My debts - advice/help please

knkh

Loan 1 - Total payable over 5 1/2 years £16500 (Borrowed £10,500) monthly payments of £250
Loan 2 - Total payable over 3 1/2 years £3,600 (Borrowed £2,600) monthly payments of £100
Credit Card - £2,800 (currently paying average £130 a month)
Store Card - £400 (currently paying average £50 a month)

I have tried to consolidate all of these debts. Loan 1 is with AA, who gave me a really bad rate. Loan 2 is with my bank who were much better when I got a quote to consolidate (£10,500, £2,600 £2,800 and £400), but I can't apply for this with my bank until I have made 6 repayments on Loan 2. I have made 3 so far.

Any suggestions? I don't think my credit rating is good. Fair I think.

Happytogetdebtfree

i wouldnt consolidate its a risky take its whats got me in to a huge amount of debt ......post an soa we can see what your paying and work out where you can pay extra ??? well done for making the first step x

knkh

Ok, I will post a SOA....

I thought getting them altogether and paying one payment every month would be better for me, as I am trying to save for a mortgage... I will be getting a bonus at Xmas of 3k so this will go be going straight to pay off some!

For example:

(From - quick loan calculator on moneysupermarket.com using fair credit profile) for £14000

Monthly payments
£340 x 60 (approx)


Total repayable
20,400 (approx)

RAS

Hi

You need to list the APRs, and for the loans whether you can make early repayments without penalty.

knkh

Hi, the apr on the consolidated loan says 17.9% ! That was on a fair credit profile.