Already got 5K loan, need extra...advice please!

Chuckle_Brother

Hi all, new here, fantastic site, just wondered if anyone out there has a solution to my predicament.

Okay, I already have a £5000.00 loan with Natwest, nice affordable monthly repayments of £112.00, I also have 3 credit cards with a combined debt off £7000.00, I am currently on minimum payments on all 3 which totals £195.00 a month, and lastly, I have an overdraft of £1000.00.

I am looking to reduce my outgoings a months for this combined debt of £13,000.00, I am also a home owner who's fixed rate mortgage is up for renewal in 18 months and here is where I need some advice.

Should I:

a) get a NEW loan, borrow £13,000 and pay off old loan, credit cards and overdraft and then pay the lot off when I re-mortgage in 18 months time?

b) keep old loan, and get ONE new credit card and transfer the balances of the other 3 and chip away at my overdraft and then pay the lot off when I re-mortgage in 18 months time?

or

c) approach my mortgage lender NOW and ask for the money to pay off said debt of £13,000

???


Any help or advice would be greatly appreciated, thanks.

CLAPTON

firstly why are you in debt to the tune of 13,000?
-have you changed the spending habits that caused these debts?

what are the debt details
amounts, aprs, minimum monthly payments

depnds upon the details
amounts, APR, minimum month

jonesMUFCforever

IMO that debt will be taken off whatever a potential mortgage lender will give you if you decide to remortgage - if you stay with your present lender you may not get the best rate.
As Clapton said you need to find out why you are in debt and eradicate it.