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To Loan or not to Loan
glenj
Posts: 1 Newbie
Dear All, Im new to this forum and currently going round in a circle in my mind about what to do.
Have £8k overdraft on my bank account. Been spending bit unwisley and not watching the pennies. Have made a list of income and outgoings and could chip away at the overdraft gradually.
Question is , do I get a loan and pay it off in one go?..I would save about £50 per month in overdraft charges....or should i just chip away!
Any advice would be gratefully received.
Have £8k overdraft on my bank account. Been spending bit unwisley and not watching the pennies. Have made a list of income and outgoings and could chip away at the overdraft gradually.
Question is , do I get a loan and pay it off in one go?..I would save about £50 per month in overdraft charges....or should i just chip away!
Any advice would be gratefully received.
0
Comments
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Hi Glen and welcome:D
Fill in a SOA and we can try and suggest an answer....
http://www.makesenseofcards.com/soacalc.html0 -
Hi & welcome.
Look forward to seeing your SOA.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** in ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 19months left.0 -
Welcome.
Please do not consolidate. There are people who have done it two or three times and they are in a lot more debt than you.
Post your SOA and it may well be possi ble to shift things around so that you can afforf to pay it off.If you've have not made a mistake, you've made nothing0
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