Help Needed

mjwales

Hi all,

Hopefully you can help,

I have roughly £20,000 worth of debt split between 4 credit cards, 3 store cards, a loan that has less than 18 months left and I am repaying over £1000 a month

These repayments are crazy and therefore am looking to consolidate my debts into one manageable monthly amount. I know this should have been done a lot sooner but better late than never

Ideally I am looking for £20,000 over 84 months. I have looked at the MBNA Rate for life card and it seems reasonable, Is this so? Any other suggestions? All help appreciated,

Many thanks
Maria

mjwales

hopeful bump

UnderPressure

I am no expert in this field (lol far from it) so hoepfully someone will be along soon who is.

Off first glace though I would think the amount 20k is going to be your main stumbling block, probably unlikely any card would give you this as an opening limit to do a BT and again might be difficult to secure an unsecured loan for this amount as well.

Maybe look at 2 or 3 BT cards but again in these time that might be a challenge in itself...............................

Sorry I could not have been more help best of luck

Hax

What is your salary? It would need to be big if you are going to find anyone willing to give you more credit - it's generally thought that most lenders cap lending at 50% of your salary. As you would effectively end up with £40K of credit (existing £20K plus new £20K) you'd need an £80K salary to cover that...

KingElvis

Yep, your current borrowing will count heavily against you unless you earn squillions.

Primrose

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Consolidating debts is often not thought to be a good idea, it being better to try and concentrate on paying the most expensive interest rated cards off first. You might like to check out the following websites which may help you work out the most effective way of juggling the amount you can afford to pay:

[FONT=&quot]http://www.whatsthecost.com/snowball.aspx
[/FONT]http://www.makesenseofcards.com/snowcalc.html to work out which debts to pay off first.
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AndersLimpar_2

Move as much of the debt onto zero % BT cards.

Consolidation is a last resort as the debt will last a lot longer and you will pay more in the long run.

If you dont get accepted for new credit cards then call a debt helpline who will take all your details into account (incomings vs outgoings).