please could somebody advice me asap..

samantham06

Hi,
I have just noticed this board and thought maybe someone could give me some advice.
Basically between me and my partner we have debts as follows..
£260 lloyds tsb credit card (17.9%)
£440 littlewoods (0%)
£650 o/d (?? But high-with lloyds current account)
£350ish overdue utilite bills

The problem is that my partners car has completely failed on us, its a m reg fiesta and has well and truly had it! So we need to get a loan to buy him a new one, I have already been quoted from lloyds as follows.. I havnt agreed yet.
£1000 over 26 months, £50.26 a month. 24.9% interest.

But tbh I am in two minds whether to try and get a higher loan to cover all the debts and only have to pay one repayment each month- I hope that I ould maybe save on interest aswell..??

Could someone please advise me on good companies pref with a lower apr rate? My credit rate is not great, I am never alte on payments but am only 20 so mahybe thats why?

And before anyone tries to give me advice about saving and not getting into debt.. I hate being in debt I am fully aware that I am living beyond my means but we have no othe choice...the reason for ours is that my partner was made redundant 8 months ago and cannot find work, and we have an 8 month old son- so it has been a necessity unfortunetely. I am however now back at work (although only part time so hence the reason why we need a new car asap.. I cant get to work at the moment!!)

Any advice greatly appreaciated. Sorry if its all a bit jumbled.

chambta

For a loan of that size in this climate you'll struggle to get a much better rate IMO.

Given the rate is higher than the other debts it is more cost effective to prioritise the debts in rate order and leave the cheapest until last.

Obukit

http://uk.zopa.com/ZopaWeb/public/borrowing/loan-calculator/results.html?utm_medium=homepage_v3&utm_source=hero-calc&utm_campaign=homepageHeroTest4&amount=2260&term=36&ppi=0

14.1% APR for 20-25 year olds if you want to pay off everything.