I have been sent lots of messages offering me a loan from UCC and ChurchwoodFinance and also Yes Loans. Can you advise which would be the best to choose from. I have heard negative things about Yes Loans but wondered if you could give advise on the others.

Tim knows more than me ... the only things I can add to what have been said is that provided you have been paying your loan to HSBC on time, they may be able to extend the term of the loan so that you will be paying less per month (but more in the long term) on this particular loan.  Be careful, however, that they do not treat this a variation (?? term) or anything that will be recorded on your credit file - if you do do this option, then have it in writing from them that this will not occur.

 Another 'trick' is if you do have a credit card with no balance on it, or you can obtain one, then put as much of your monthly expenditure on it as possible, ensuring that you do pay if off in full.  However, you should only do this if you are disciplined enough to pay if off.  If you do do this then you will effectively be getting a free loan.

Hi Usha,

If the prime unsecured lenders are saying 'no', you really have 3 options:

1. Go to a near prime/sub prime unsecured loans broker such as UCC - you may end up with a rate higher than you already have though.

2. Remortgage and pay your debts off - This could cause an ERC (Early Redemption Charge) and you will end up paying more for the debts in the long term.

3 Secured loan - If you keep the term short e.g. 5 years, this could be your best option.

Let me know what you think.

Kind regards,

Tim

I did try most of all leading lenders, i haven't had  any luck, ia have got mortgage with hsbc,and i have some loans with paragon finances,aand hsbc. my montyly outgoing is around1500. my monthly earnings only between 1900 to2000.

i really need a better option as well to keep pay off my loans, with my income.

 

Hi Usha,

What companies have you tried? All unsecured loans companies?

Tim

hello!

Iam sure you will me some ideas to solve my budget. i have got two loans and one credit card, and also i got a mortgage which iam paying regularly. i need to sort my all loans in one company , because the payments going every  months is too much, Iam struggling every month to maintain my daily living.I had applied few companies for reasonable intrest, which i havn't got any positive feed back, i don't know why. will you please suggest to keep my finance in control

thanks

usha