Should I refinance

jack2009 said:
As others have said, you appear to have your mind made up before asking the question, so go ahead and take out the 5 year loan.

Best of luck
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Yep, I think Danielle came here looking for people to agree with her.

Danielle: I have a feeling in 24 months time you will be upset when you realise you could be debt free but instead have 36 months left on a large loan.

By all means do whatever you want to do, but be extra sure you are not making a decision based on your emotions.
 


No I came looking for peoples opinions and advice or to see if anyone could suggest reasons I hadn't thought of myself as to why I shouldn't take out this loan. I'd be more upset at the fact i'd let another 2 years pass me by without doing something to get my career in order than the fact that I have some debts to clear, you missed the fact that I have shares coming to me in 2 years, which would clear this debt or at the worst make a huge dint in it. Thanks everyone for your replies.
 
I used to work for one of the "big 2" banks. Had about 10k in shares when I left. Over the few years after I left I sold them off, a bit every year. I'm glad I did - met an ex-colleague there recently who said his "nestegg" was now worth a few hundred euro......a grand at most.

No-one saw the collapse in bank share prices coming until it was already happening. There's no such thing as a sure thing with shares.
 


If the share price drops I can take the money I invested and run, this will still enable me to knock a chunk off my debts that's a sure thing.
 
Danielle24 said:
If the share price drops I can take the money I invested and run, this will still enable me to knock a chunk off my debts that's a sure thing.
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Then what is stopping you from using the shares at the moment to pay for college, keeping the current repayments and being debt free in two years?
 
Danielle24 said:
. I've a totally different attitude and appreciation for money than what I did when I ran up this debt.
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That's good, and the interest rate on the credit union is basically the same as you have now. Education is a very good thing. But you haven't clarified the bit in your first post about needing to live a little? You mentioned a good salary so how a 2K course needs you to stop making 600Euro payments on your current debt is not making sense to me.
 
jack2009 said:
Then what is stopping you from using the shares at the moment to pay for college, keeping the current repayments and being debt free in two years?
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Because I pay into it on a monthly basis and there's not enough in it at the moment.
 


I can't afford to save the money for my course at the mo and freeing up €400 a month will enable me to do so.
 
Danielle24 said:
No sorry I should have been more specific this is for 10k as part of the money I owe is interest free so it wouldn't make sense to pay that off with a new loan.
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So you are re-financing 10k of the loans you got from a financial institution but the interest free loans that you have (from family?) are not being re-financed. So these other loans are being put on the long finger. So will having to pay off these other loans not be a problem at some stage?
 


Look you're making assumptions and not bothering to read posts properly. Loans are not from family. Loans are not being left on the long finger. Loans only costing €50 per month. As I said in previous post i've never borrowed from family.
 
jack2009 said:
yea cause she has repaid so much off does not need to borrow original amount.
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Yes I understand that but....

I read it as she is re-financing the interest charging loan but not re-financing the non interest charging part of the loan. This part will still be there.
 
Danielle, you're not on a great salary, you're not happy in your job, your job is steady, you feel in control of your finances, if doing what you propose gets you a better paying happier job then go for the education now.
 
Danielle24 said:
Even if I did I wouldn't ask them, i've never been financially dependant on anyone and don't intend to start now.
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Can you not see how ludicrous this statement is? You have been, are now, and it appears from your opening question will be, dependant on the banks in to your future.
 
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