Is MBNA and virgin linked

drewbert73

cahoot - £4300 balance out of £5000 limit, £110 minimum payment, 12.9%apr i think
lloyds - £2300 balance out £4500 limit, £80 minimum payment, 15.9% apr i think
santander personal loan £7200 out of £8000 original loan , £135 monthly payment unsure apr.

thanks for help and advise.

crispy_chris

You have a huge debt to income ratio, I would be surprised if anyone would take on further lending commitments with you.

At the moment the limit that most lenders will accept you at seems to be available credit of less than 50% of your annual income, which yours is clearly more than.

Good luck though!

Any

The APRs on your credit cards are quite low in comparison to what is on the market.
You are highly unlikely get better APR consolidating loan - your current loan you most likely cannot repay early without repayment charges anyway and with your level of debt you are not going to get best rate new loan to pay off the cards.

So unless you need to take out consolidation loan over many many years to bring down monthly repayments because you are struggling then I wouldn't even consider this as doing this would prove most costly in the long term.

YorkshireBoy

drewbert73 wrote: »

santander personal loan £7200 out of £8000 original loan , £135 monthly payment unsure apr.

After playing with some numbers* on the 'whatsthecost' loan calculator, it looks like it's around 11% APR.

I don't think you'd get anywhere near that rate today if you had half your current debt to be honest. Sorry!


* £8,000 loan over 84 months at 11% APR shows a monthly premium of £136.98