12 grand loan over 10 years!?!?!?
06 February 2008, 12:39 PM
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12 grand loan over 10 years!?!?!?
Good day to you all - just wondering if anyone know's of company's that will do me a £12,000 loan over 10 years? I've tried almost evey avenue, but nobody will go past 8 years!! I think it might be something to do with the credit crunch
If anyone know's of a bank/building society etc.. Not enough equity in my gaff to get re mortgaged, so I'm kinda stuck at the minute!
If anyone know's of a bank/building society etc.. Not enough equity in my gaff to get re mortgaged, so I'm kinda stuck at the minute!
06 February 2008, 12:44 PM
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not heard of any high street lenders doing a unsecured loan over that period of time. Think most banks limit it to 7 yrs
Maybe look at the more specialist lenders (like the bad credit lenders even if you dont have bad credit)
Maybe look at the more specialist lenders (like the bad credit lenders even if you dont have bad credit)
06 February 2008, 12:56 PM
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06 February 2008, 01:09 PM
#7
Might need to borrow a larger ammount (Say 25k) to get the longer term, invest the difference (hopefully at a similar rate) and use it to pay back the difference between the payments over ten years on a 25k compared to a 12k one.
Depends on you getting the loan.
How come you need to borrow over such a long period ?
Depends on you getting the loan.
How come you need to borrow over such a long period ?
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06 February 2008, 01:12 PM
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06 February 2008, 01:14 PM
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06 February 2008, 01:18 PM
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Might need to borrow a larger ammount (Say 25k) to get the longer term, invest the difference (hopefully at a similar rate) and use it to pay back the difference between the payments over ten years on a 25k compared to a 12k one.
Depends on you getting the loan.
How come you need to borrow over such a long period ?
Depends on you getting the loan.
How come you need to borrow over such a long period ?
06 February 2008, 01:19 PM
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06 February 2008, 01:57 PM
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Was going to say Tesco.
If you think about it, it may not make that bad sense to buy a car with the money. If you can afford the payments you'll get a reasonably decent car and at a certain point the car will always be worth more than the loan.
Granted its not actually an asset but if want real assets, buy a cheap car via income and save the £130.
I've been thinking about getting something a bit similar for a while. I have debt that needs shifting and am starting to earn a little commission through work here and there. The commission is solely going into paying off debt. Should take 12 months on the bright side.
Been thinking of one as a consolidation loan, reducing payments and storing money earned by me until its equal to the outstanding debt. The rate is lower than card debt and it keeps my payments down.
If you think about it, it may not make that bad sense to buy a car with the money. If you can afford the payments you'll get a reasonably decent car and at a certain point the car will always be worth more than the loan.
Granted its not actually an asset but if want real assets, buy a cheap car via income and save the £130.
I've been thinking about getting something a bit similar for a while. I have debt that needs shifting and am starting to earn a little commission through work here and there. The commission is solely going into paying off debt. Should take 12 months on the bright side.
Been thinking of one as a consolidation loan, reducing payments and storing money earned by me until its equal to the outstanding debt. The rate is lower than card debt and it keeps my payments down.
06 February 2008, 03:28 PM
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I had one a while back through Northern Rock for 8 years, dunno if they'd still be lending like that though with their recent troubles
06 February 2008, 03:44 PM
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My wife got a small fixed loan for her car through Northern Rock about a week before the fall out. She had her fingers crossed it would all be cancelled and she get off paying it back.
Not likely
Not likely
06 February 2008, 04:37 PM
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No, it's not for a car - well not directly mainly credit cards and a small loan I took out 2 years ago! Yep, got a mortgage, but not enough equity in it at tho mo, bought it as a new build not so long ago, so it's not gone up in value - and won't for some time I wouldn't think. loan is my only option. tried Tesco, 7 years max. trust me dpb, this is a last resort, nothing I can do about it, just stuff that's mounted up over the years and now has got too much for me to handle!
06 February 2008, 07:28 PM
#19
Thing is, do you have a Scoob or other expensive car ?
I found that to go forward, I had to go backward, cheap car, work hard, change job, save up etc, tedious but its the only real way.
I drove a 1.0 Metro, Pug 309, Metro GTI and other sheds.
I found that to go forward, I had to go backward, cheap car, work hard, change job, save up etc, tedious but its the only real way.
