Need help with consolidating please.

FriendofDorothy

Hi
Can anyone help

I am currently paying off roughly these amounts.......
£2,600 overdraft = £37.00 month bank charges
£2,700 Barclaycard = £55.00 month 0% till January 06
£1,900 Goldfish = £40.00 month dont know the %
£1,660 M & S card= £55.00 month 0% till Feb 06

If I put all of these on to my egg card in January when it is my egg anniversary how much will the repayments be each month, I really need everything to be in one place as i am trying to get it all organised
Many thanks

miseter

im not sure how much it will be but the payments r gonna be big every week. what kinda wages r u bringing home.













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FriendofDorothy

I know it's going to be big, but as you can see from above i am already paying around £ 190.00 per month now

I just want an idea of if it will still be roughly the same amount when it is all lumped together so that i can start to budget for it now

The overdraft has definately got to go as i am paying £25.00 per month bank charges + £ 7.50 because it is a privilage account which is no use to me really apart from the overdraft facility.
I really want to pay off all the other cards so that i can repair my credit rating as i keep being offered piddly little amounts when i apply for any new 0% card :mad:

ms_london

Try:

www.whatsthecost.com

Consolidation is only a good idea if you make sure you cut up your existing cards and cancel existing credit.

Consolidation wasnt an option to me because my credit rating was horrendous, so had to pay off my creditors one by one. But, boy it was worth it when I made my last payment last month..

Let us know how you get on.

Penny-Pincher!!

Hi

It would depend on the minimum payment required through Egg per month. I dont have an Egg card but do have a Skycard with 0%.

Your total debt seems to be £8860 ATM and if this was on my CC, I have to pay 2.5% of balance as a minimum payment each month-this would equate too £221.50pm. Remember though, that this will becoming off the balance each month and you wont be paying % if its 0%.

Im sure thats right-please correct me if wrong

PP
xx

southernscouser

Hi FOD (can I call you that? )

Firstly putting all your debts into one place isn't always the best way to go. I know it seems easier. One debt, one payment and all that but you could pay less interest by being a bit more tartish! (I'm not insulting you, it's an MSE term ).

If you post a full SOA (state of affairs) we will be able to advise you much better.

Have a look at the thread below then post back here.

http://forums.moneysavingexpert.com/showthread.html?t=107280

FriendofDorothy

Hi thanks
I will have a good look ad post a full SOA later

I don't think i'm going to like this though

Penny-Pincher!!

Hi

Surely it would be better to consolidate all debts in 1 place if no interest is being paid

I agree that cutting credit cards and cancelling the accounts would be a good idea-so theres no worries of running more debt up.

PP
xx

southernscouser

Penny-Pincher!! wrote:

Hi

Surely it would be better to consolidate all debts in 1 place if no interest is being paid
PP
xx

It definatley would, as long as there is no existing debt on the card! :snow_grin

FriendofDorothy

The idea is that once i get them all into the same place (egg)
Then i can snap up the old cards and just keep transfering the money to new cards at the end of the 0% and start again

southernscouser

FriendofDorothy wrote:

The idea is that once i get them all into the same place (egg)
Then i can snap up the old cards and just keep transfering the money to new cards at the end of the 0% and start again

What limit do you have on Egg and do you have any existing balance?