Help!

paul_lodge

Hi all.

I have a C.C with MBNA with £9,000 outstanding and a C.C with Lloyds with £9,000 outstanding. I also have a loan of £23,000 outstanding with Lloyds. All debts are unsecured. I am looking for the answer of what is the BEST way to pay the LEAST amount back?
I am thinking of putting the 2 cards on a transfere over to barclays at 0% for 12 months, then offer the companies a full and final payment of about 50% of the remaining balence in about 10 months time!
Does anybody have any experience with this kind of action / plan?
Did it work????
Is there a BETTER way to accomplish my outcome?

Regarding the £23,000 Loan - I am paying £430 / month, am 2.5 years in to a 7 year period and would like to know "how can i reduce this monthly amount" I do not want to risk bad credit rating or CCJ etc...but do want to pay less overall.
Is there like a clever way to reduce the monthly outgoing or overall amount that is legal yet effective or am I just dreaming!

Thanks for reading.

opinions4u

I think you have either hit the point of no return or you are mighty close to reaching it.

You have over-borrowed.

The reason you have over-borrowed is that you have, over an extended period, spent a lot more than you've earned.

While your intentions to reduce the monthly cost of your credit commitments makes sense, you actually need to take a step back and review your whole lifestyle.

Ask yourself:

- how can you increase your income?
- how can you significantly reduce all your outgoings, not just credit?
- how can you stop relying on credit?
- how are you going to reduce your debts (not just reduce the payments)?

Is there like a clever way to reduce the monthly outgoing

Spend a lot less money each month and focus on reducing your debts.

I strongly suggest a visit to the Debt-free Wannabe part of the forum where you will find some sympathetic souls who have been there, done it and recovered.

Failure to address the cause of your debt will, ultimately, lead to your financial ruin. Moving the debt around from card to card and lender to lender is like take an aspirin to deal with pneumonia.