Daston Posted October 4, 2006 Share Posted October 4, 2006 Hi guys could do with some advice. Was going to get a 10k secured loan to off a few credit cards and also my other half would let me get my NA-T installed. However just been told that we cant have it as we have only had our mortage for a couple of months. Anyone know of any loan guys that will let you have an unsecured loan for a long period of time? Link to comment Share on other sites More sharing options...
how_supra Posted October 4, 2006 Share Posted October 4, 2006 I think 7 years is the maximum isn't it? Try Egg Im scared of securing credit on my house. Link to comment Share on other sites More sharing options...
Ian W Posted October 4, 2006 Share Posted October 4, 2006 sorry to hear it mate but it's never a good idea to pay off debt with an even bigger one. put your credit cards onto a newer 0% one/s and wait for the n/a-t. good luck. Link to comment Share on other sites More sharing options...
Mike Posted October 4, 2006 Share Posted October 4, 2006 sorry to hear it mate but it's never a good idea to pay off debt with an even bigger one. put your credit cards onto a newer 0% one/s and wait for the n/a-t. good luck. Link to comment Share on other sites More sharing options...
JohnA Posted October 4, 2006 Share Posted October 4, 2006 ...Im scared of securing credit on my house. Don't get the impression though that your house is 100% safe if the loan is unsecured. If a CCJ is out, things may get ropey. It also depends on your risk profile. Unsecured loans that are easy for anyone to obtain will be expensive (high effective APR) and/or be riddled with hidden gotchas. Worse than the credit-card terms sometimes. Can't you apply for a zero-percent card? It will give you some breathing space for a few months. Also check out if you are currently paying 'payment protection' every month. If you are not going to claim benefits, in the near future, then you may not be able to claim on that insurance either, so you may as well stop paying for it. Some cards make more from the 'protection' than they make from interest. Check your statements. Link to comment Share on other sites More sharing options...
Alex Posted October 4, 2006 Share Posted October 4, 2006 Personally, having been there done it, I wouldn't. Use 0% cards liike the HSBC one that's 12months atm... Don't go all NA-T till you can fund it with cash, why, well it will stretch your finances even further. I know we all want fast cars etc...but the only way to have them is to have a positive cash flow and still more room to pay for the unexpected. I've just finished paying back my parents after the last one....I used a loan and it was a silly move...I'll save for the next one. Link to comment Share on other sites More sharing options...
edd_t Posted October 4, 2006 Share Posted October 4, 2006 dont go the load way dude. waste of money. like the others have said, just chuck it all on 0% credit cards. Link to comment Share on other sites More sharing options...
Daston Posted October 4, 2006 Author Share Posted October 4, 2006 ok applied for a 0% card and will do a BT to that so I stop paying the interest. Really this just goes back to when me and the misses hit a rough patch and I did a bit of retail therapy and bought the supra. Link to comment Share on other sites More sharing options...
Max Headroom Posted October 4, 2006 Share Posted October 4, 2006 Sort out cc's first and WAIT for NA-T. Save yourself first Link to comment Share on other sites More sharing options...
how_supra Posted October 4, 2006 Share Posted October 4, 2006 Don't get the impression though that your house is 100% safe if the loan is unsecured. If a CCJ is out, things may get ropey. It also depends on your risk profile. Unsecured loans that are easy for anyone to obtain will be expensive (high effective APR) and/or be riddled with hidden gotchas. Worse than the credit-card terms sometimes. Can't you apply for a zero-percent card? It will give you some breathing space for a few months. Also check out if you are currently paying 'payment protection' every month. If you are not going to claim benefits, in the near future, then you may not be able to claim on that insurance either, so you may as well stop paying for it. Some cards make more from the 'protection' than they make from interest. Check your statements. 1)Oh joy 2)I was thinking more of when you sell your house, some secured loans you are required to pay back the interest that would have been accrued if you sell your house and don't buy another one. My mum for example borrowed £35000, and ended up paying them back something like £55000 when she settled early after she sold her house. Link to comment Share on other sites More sharing options...
JohnA Posted October 4, 2006 Share Posted October 4, 2006 ...I was thinking more of when you sell your house, some secured loans you are required to pay back the interest that would have been accrued if you sell your house and don't buy another one. My mum for example borrowed £35000, and ended up paying them back something like £55000 when she settled early after she sold her house. You cannot sell the house without repaying the secured loans first - that goes without saying. As for the settlement figure, that totally depends on the terms and conditions - read them carefully before signing! Some of the 'shitty' loans do have heavy penalties for early settlement - although they cannot always be enforced legally, the people who are desparate enough to take on such loans rarely have the guts/money/appetite to contest them in court. Like others have said, do not fall for the trap of 'easy' loans advertised on the TV and the like. It's a slippery slope. Just cut your expenses to the bone, dump any car improvement plans, go through your direct debits and stop the non-essentials. The supra is an expensive car to keep, even if it sits on the drive depreciating and eating up insurance. Don't pamper yourself, kick your ass and get moving. Link to comment Share on other sites More sharing options...
