What to do?

illmonkey

Ok, i have mentioned this before, but have thought it through a bit more etc.

Current debts:
Egg Loan -£10,643.17 - 7.7% - 6 years left
Credit card Barclaycard -£1,510.16 - 15%
Credit card Morgan Stanley -£2,102.61 - 15%
Credit card Natwest -£1,990.76 - 0% - soon to be 15%
Current account (personnal) -£1,483.11 overdraft
Current account (joint) -£225.41 overdraft

Total: - £17,955.22
Min payments monthly - £310

Im not 100% on the ... percentages, so i put 15% for all of the cards. Seems average.

I have really got fed up with having 6 DD's every month, and seeing payments going out, to only cover huge intrest every month!

I am thinking of taking a loan out with my bank, 6.9%, over 6 years. Which is £304ish a month.

Now, i know this is spreading the credit cards over a longer time, but as i see it, the CC's are the frist part of the loan etc.

You're all problery going to tell me to pay off the highest intrest first etc, but i just dont think i can do that. These problems really wind me up and i jsut get fustrated with them, i would rather just put it all on 1 loan, and put it to the back of my head. Then, if i get a bonus (!!) or extra money, i just pay some of the loan off. I just want to get on with life and put all this "behind" me, although it will still be a £300 DD every month!

I just want it so, when i get paid, i dont just clear my overdraft every month, but im always in the black. Then the DD is taken so i know where im at. I am saving as much money as i can, and im not getting into more debt, so i think a clean break like this will allow me to save more meaning i have either extra money for things i need (shirts etc) or to pay some more off the loan

Is this just being silly, or what?

lynzpower

Sorry to be the bearer, but yes I think you are being a bit silly.

You say you cant do that, paying the cards off, why on earth not? Also, why dont you transfer all the cards to one low life of balance or 0% cards, some LOBs are 4% you might want to look at these first. Also on many loans load the interest at the front, so youcan be paying for a year and not touch the balance ( thanks lloyds) Ive been burned by them & I wouldnt do it again I have to say

Zabl

I have to agree with Lynz here, transfer, transfer transfer to 0% cards and become a 0% card tart, it'll save you loads in the long run re: loan interest etc.
If you can't transfer all of it, at least transfer the highest cards and pay them off as soon as you possibly can.

Else set up another bank account and set all your DD's to come out of that, this is wot i do and it works really well, i know how much i need in there for the month and the rest of my wage is mine to spend as little of as possible in true DFW stylee :rotfl:

HTH

Foxy106

If you do decide to go the loan route to pay off the CCs, just make sure you cut up the cards (hope you've done that anyway) and cancel the card accounts.