loan and overdraft, help please.

johnathan

Hi all
Im after a bit of advice. Im am way into my overdraft and have a loan.
Overdraft just over 3k.
Loan 1.5k left.

I desperately want to get my debt shifted. My gf is off work so im paying everything atm. Had a few problems and hence got to this mess. There is a possibility I shall be running a business but until it kicks off I cant count on money from it. So I have to do with what im on. And im getting near to try get a second job. Though with full time and my strength training im not at home a lot anyway, and less would not be good. but needs must, unless I find something to do at home.

The bank are suggesting I take a loan to clear my overdraft. I would the reduce the overdraft significantly. And then try to not go back into. However being 400quid a month down on income from my gf half of house bills it is going to be very very difficult.

What do you suggest guys. Just need some opinions and options.
Do I take the loan to clear over draft. Would it possibly work out better or just try slowly get out of overdraft. My fear of taking the loan, then going back into the overdraft though.

cheers

whatatwit

Hi Johnathan, you are right to be cautious. Very few people can take a loan to clear cards/overdraft and then not run them back up again.

To get the best advice, you will need to post a SOA, detailing the income and outgoings. You may be able to cut down and keep things as they are.

I will be back with a link for you.

whatatwit

Here you go.... http://www.makesenseofcards.com/soacalc.html