Debt Consolodation

james_lawless

Hi all,

I apologise if this is posted in the wrong place but I'd like some advice.

I'm looking into taking out a loan to consolodate my credit card debts and car loan into one monthly loan payment. This would be over a longer period at a lower rate than I pay currently.

I took out a car loan with Sainsburys for £12,000. This has, pretty much, 24 months left (now just under), and I repay £306.87 a month. The interest rate is 10.95%. The total repayment figure is £7022

On top of this I have two credit cards, with a total of just under £4500. I am about to turn this into a single card, on an interest free balance transfer for 14 months.

Finally I have an overdraft of about £400.

Originally I was comfortable with the payments, and had much less debt on credit cards. My personal circumstances changes a few months ago, I split up with a girlfriend, moved house and purchased items for the new place on the credit card. As a result I'm now struggling at the end of the month, although I am meeting my payments, and the overdraft is floating +/- £100.

I was looking at turning this into one large debt, in a personal loan over 5(ish) years.

Thoughts please?

RAS

Dont.

Put an SOA on here and we may well be able to help you but do not consolidate; you end up paying more interest over the full term.

james_lawless

Sorry, an SOA?

RAS

Hi here http://www.makesenseofcards.com/soacalc.html

You need to format for MSe at the end.

It helps if you add the limits on your cards and the number of years/payments outstanding on any loans.

And before you post up, remove the link to MSE at the bottom of the page, because as a newbie, you are not allowed to post links.