Consolidating Credit Card Debt

skinnybowler

I have a snowball plan for all my (and OH's) debts and in the plan, we are anticipating everything except what we owe NRAM (Together Mortgage) being cleared by mid 2013. This is based on me recieving average bonuses each March (they have been above average in recent years) and that I am expecting approx £12000 available when my share options in my employer mature in December 2012. However, I would like to know if there is any way of making these debts cheaper for the next couple of years. I don't want to trash my credit rating by making lots of unsuccessful applications.

I currently have approx following debts:

Mortgage (NRAM): Approx £124,000 - Interest Only @5.99% dropping to SVR (4.79%) in August
House Value: Approx £130,000-£135,000
Together Loan: Approx £27,450 - 30 years repayment left @5.99% dropping to SVR (4.79%) in August

Total repayments to NRAM are currently £780pm dropping to ~£640 in August

AA Loan (Orig £17k over 7yrs @14.99%- Current Balance Approx £12,600. Repaying £335.96pm)

Credit Cards

Barclaycard - Closed account to stop increase in interest rate
Interest Rate: 21.9%
Balance: ~£4250
Current Min Payment: ~£98

Egg Money (Now Barclaycard) - Closed account to stop increase in interest rate
Interest Rate: 26.9%
Balance: ~£1000
Current Min Payment: ~£30

Egg Money (Now Barclaycard)- Closed account to stop increase in interest rate
Interest Rate: 16.9%
Balance: ~£1000
Current Min Payment: ~£25

Halifax - Active
Interest Rate: 25.95%
Balance: ~£6350
Current Min Payment: ~£130

AA - Active
Halifax - Active
Interest Rate: LOB 6.79%
Balance: ~£1000
Current Min Payment: ~£13

Halifax - Active
Interest Rate: 26.9%
Balance: ~£1400
Current Min Payment: ~£25

Natwest - Active
Interest Rate: 24.9%
Balance: ~£480
Current Min Payment: ~£15

Any ideas welcome!!

CH27

You have an awful lot of debt.
I don't think there is any way you could get a consolidation loan.

Tixy

With over £28k of debt excluding NR then I think the chances of a consolidation loan are very slim.
Even if you were earning say £60k you'd be at the likely max credit you would get.

Probably the only way you could cut the costs is if you could shuffle the debt at all across the open accounts you already have, unfortunately most of your rates are already pretty high - I assume the LOB card is at is limit?

Xbigman

Did you mean to post on the debt free wannabe board?




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