Hello Everyone!

boredofbeingathome

If you can avoid a consolidation loan i would..i know it makes sense to you now but it really is only a short term solution.
Why not have a look at the snowball calculator to see how quickly you can pay things off and compare..i bet you will see a big difference.

Edit to say, it makes no matter if you are tied in with a repayment mortgage you can still swap short term to interest only and will only be a small admin charge..you can swap back after you are on a better footing.

dannyboykurb

boredofbeingathome wrote: »

If you can avoid a consolidation loan i would..i know it makes sense to you now but it really is only a short term solution.
Why not have a look at the snowball calculator to see how quickly you can pay things off and compare..i bet you will see a big difference.

Edit to say, it makes no matter if you are tied in with a repayment mortgage you can still swap short term to interest only and will only be a small admin charge..you can swap back after you are on a better footing.

Thanks for the advice on the mortgage - I will have a look into that.

GeorgeUK

Yeah, what she said.

Don't try to do any more credit applications for another 6 months. After this you may be able to again but you can usually have about 3 applications before your credit score is affected.

The consolidation loan is moving the debt, not dealing with it. From the figures you have posted up you can afford the minimum payments and will probably be better in the longrun without it. The snowball calculator wil tell you how much interest you will be paying overall until your debts are cleared, but if you can clear a card then you may be able to get another BT deal.
http://www.whatsthecost.com/snowball.aspx

Reclaim any charges and make sure you are in the right council tax banding.
http://www.moneysavingexpert.com/reclaim/

MyLastFiver

After debt payments you apparently have £326.28 over at the end of each month. If this is the case then use that money to pay more off your debts, starting with the one with the highest interest rate.

If you don't have £326.28 over at the end of the month, look again at your SOA and try to identify where it is going. Are all your figures definitely correct?

One way you can make a big difference is to lose the Sky TV for the time being. It's looking like a big, expensive luxury at the moment. And let's face it - most of it is sh!te anyway!

Converting CC debt into a loan will make it less flexible. Interest is usually pre-loaded onto loans, and making overpayments is more difficult.

kimdegsidash

Hello Dannyboykerb!
Welcome to the DFW board! Thanks for posting an SOA. That is what helps everyone to understand the full picture. As the above posters said, I doubt that consolidation would be the best way out of yor situation. If you have money available to pay off debts, then use it. The creditors just want your money, they don't have your best interests at heart - we do.;)

Write up a plan of action, and then act on it. Keep posting and we'll help you.