Supragal Posted October 4, 2006 Share Posted October 4, 2006 Hmm. It all depends, if you're trying to free up monthly money then CC's won't help. Whereas a loan over 25 years at the rate of your mortgage, yes you will pay interest and will have a debt but you will also free up loads each month. I'd save for the car! Link to comment Share on other sites More sharing options...
Ian W Posted October 4, 2006 Share Posted October 4, 2006 Hmm. It all depends, if you're trying to free up monthly money then CC's won't help. Whereas a loan over 25 years at the rate of your mortgage, yes you will pay interest and will have a debt but you will also free up loads each month. I'd save for the car! i think you were aiming this at Ed's comment but i'll answer anyway Rosie. i wasn't in any way saying he should put more money on the cards but to use the credit card/s as a 0% loan until his current debt is paid off. doing it this way is effectively a loan but without being charged interest for it and you can actually give yourself more of a break any particular month as the minimum repayment is usually less than a loan repayment (this depends on the size of the debt of course) Link to comment Share on other sites More sharing options...
Supragal Posted October 4, 2006 Share Posted October 4, 2006 Yes but on minimum payments it won't be paid off before the 0% runs out, then you'll be there years paying it off and moving from card to card. If it was 10k then on a card it would be like £200 a month, whereas a loan over 35 years would be £70 ish a month. Link to comment Share on other sites More sharing options...
Ark Posted October 4, 2006 Share Posted October 4, 2006 If it was 10k then on a card it would be like £200 a month, whereas a loan over 35 years would be £70 ish a month. Fair point, but think: do you really want to still be paying for something you had yonks ago, 35 years later? Most people have a car for only a few years...lets say five. So by getting a NA-T setup he can't afford, he's still going to be paying for it 30 years after he's got rid of the car...sounds dumb to me. Link to comment Share on other sites More sharing options...
Supragal Posted October 4, 2006 Share Posted October 4, 2006 you can always pay it off earlier, many have no fee or early repayment charge. look at it as part of your mortgage. I was more thinkgin to pay off the card hense "i'd save for the supra" comment In an ideal world you'd have neither!! Link to comment Share on other sites More sharing options...
carl0s Posted October 4, 2006 Share Posted October 4, 2006 I could do with doing a balance transfer on the ~£2,800 I have on my Morgan Stanley card, currently paying £50/month interest, but I'm worried that basically I'll be given another card, but with a silly credit limit of like £500, and therefore just end up with another card and very little of my balance transferred. Link to comment Share on other sites More sharing options...
Supragal Posted October 4, 2006 Share Posted October 4, 2006 I could do with doing a balance transfer on the ~£2,800 I have on my Morgan Stanley card, currently paying £50/month interest, but I'm worried that basically I'll be given another card, but with a silly credit limit of like £500, and therefore just end up with another card and very little of my balance transferred. well then don't move the balance, nothing lost... egg always give big limits. Link to comment Share on other sites More sharing options...
carl0s Posted October 4, 2006 Share Posted October 4, 2006 well then don't move the balance, nothing lost... egg always give big limits. hmm. I could apply I suppose.. Link to comment Share on other sites More sharing options...
Daston Posted October 4, 2006 Author Share Posted October 4, 2006 ok here is the plan no loan. I move my credit to a 0% interest free on as the min payment is the same as my monthy loan repayment and at the end of the day the min payment is aways going to go down. I will then save to get the NA-T done or if I crave more power I could always sell it and get either a RX7 or Skyline R33 as they are going for about the same amount as a NA supra Link to comment Share on other sites More sharing options...
mathew Posted October 4, 2006 Share Posted October 4, 2006 going slightly just a little off topic but iv stopped myself at every opportunity from getting a credit card with the simple line of ''if i need to borrow the money then i cant afford it'' obviously there are exceptions with mortgages etc Link to comment Share on other sites More sharing options...
Daston Posted October 4, 2006 Author Share Posted October 4, 2006 yeah I used to have that moto until I ended back with my mum for a few weeks and didnt have a car, then did the stupid thing of seeing a supra lol and the rest is well history Link to comment Share on other sites More sharing options...
mattanna Posted October 4, 2006 Share Posted October 4, 2006 Unsecured loans are much better than secured as only asshole companies do secured, i have a couple one with Northern rock at 5.2% fixed, cahoot are ok as well as tesco etc.The good thing about reputable banks etc is that if you run into trouble they will negotiate payments and tend not to send people round with bats, whereas i would not be so sure with some of the "phil tuffnell" loan companies, the loans with them are also variable rate which is the biggest danger and why they usually end up repoing peoples houses Link to comment Share on other sites More sharing options...
Lebsteif Posted October 4, 2006 Share Posted October 4, 2006 If you want to sell certain parts from your NA-T project, let me know Link to comment Share on other sites More sharing options...
Daston Posted October 4, 2006 Author Share Posted October 4, 2006 Yeah if I end up with a liner I will let you know the other plan is to take the car off the road for the winter and fit the kit myself and just get it mapped. Link to comment Share on other sites More sharing options...
Recommended Posts
Please sign in to comment
You will be able to leave a comment after signing in
Sign In Now