I want to consolidate!

jodilye

I am considering taking out a loan to pay off my credit card (£800),my computer direct debit (£1000) and my existing bank loan (£1600). I have looked at lots of different companies,rates,amounts and lengths. I think I've settled that £5000 over two years would pay off all three sooner and with equal/lower monthly payments and leave enough leftover to pay my phone bill and car insurance,which I have to pay monthly. I don't know the exact details of the interest I am paying on all these various direct debits but assume (blissfully ignorantly) that one interest charge will be lower than all 3 combined. I have no idea if this is a good idea or a lazy way out that will labs me in more trouble. I want to speak to my bank tomorrow but worry they will be biased. Also, if this is a bad idea, is it possible to pay off my car in one payment if I got a larger loan? I'm not sure if hire purchase prohibits this.