Good credit hist & salary:refused restructure loan to clear cc bal OD and other loans

[amgd28]

Re: good credit history & Salary - refused loan

For what it's worth I don't think you have a debt problem, what you have is a money management problem. This you need to address.

I fail to see how the OP has a money management problem when he has successfully cleared his mortgage, has 150K on deposit and a net salary of 3.5K per month and a debt exposure of 16k. If that is evidence of a money management problem, I'd love to have the same problem!

OP - I recommend you wait until you can access your savings, clear your 16k (and buy an efficient car if desired/needed) and continue building up your next egg with the payments you would otherwise be making on the debts described.

 

[Bronte]

Re: good credit history & Salary - refused loan

I fail to see how the OP has a money management problem when he has successfully cleared his mortgage, has 150K on deposit and a net salary of 3.5K per month and a debt exposure of 16k. If that is evidence of a money management problem, I'd love to have the same problem!
.

So someone who has two loans, credit card debt and needs an overdraft while sitting on 150K in savings with no mortgage (incidentally generally the cheapest type of debt which also has tax relief) and still considering borrowing 10K at a high rate of interest for a car doesn't have a money management problem? Yes the debt is small in relation to the assets/savings but the problem is the debt makes no sense. Hence not a debt issue but a money management one.

 

[moneycheck]

Re: good credit history & Salary - refused loan

So someone who has two loans, credit card debt and needs an overdraft while sitting on 150K in savings with no mortgage (incidentally generally the cheapest type of debt which also has tax relief) and still considering borrowing 10K at a high rate of interest for a car doesn't have a money management problem? Yes the debt is small in relation to the assets/savings but the problem is the debt makes no sense. Hence not a debt issue but a money management one.

a lot of things dont make sense!! look at FF.

if you go to a credit union they prefer you to keep your savings and borrow against them. also with my salary i can pay the loans back faster anyways.

 

[chlipps]

Re: Good credit hist & salary:refused restructure loan to clear cc bal OD and other l

Moneycheck.... You do not have any problem at all.... pity you hadnt mentioned the no mortgage and massive rainy day fund in your opening post... as the others have recommended, clear the debts and try get you funds into the highest possible interest savings account... this may mean drip feeding money into the ebd regular saver and similar to get best possible interest rate return. However, you are paying considerable interest for small loans and probably is much higher than what you are gaining on the large rainy day fund. So clear all debts and overdrafts.. I'm with PTSB and find them very efficient for current account and more important no fees. Best of luck