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Question
Posted by: AGM | 2008/08/01

Seeking help

Need Advice

I have just bought a house and it cost R266 000.00. I am moving in December 2008, surely the deduction will start month end of December. My bond will be R3200.00 per month for 20 years. I lend R10 000.00 from the savings club, which accumulate interest so I cant afford to pay that before December.

I saw this advert on the newspaper to consolidate your debts, I was thinking of borrowing R350 000.00 with this I am intending to spend it like this: I want to pay my house R266 000.00 cash, pay the social club money R10.000.00 with interest cash, The remaining money I will use it to buy curtains, sofas etc. For this loan that I want to take I will be paying R2600 per month for 20 years but interest rate will affect it. I need your advice will I be making the big mistake of my life. Or will this help to survive becaouse I am earning R7000.00 after didaction.

Thank you for your advices

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Our expert says:
Expert ImageCyberShrink

I haven't the faintest idea ! What made you think a psychiatrist was the right guy to ask about this financial issue ?

The information provided does not constitute a diagnosis of your condition. You should consult a medical practitioner or other appropriate health care professional for a physical exmanication, diagnosis and formal advice. Health24 and the expert accept no responsibility or liability for any damage or personal harm you may suffer resulting from making use of this content.

3
Our users say:
Posted by: Gracie | 2008/08/01

Keep your mortgage with the bank. These places just apply for a loan thru the banks anyway and charge exhorbitant fees! Buy curtains and sofas as and when you have the money. Think carefully before you do something like this - read the small print and make sure you understand every document you are signing!

Reply to Gracie
Posted by: AGM | 2008/08/01

My humble apologies Cyber. It is because you are so brilliant and I also thought that my lovely sisters and brothers from this forum with financial backround will help me.

When I have something that is bothering me the first thing I think is to post it to this forum.

My humble apology once more. You are last person that I want to upset in this forum because u are so helpful.

Reply to AGM
Posted by: Kelly | 2008/08/01

LOL i guess u were asked because u kinda know everything hey!
Well hope u get some financial guidance re. the decisions u have to make though.

Reply to Kelly

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