help with managing finances

jennifer_G

having married into debt, his debt is now our debt so am trying to sort our (his ) finances out
16000 Natwest loan at 6.2 %- £270.00 a month repayments
2000 overdrawn on his account- overdraft limit £2000 Natwest
2000 overdrawn on joint account as above Natwest

Would the best way for us to improve our sitution be- transfer his loan to cheaper company i.e northern rock.
Transfer both Natwest bank accounts to alliance and leicster so that we get a year of interest free overdraft with the view of paying as much off in that time?

Husand is selling his car so should get £3000 for that, would that be best put towards paying some of the loan off, or going towards paying off overdrafts?
Any advice would be great xx

lynzpower

firstly your best bet is to find out if you can overpay the loan. some you cant.

CLAPTON

best way of clearing debt is to examine income and spending and to increase the amount that you repay each month.

6.2% isn't a bad rate and as Lynz says you need to find out whether you can overpay the loan and/or any penalties for paying it off earlier.

what is the APR for the ODs?

obviously if you can move the ODs to 0% or low LOB CC then it will reduce the interest paid but also apply yourself to increaseing your level of debt repayment.

chevalier

If you give us a statement of affairs (see southern scousers sticky), then maybe we can spot some savings to be made?
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