which way to go ?

glen70

hi
i dont know what to do next i have got myself into a tight spot.
loan with tescos £130 a month £11000
virgin cc £600 left on balance
mbna cc 0% £2500
llyods tsb £2500 into overdraft.
could i have some sugestions another loan to cover the cc,s and overdraft?
thanks glen

niccatw

Personally, I'd avoid a consolidation loan if I possibly could - you'll end up paying way more in interest. You could get rid of the £600 cc quickly if you put your mind to it and can probably arrange with your bank to slowly bring the overdraft down.

Have you completed a SOA? It's pretty scary getting your head around the figures and people can be pretty ruthless about your spending habits - but it works wonders for sorting it all out in your head and making a good start into changing your spending habits and getting stuck into the debt.

You could also use the snowballing thingy to calculate a possible debt free date. Not sure where that it... will have a look andpost it for you if I find it.

niccatw

Hey, think this is the link that might help http://www.whatsthecost.com/snowball.aspx

glen70

thanks niccatw i will have a good liuck and get back cheers