Would love some advice - what to do next: rent/buy?

must_try_harder_2

If you can put an extra 1k per month towards your debt that's great. But I must be missing something. If you only have £14800 debt, and you're paying the minimum plus and extra £1000 every month so how can it possibly take over 24 months to pay it all off. The APRs aren't that high, some are even 0%.

I've done a quick calculation and as far as I can work out it should take 14 months.

joerugby

grumpyteacher wrote: »

Right, here goes with SOA:

Just to answer someone from yesterday - I spoke to my colleague who is trying to sell his keyworker flat and they have valued it at £30k less than he paid for it!! Worried me slightly!!

Bear in mind that might happen if you buy a house too. Prices are still going down at the moment and may not increase for many years to come.

If you spend the next three years together getting your finances in shape and saving you should be in a much better position to start buying a home.

grumpyteacher_2

Just to clarify - I've been paying £1000 in total. Minimum is around £425.

hazyjo

Can you not transfer some of the debt on cards with interest to the interest free cards? Don't know what your limits are on there, or if they charge to do that, but the quicker you can start clearing and cancelling some of those cards, the better! Four credit cards (that we know of), a loan and an o/d can't be good. When does your loan expire, and are you permitted to pay it off early if you can?

Jx