Advice needed on consolidating payents

davetaffy

Hello all
Can anyone advice me on what options to take and which bank to go, I want to consolidate my debt or just simply save money...

I have £4k overdraft with the bank and £5k flexi loan with an increasing interest rate of 14.9%

It just getting out of hand and I need HELP!!!

Anyone with a spare £10k they could give me

moozie_2

Hi there and welcome

It sounds like you tried consolidation before and it hasn't worked out. Many of us have done similar thing so it's nothing to be ashamed about.

Have a look at southernscouser's sticky at the top of the forum and post a statement of affairs so we can see what you are dealing with.

Best thing to do would be to change your spenfing habits and identify where you are going wrong before you consider another loan.

Keep posting!

taxi73

Hi there and welcome...I agree with Moozie 100%...so please post your SOA and we'll see where we can help

SunderlandBlackCat

As Moozie said, many of us have consolidated & it didn't work out (twice for me) basically because we didn't tackle the spending that got us into that position in the first place.

My advice is firstly fill in a SOA - SOA guide here http://forums.moneysavingexpert.com/showthread.html?t=107280

Secondly start a spending diary & write in every penny you spend so you can find out where you're leaking money

Third get a new current account to get your wages paid into keep what you need to live in that account & treat the overdraft on your existing account as a flexible loan that you need to pay off in controlled amounts.

Lastly find out what the APR is on your overdraft & fill in the snowball calculator http://www.whatsthecost.com/snowball.aspx which will show you how much the debt is going to cost you but will also do a comparison against consolidating.