker? 

I don't understand your question?

MFWannabe

Superhoopza said:

Got a "triple-lock" guarantee on clearscore's loan comparator for a £9k loan from Santander at 19.9%, cheaper than all my other loans and couple of my credit cards. The problem is I feel I've done the leg work and paid off a good amount of the interest of my higher rate loans and after they apply the further 58 days interest, I wouldn't be saving much, if anything by moving to a cheaper loan rate. What are people's thoughts about that? Happy to engage in debate, only thing I don't want to entertain is the argument that "consolidation loans aren't generally a good idea", that's not useful for me now. I just want to pay the least interest possible as quickly as possible.

You stated you’ve got an offer on clear score loan but then said it was through mse eligibility calculator when I suggested checking on mse so I was confused 

Superhoopza

MFWannabe said:

Superhoopza said:

Got a "triple-lock" guarantee on clearscore's loan comparator for a £9k loan from Santander at 19.9%, cheaper than all my other loans and couple of my credit cards. The problem is I feel I've done the leg work and paid off a good amount of the interest of my higher rate loans and after they apply the further 58 days interest, I wouldn't be saving much, if anything by moving to a cheaper loan rate. What are people's thoughts about that? Happy to engage in debate, only thing I don't want to entertain is the argument that "consolidation loans aren't generally a good idea", that's not useful for me now. I just want to pay the least interest possible as quickly as possible.

You stated you’ve got an offer on clear score loan but then said it was through mse eligibility calculator when I suggested checking on mse so I was confused 

Now I'm confused. Neither of us mentioned MSE?

Clear score told me I was eligible so I checked with Santander's own eligibility checker who told me I was not eligible.

MFWannabe

Superhoopza said:

MFWannabe said:

Superhoopza said:

Got a "triple-lock" guarantee on clearscore's loan comparator for a £9k loan from Santander at 19.9%, cheaper than all my other loans and couple of my credit cards. The problem is I feel I've done the leg work and paid off a good amount of the interest of my higher rate loans and after they apply the further 58 days interest, I wouldn't be saving much, if anything by moving to a cheaper loan rate. What are people's thoughts about that? Happy to engage in debate, only thing I don't want to entertain is the argument that "consolidation loans aren't generally a good idea", that's not useful for me now. I just want to pay the least interest possible as quickly as possible.

You stated you’ve got an offer on clear score loan but then said it was through mse eligibility calculator when I suggested checking on mse so I was confused 

Now I'm confused. Neither of us mentioned MSE?

Clear score told me I was eligible so I checked with Santander's own eligibility checker who told me I was not eligible.

My previous reply I did type MSE eligibility calculator but it looks like it got auto corrected 🙄 
For future though always check on the MSE eligibility calculator as it’s just a soft search and not a hard search on your credit file 

Superhoopza

MFWannabe said:

Superhoopza said:

MFWannabe said:

Superhoopza said:

Got a "triple-lock" guarantee on clearscore's loan comparator for a £9k loan from Santander at 19.9%, cheaper than all my other loans and couple of my credit cards. The problem is I feel I've done the leg work and paid off a good amount of the interest of my higher rate loans and after they apply the further 58 days interest, I wouldn't be saving much, if anything by moving to a cheaper loan rate. What are people's thoughts about that? Happy to engage in debate, only thing I don't want to entertain is the argument that "consolidation loans aren't generally a good idea", that's not useful for me now. I just want to pay the least interest possible as quickly as possible.

You stated you’ve got an offer on clear score loan but then said it was through mse eligibility calculator when I suggested checking on mse so I was confused 

Now I'm confused. Neither of us mentioned MSE?

Clear score told me I was eligible so I checked with Santander's own eligibility checker who told me I was not eligible.

My previous reply I did type MSE eligibility calculator but it looks like it got auto corrected 🙄 
For future though always check on the MSE eligibility calculator as it’s just a soft search and not a hard search on your credit file 

Ok got you. Yeah I check the eligibility checkers on all 3 CRAs and then the actual provider one. MSE always has the least options for me until you get into the world of high street bank creditors.

Superhoopza

Gave an eligibility checker a go on a firm called Salary Finance who I have used before who work closely with employers and take monthly payments direct from salaries, so with that security of payment they have a higher acceptance rate and lower rates. Rejected this time and can only reapply every 60 days. Hitting a stumbling block moving any of this to lower interest rates but I didn't expect other financing options only 2 months into my journey to be fair. Still hopeful of being able to clear Barclaycard by the end of the 3 month interest waiver (and in time for when £600 of the balance comes off a 0% rate). 

enthusiasticsaver

I think you will just need to plod on for now as that is the route you have chosen rather than defaulting and a DMP. Hopefully as the overall debt reduces more offers will come available but credit is tightening up even for those who have less debt than you at the moment. Good that you are confident that the Barclaycard will be cleared within the interest free period.  The 118 card is cleared every month still is it? 

Superhoopza

enthusiasticsaver said:

I think you will just need to plod on for now as that is the route you have chosen rather than defaulting and a DMP. Hopefully as the overall debt reduces more offers will come available but credit is tightening up even for those who have less debt than you at the moment. Good that you are confident that the Barclaycard will be cleared within the interest free period.  The 118 card is cleared every month still is it? 

I have no intention of defaulting, apologies if that was the tone I gave off.

Barclaycard balance is £3k, of which £600 is interest free until 1st June, the rest incurs interest. Intention is to clear that off by the end of May (with May's salary).

Yes 118 being paid off in full each month.

enthusiasticsaver

Superhoopza said:

enthusiasticsaver said:

I think you will just need to plod on for now as that is the route you have chosen rather than defaulting and a DMP. Hopefully as the overall debt reduces more offers will come available but credit is tightening up even for those who have less debt than you at the moment. Good that you are confident that the Barclaycard will be cleared within the interest free period.  The 118 card is cleared every month still is it? 

I have no intention of defaulting, apologies if that was the tone I gave off.

Barclaycard balance is £3k, of which £600 is interest free until 1st June, the rest incurs interest. Intention is to clear that off by the end of May (with May's salary).

Yes 118 being paid off in full each month.

I did not mean that.  I think at the beginning of the thread many of us thought you had no option but to default and go on to some sort of DMP.  I realise that is not your preferred option. Getting rid of Barclaycard will be good. 

Superhoopza

Some good news, I got the small pay increase and small (after tax) bonus. It should mean that when interest starts being payable again on Barclaycard (after the May statement), I will be able to clear that card.