I drove a 1.0 Metro, Pug 309, Metro GTI and other sheds.
06 February 2008, 09:54 PM
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Have you worked out what the monthly repayments would be for 10 years vs 8? I suspect you'll find there's very little difference - but, of course, the total amount you end up paying back is considerably greater.
06 February 2008, 10:48 PM
#21
Dont think the answer to sorting out your debts is borrowing more money..That will just make you have 12k more debt.You need to look at what is causing you to run up these debts and get rid of it/them/her etc..
What are the repayments on that?? £240 a month??
If you think your goin short now,take another £60 a week out of your pocket for the next 12 yrs!!
Like Jacko says... go backwards till you can afford to go forwards..
What are the repayments on that?? £240 a month??
If you think your goin short now,take another £60 a week out of your pocket for the next 12 yrs!!
Like Jacko says... go backwards till you can afford to go forwards..
Last edited by fatscoobfella1; 06 February 2008 at 10:57 PM.
06 February 2008, 11:20 PM
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Tesco's eligibility T&C's if you apply to them -
You may need to tell them it's for home improvements to get 10 years.
Dave.
Maximum term for loans £15,000 and under is 5 years (except for home improvements)
Loans used for refinance purposes can be taken for a maximum of 5 years except for homeowners who can borrow over 7 years
Loans used for refinance purposes of over £15,000 are only available to homeowners
Loans used for home improvement purposes are only available to homeowners
Loans used for refinance purposes can be taken for a maximum of 5 years except for homeowners who can borrow over 7 years
Loans used for refinance purposes of over £15,000 are only available to homeowners
Loans used for home improvement purposes are only available to homeowners
Dave.
07 February 2008, 09:37 AM
#23
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Dont think the answer to sorting out your debts is borrowing more money..That will just make you have 12k more debt.You need to look at what is causing you to run up these debts and get rid of it/them/her etc..
What are the repayments on that?? £240 a month??
If you think your goin short now,take another £60 a week out of your pocket for the next 12 yrs!!
Like Jacko says... go backwards till you can afford to go forwards..
What are the repayments on that?? £240 a month??
If you think your goin short now,take another £60 a week out of your pocket for the next 12 yrs!!
Like Jacko says... go backwards till you can afford to go forwards..
The problem then of course is will you stick to it. Short term I could get 10K to pay my debt but then can I really trust myself not to go and get another credit card and ramp it up again. If I really trusted myself not to make another mess of my finances, I'd secure all my outstanding debt. use every spare penny and commission from work to build up enough to pay off the balance. If you pay off early you'll pay a couple of months premiums and an admin fee - you don't have to pay back to total borrowing plus the total interest the lender would earn.
All these finances companies bleeting on about managing your debt by hanging a chain around your neck for the next 25 years work on the basis that you'll either get into more debt or have no way of paying the loan off. They can't do anything except a few charges if you pay early - ie 2 months premiums and an admin fee (which can't be some overly inflated stupid amount because they are FSA regulated)
I know I can pay off my debt within 12 maybe 18 months assuming I don't incur more. It would really take the pressure off to secure the debt, pay naff all for it and then pay it all off 18 months down the line.
What I don't know is, can I trust myself not to do it all over again.
Last edited by EddScott; 07 February 2008 at 09:40 AM.
07 February 2008, 12:59 PM
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The point of a consolidation loan is to reduce your monthly outgoing. If your spending £300+ to service £15,000 of debt, putting it on a loan of 10 years nearly halves your outgoings. If you take secure borrowing it could be about £50! Bearing in mind the longer you pay the more interest you pay.
The problem then of course is will you stick to it. Short term I could get 10K to pay my debt but then can I really trust myself not to go and get another credit card and ramp it up again. If I really trusted myself not to make another mess of my finances, I'd secure all my outstanding debt. use every spare penny and commission from work to build up enough to pay off the balance. If you pay off early you'll pay a couple of months premiums and an admin fee - you don't have to pay back to total borrowing plus the total interest the lender would earn.
