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Is it worth trying to get a loan?
Former Member
Posts: 1,876,323 The Mix Honorary Guru
I have currently some debt to clear and some life I would like to live, I currently get paid about £750 a month to live on and I pay the following
£150 – Rent each month
£2000 – I need to be pay this to my mum by June
£500 – remaining credit card bill (which should be cleared by June)
I was wondering if it’s a good idea to get a load of £5000 in which I can clear the above debt and I wouldn’t mind travelling for a couple of months, else it will be too late.
The monthly repayment will be £237.99
APR 13.9% fixed
The amount we would lend is £5,000
The total amount repayable is £5,711.76
To sort out my life/clear (in my opinion unpayable debt towards my mum) debt so that she will find it easier to pay off her credit cards etc.
Is it worth trying to get one in this climate? I can easily pay £237 rather than £700 a month (my whole wages!)
£150 – Rent each month
£2000 – I need to be pay this to my mum by June
£500 – remaining credit card bill (which should be cleared by June)
I was wondering if it’s a good idea to get a load of £5000 in which I can clear the above debt and I wouldn’t mind travelling for a couple of months, else it will be too late.
The monthly repayment will be £237.99
APR 13.9% fixed
The amount we would lend is £5,000
The total amount repayable is £5,711.76
To sort out my life/clear (in my opinion unpayable debt towards my mum) debt so that she will find it easier to pay off her credit cards etc.
Is it worth trying to get one in this climate? I can easily pay £237 rather than £700 a month (my whole wages!)
0
Comments
Fail to keep up loan repayments? The bailiffs come round and take your stuff.
No brainer really, you've got enough money to live, it might not be much but it's better then owing money to a bank.
Why would it be too late to go travelling?
im in pretty much the same situation as you right now. i have got myself into £8000 of debt and i considered doing the same thing. however, after looking into it, i realised i'd be much better off paying off what i could each month rather than getting out a loan. the interest rates on loans are ridiculous and as you are on a low wage, the interest rates will be high. the apr advertised probably won't be the one you are offered if you don't own a home or anything. the banks always offered me one higher. you'll end up owing more than you do now and repaying your debt over a much longer period of time. if you just clear your debt as you are now, you'll be debt free by the end of the june whereas you'll be paying off a loan for years!!!
The monthly repayment will be £237.99
APR 13.9% fixed
The amount we would lend is £5,000
The total amount repayable is £5,711.76
I allways thought that ill get £5,000 and ill have to pay £238 a month, if i dont or am late with payements they will add a 13.9% fee. no?
hence you are paying £711.76 for borrowing the money.
and the loan is usually structured so that at the beginning a much higher % of the monthly payment goes on paying the interest instead of the principal, so you get stung straight away in case you decide to pay it off early.