Struggling with payments

jellybelly1

Hi
Im in a bit of a mess!! I bought a car with a persoanl loan at 9.7%APR last August for £19000, paying back £320 a month over 60 months (oh what was i thinking!!) Anyway I am now struggling to make the payments (havent missed one) I was thinking of selling the car which would be approx £11000 and then pay the rest off which would be approximately £5500 over two years approx £234. The bank have said they can extend the loan period but that will add on extra interest. any ideas????
Thanks

alwaysonthego_2

without seeing what your monthly incomings and outgoings it is hard to give you proper advice. Speaking from the point of view as a cab advisor I would not recommend you get another loan but again it depends on your circumstances.

Kez100

What are your plans for transport after the sale?

You need to do a analysis of income and outgoings to find out where the problem lies.

Can you give more detail on the car and how you intend to sell it, so we can guage if your estimated price is realistic.

jonesMUFCforever

jellybelly1 wrote: »

Hi
Im in a bit of a mess!! I bought a car with a persoanl loan at 9.7%APR last August for £19000, paying back £320 a month over 60 months (oh what was i thinking!!) Anyway I am now struggling to make the payments (havent missed one) I was thinking of selling the car which would be approx £11000 and then pay the rest off which would be approximately £5500 over two years approx £234. The bank have said they can extend the loan period but that will add on extra interest. any ideas????
Thanks

I have further bad news for you.

Your repayment figure is likely to be nearer £18k and you may have to pay 2 months interest to close off the loan early.

So by my figures you will need to refinance at least £8k not £5.5k.