All these finances companies bleeting on about managing your debt by hanging a chain around your neck for the next 25 years work on the basis that you'll either get into more debt or have no way of paying the loan off. They can't do anything except a few charges if you pay early - ie 2 months premiums and an admin fee (which can't be some overly inflated stupid amount because they are FSA regulated)
I know I can pay off my debt within 12 maybe 18 months assuming I don't incur more. It would really take the pressure off to secure the debt, pay naff all for it and then pay it all off 18 months down the line.
What I don't know is, can I trust myself not to do it all over again.
The problem then of course is will you stick to it. Short term I could get 10K to pay my debt but then can I really trust myself not to go and get another credit card and ramp it up again. If I really trusted myself not to make another mess of my finances, I'd secure all my outstanding debt. use every spare penny and commission from work to build up enough to pay off the balance. If you pay off early you'll pay a couple of months premiums and an admin fee - you don't have to pay back to total borrowing plus the total interest the lender would earn.
All these finances companies bleeting on about managing your debt by hanging a chain around your neck for the next 25 years work on the basis that you'll either get into more debt or have no way of paying the loan off. They can't do anything except a few charges if you pay early - ie 2 months premiums and an admin fee (which can't be some overly inflated stupid amount because they are FSA regulated)
I know I can pay off my debt within 12 maybe 18 months assuming I don't incur more. It would really take the pressure off to secure the debt, pay naff all for it and then pay it all off 18 months down the line.
What I don't know is, can I trust myself not to do it all over again.
07 February 2008, 06:01 PM
#25
Cant see how borrowing more makes you pay less..
Of course you can initially pay less through consolidating,but in the end your paying back more money..!!
Sounds like your in a bit of financial trouble,you have to ask yourself why your spending more than your earning,then work on making your outgoings less.
I know that borrowing more money will sort you out short term,but you gotta look long term..You not gonna keel over tommorrow,so the more money you borrow,the longer you will be in the sh*te..
Of course you can initially pay less through consolidating,but in the end your paying back more money..!!
Sounds like your in a bit of financial trouble,you have to ask yourself why your spending more than your earning,then work on making your outgoings less.
I know that borrowing more money will sort you out short term,but you gotta look long term..You not gonna keel over tommorrow,so the more money you borrow,the longer you will be in the sh*te..
07 February 2008, 06:31 PM
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What are you going to do with the money you save?
You'd be better off speing that £100 a month on paying off the debt quicker.
You'd be better off speing that £100 a month on paying off the debt quicker.
totally agree with all what you said mate - getting a loan to sort out my credit cards will save me about £100 per month - and at least, in time the loan will be paid off! At the minute, I can only pay the minimum on the cards, and at this rate I'll be stuck with it forever!
07 February 2008, 06:49 PM
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Just FYI: assuming a 6% interest rate,
£12000 over 10 years gives a monthly repayment of £133.22 - total interest paid is £3897
£12000 over 7 years works out at £175.30 a month, total interest paid is £2725.
So, for an extra £42 a month, you'd save £1172 overall.
£12000 over 10 years gives a monthly repayment of £133.22 - total interest paid is £3897
£12000 over 7 years works out at £175.30 a month, total interest paid is £2725.
So, for an extra £42 a month, you'd save £1172 overall.
07 February 2008, 07:57 PM
#28
That include insurance on the loan Andy ??
Just had a look on A and L site,and they offer 8.6% over a 10 year term..
£147 a month........Total Payable...£17,712!!!
Just had a look on A and L site,and they offer 8.6% over a 10 year term..
£147 a month........Total Payable...£17,712!!!
Last edited by fatscoobfella1; 07 February 2008 at 08:01 PM.
08 February 2008, 01:46 PM
#29
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Cant see how borrowing more makes you pay less..
Of course you can initially pay less through consolidating,but in the end your paying back more money..!!
Sounds like your in a bit of financial trouble,you have to ask yourself why your spending more than your earning,then work on making your outgoings less.
I know that borrowing more money will sort you out short term,but you gotta look long term..You not gonna keel over tommorrow,so the more money you borrow,the longer you will be in the sh*te..
Of course you can initially pay less through consolidating,but in the end your paying back more money..!!
Sounds like your in a bit of financial trouble,you have to ask yourself why your spending more than your earning,then work on making your outgoings less.
I know that borrowing more money will sort you out short term,but you gotta look long term..You not gonna keel over tommorrow,so the more money you borrow,the longer you will be in the sh*te..