What to do?

JimmyTheWig

Does my Lloyds interest rate look right to you? I end up being charged about £12 a month for interest on £920 a month. I'm not great with maths but...

I'm afraid it is nothing like 0.1%.
£12 a month is £144 a year.
144 x 100 / 920 = 15.7
So you are paying about 16% interest on this overdraft.

purplebiro wrote: »

It doesn't know quite how to handle the 0% interest and £5 a month charge for A&L, is there a way I can express this as an interest rate?

Not quite so easy to give an answer to.
Are you saying you pay £5 a month and for that you get an interest free overdraft?
You could look at it costing you £5 x 12 = £60 a year for a £600 loan, which is 10% interest.

embarrassed_about_my_debt

Just want to say I have been there and done that,

Got a consolidation loan for my credit cards and to buy a new car = £10k

Then didnt cut up my credit card and built it all back up again. End result £15.5k debt which im now having to pay back. Im getting there but there is a huge reason people on here say dont consolidate and its because the majority of people end up doing what i did. If i'd found this site before i took out the loan i'd be debt free by now.

Instead i've got another 10 Months. So please think about it carefully. One monthly payment sounds great but there is a good chance you'l end up in a worse position.

JimmyTheWig

purplebiro wrote: »

So for now are you advising that I pay as much as I can off the most expensive debt and minimum amount on everything else until the first debt is cleared and then proceed down the chain?

Am I right in thinking that (discounting the Apex debt for now) that would be catalogue, barclaycard, lloyds then allience & leicester?

With the interest rates that I have calculated from your overdrafts, the order would be catalogue, Lloyds, Barclaycard, A&L.

However, there are psychological issues at play here, too.
Note that the Barclaycard interest rate is not far off the Lloyds interest rate. Also note that the Barclaycard balance is significantly lower than the Lloyds balance.
I think you might be better off clearing Barclaycard before Lloyds, in which case your original list (catalogue, Barclaycard, Lloyds, A&L) would stand.
Hopefully you can clear those first two in three months (depending on where that £200+ a month goes) and you would be left with just your two overdrafts.