HSBC loan advice or opinions please

adelemol

Argh, my head is wrecked with my debt….

Virgin, balance of 5400, monthly payment 105 (as of 10th mar when 0% ends)
HSBC balance of 3600, monthly payment 85 (at 0% til august 09)
Catalogue 1 balance of 1000, monthly payment 45
Catalogue 2 balance of 200. monthly payment 15
Catalogue 3 balance of 100. monthly payment 8

I cant find a card with a 0% promotion that will give me a credit limit of 5400 and I don’t want to split it up as that’s more cards than I can handle! Also as I understand it, virgin is MBNA and they have a lower minimum payment so if I transferred onto other cards it would probably cost me more than 105 per month?

HSBC can offer me a loan of 10000 at 15.2%, paying back a sum of approx 14000 over 5 years. Payments of 240 per month with a payment break every January for the life of the loan. It sounds good to me in terms of having all my debt in one place, a manageable monthly payment and a great payment holiday offer.

I know that means I would be getting a HSBC loan to pay off a HSBC card when that card has a period of 0% left on it but im just so frazzled doing this credit card shuffle every 6 months (

Get the loan, pay it all off over 5 years and never touch another credit card or catalogue ever again….

Shall I do it? Opinions?

Thanks in advance x

Robert_Sterling_3

Re: your signature.

Getting some weight off ... Great. :T :T :T

Getting cards paid of would be great too.

SteveScooby

What interest rates are you paying on your catalogues?

adelemol

thanks, it was great yeah...but ive got myself into a financial palava lol

im itching to get this loan and be done with it! i guess i just need some assurance that there isnt a differnt way i should be doing things?

SteveScooby

adelemol wrote: »

thanks, it was great yeah...but ive got myself into a financial palava lol

im itching to get this loan and be done with it! i guess i just need some assurance that there isnt a differnt way i should be doing things?

There's no point taking out a loan to pay off your HSBC card when there's still 6 months of 0% interest on it

adelemol

thanks for the sensible advice, i think thats what i need to hear really!

i dont do well at understanding this stuff and always feel like i just want to go for what feels like the easiest option.

i know that one catalogue is interest free, some sort of flexi account that was offered...the others im not sure of though, i will find out and post, thanks all x

oh the virgin card goes to 23.9% as of 10th march.