***Please help on debt management ***

IsabelleMedusa

I am looking to manage my finance in a better way, I am convinced it can be done..... i want to beleive it can be donw as these loans are crepling me!

Took:August 2003 = £10,000 loan with IF and have £5,400 left to pay, current repayment is £175/month
November 2003 = £9,000 flexible loan with Cahoot and have £7,600 left to pay, current repayment £154/month
They are both over 6 years
I believe my credit rating to be good.
Before taking these loans I had used the 0% transfer from Virgin, Smile, and Egg
I was thinking of taking a credit card like Amex and transfer as much as possible onto it.
Does it make sense? If so , is it possible? And if not any other suggestions? These are really cripling me and suggestions/advice would be so much appreciated.

nabowla

I'm sure that you'll get lots of great suggestions from everyone here. However, we can only be really helpful if we have a bit more information. First off: what's the interest rate on each of the loans? Secondly, have you drawn up a Statement of Affairs (SOA) yet? If so, post it on this thread so that we can start to look at your whole financial situation. For example, if you're bringing home £2000 after tax each month but all the money's going on takeaways, ents, clothes etc then we'll be able to give you lots of suggestions about how to cut back so that you can throw money at your debt. If you're bringing home £800 after tax, have a family of 16 to feed and a dog that needs long-term medical care than there's a different set of ideas that we could suggest to help you out. OK, I'm being a bit silly here but I think you get the picture - the suggestions depend totally on where you are at the moment!

IsabelleMedusa

Actually as Nabowla mentionned I have not given some important informations so here they are corrected or amended....................I am looking to manage my finance in a better way, I am convinced it can be done..... i want to beleive it can be donw as these loans are crepling me!

Took august 2003 = £10,000 loan with IF and have £5,500 left to pay, current repayment is £175/month with 8.1%apr

November 2003 = £9,000 flexible loan with Cahoot and have £7,500 left to pay as i have occasionally had to get back into this Cahoot kitty current repayment £154/month with 8.5%

They they were both over 6 years

But me having used the flexible loan in some emergency seems to mean that I have added another year to it.

I believe my credit rating to be good.

Before taking these loans I had used the 0% transfer from Virgin, Smile, and Egg

I was thinking of taking a credit card like Amex and transfer as much as possible onto it.
Does it make sense? If so , is it possible? And if not any other suggestions? These are really cripling me and suggestions/advice would be so much appreciated.

I have been through the "spendometer" on the site and I find that I am quite responsible with my spending but I am so convinced that I could do so much better
:A :A :A