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Help on loans needed

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nickwilks7
nickwilks7 Posts: 76 Forumite
in Loans
Hi, i am after any help on ways i could save money or reduce my debts!

I currently have 2 personal loans, 1 with Natwest which i still owe £8,000 and paying £256 a month,
and 1 with Sainsburys bank which i still owe £16,700 and paying £315.10 a month.
I also have £3,500 in my savings account which i could use to pay off some of the loans and get a better rate??

would i be better trying to refinance, or just let them both run their course?

I am really stuck and need to get out of this debt asap. :(

Comments

  • euronorris
    euronorris Posts: 12,247 Forumite
    Part of the Furniture 10,000 Posts Name Dropper PPI Party Pooper
    Using the savings to pay off a chunk of one of the loans is a good idea.

    Consolidating is rarely a good idea.

    Firstly though, what are the interest rates? Are you able to make extra payments/pay off early without penalty?
    February wins: Theatre tickets
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