Personal loan

[Dazza1]

I have a loan with my bank where I pay £360 a month for But I'm thinking of takin another loan out with someone else to pay this 1 off and get my monthley payments down. What do people think shall I look into it or keep it as it is. It's over 3 and a half years but every year I keep borrowin a couple more grand to go away lol

 

[pritchp]

I will reply properly later when i have the time to.. but just quickly:

If you pay off a loan early you are likely to have to pay an early payment fee.

Personal view: don't.

 

[maggi200]

It's interest on interest on interest. Longer it takes to repay it (which it will with lower payments) plus all the fees as rob pointed out. Don't bother. Finish the loan as it is. If you wanna go away, save

 

[Al]

As harsh as it sounds why not for the next two years not go away on an expensive holiday? Still go away, but ecomomise. You'll feel much better once it's all paid off and in not going away you won't have to move debts around, which as Rob says, isn't cost effective due to early repayment fees/the way balloon rates of interest are calculated.

 

[Courtney]

The thing is, when you keep adding more to a loan that's when they put interest on. And £360 a month?! That's alot isn't it?!! Why don't you look at getting a loan to pay what you owe off. And then look at a long term 0% credit card where you can buy holidays etc? Just an idea.

 

[Dazza1]

It dose need payin off 5 years it will be this year still got 3 years left don't ask how much I've borrowed lol

 

[singlespeed]

Consolidation loans normaly incure a crap interest rate, at the lender sees it as extra risk. You are after all trying to get out of one(or several) finance agreements... So you may try and get out of theirs too.

 

[pritchp]

Also, you need to make sure you can pay the monthly repayments and still live ok.

Please do not borrow anymore, if you want me to look at ur income/expenditure and try to help you out with understanding everything then just drop me a personal message.

 

[Dazza1]

So far I've borrowed 25k that's with keep borrowing more

 

[BlackTwingo-i]

Holy s**t.

 

[maggi200]

Wait, what now?! ON holidays?!

 

[Al]

So it's got to be close to £30k once you've paid it back?

 

[BlackTwingo-i]

I'm never borrowing money I don't need

 

[Dazza1]

I paid my old car off that went 3 years ago done some bits round the home been Spain Greece turkey and goin Greece again in September

 

[Al]

I'd seriously consider not going away mate. I don't know about you but I wouldn't sleep particularly easy with that much hanging in the balance.

My honest opinion - prioritise your outlays; holidays is not one of them.

 

[Dazza1]

I'd seriously consider not going away mate. I don't know about you but I wouldn't sleep particularly easy with that much hanging in the balance.

My honest opinion - prioritise your outlays; holidays is not one of them.

This years Hols is defo gonna be the last for a little while mate

 

[Graham]

If you've paid off 5yrs, and you've got 3.5 left at £360p/m that equals:

102months x £360 = £36,720.

And you want to/are borrow/borrowing more? Madness, imo.

 

[Karl]

I can see what your saying Daz but to be honest not worth it. A prime example.

Every year my car is older i look at geting my monthly payments down with a loan but make sure its the same amount of time left or less.

To pay a little less to put extra time on the payments isnt worth it you need to make sure your winning and not the robbers

 

[Dazza1]

If you've paid off 5yrs, and you've got 3.5 left at £360p/m that equals:

102months x £360 = £36,720.

And you want to/are borrow/borrowing more? Madness, imo.

**** that's alot of my money I'm just wasting I proper need to sort my finaces out just my loan and car is £565 a month

 

[Karl]

Thats shocking!