Unsecured loans - leave or move?

exessexmum

As part of our debts we have an unsecured personal loan with Northern Rock. Loan was for £15,000 taken out in Dec 2004 over 10 years at APR 5.6% Payments are £162.76 a month. Is this the best way to clear this debt? The other options would be to bung it on the mortgage (we have about £50K equity in the house) try and get a 0% credit card (unlikely I would have thought for £15K) or erm, win the lottery I guess!
Thanks

Tracey

Magentasue

Well, 5.6% isn't bad. Would advise against adding it to your mortgage, you'll be paying it off longer and turning an unsecured loan into secured.

As for 0%, on another thread you said you have a £6000 credit card debt so I would prioritise moving this on to another 0% card.

exessexmum

Thanks Sue. The credit card debt is on a 0%, we've just transferred it to one recommended on here. It was on a halifax one that is now debt free with a £10K limit. Should we cancel that, or just reduce the limit down to like £500 in case of emergencies? I'm not sure if having any sort of limit available is being sensible, or just asking for trouble LOL! Sorry for the divvy questions, trying to take it all in is very daunting.

Magentasue

I think you should cancel your cleared card and close the account. It will remove temptation and give you more options for 'tarting'.