Should i get a 7.5% loan?

Apples2

CAN1976 wrote: »

Is it not a consolidation loan to get the higher percentage debt on to a lower percentage? If so overall debt would remain at 13k wouldn't it?

Yes but the lender will add the new loan to the current debt to decide the risk factor.
Doesn't matter that it will be used to clear previous debts, risk is too high the applicant will splash it all on a new car/holiday etc so they have to consider it an additional debt.

Consolidation loans are quite difficult to obtain these days for that reason.

koshiuk

CAN1976 wrote: »

Is it not a consolidation loan to get the higher percentage debt on to a lower percentage? If so overall debt would remain at 13k wouldn't it?

yes that is what i was thinking, it would be used to clear my flexi loan, and close the facility so i dont use it again, getting a loan would basically free up my monthy payments.. i know i should just pay more off the cards instead of paying minimum but unable to do this at the moment, i will be about £200 a month better off in a few months tho, so maybe just stick to paying off the cards and ideally moving as much to a 0% card??