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Loan repayments are crippling me

(6 Posts)
Norky1975 Mon 24-Apr-17 19:31:32

Is anyone else struggling with paying off a loan?
Mine is running for another 41 months and it's a big chunk out of my monthly income. Is there any tips for getting rid early?

LadyPenelopeCantDance Mon 24-Apr-17 19:33:26

Do you have any equity in your mortgage that you could take out? Failing that, speak to them and see if you can spread the term over a longer period?

Either of those options mean you will pay more long term but will mean you will be better off monthly.

LonginesPrime Mon 24-Apr-17 19:47:58

Can you transfer any to an 0% credit card? I did that and I only have a small(ish) 0% debt left now.

I do feel your pain though, OP - being in debt sucks.

delilahbucket Wed 26-Apr-17 18:58:13

I had this with Halifax, albeit ten years ago. They doubled the term and reduced the interest rate so I paid the same amount back, just over a longer period.

BarbaraofSeville Thu 27-Apr-17 09:04:51

Check overpayments are allowed before you look to transfer to a credit card.

Can you save money elsewhere to free up more spare money? Go through the Moneysavingexpert money makeover. Unless you are a hardcore money saver, there's usually something you can save money on (pay TV, internet, mobile phones, utilities etc).

TheNaze73 Thu 27-Apr-17 09:13:07

Talk to your lender ASAP & tell them you're experiencing financial difficulties. I deal with banks through work & I have heard anecdotally they're very supportive these days

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