We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Loan to pay off Cards?
WoodyWoodpecker
Posts: 44 Forumite
in Loans
I am currently looking at trying to sort out my finances after several years of mismanagement!!!
I owe approximately £14,500.
£3,500 on cards with life of balance rates of 3.9% and 5.9%
The other £11,000 on MBNA and Barclaycard which are low interest at minute but longer term will hit me.
I really need a plan on how to deal with it as it is beginning to affect my health.
Would it be worth getting a long term 60 month loan to pay the main debt?
Any advice greatly appreciated.
I owe approximately £14,500.
£3,500 on cards with life of balance rates of 3.9% and 5.9%
The other £11,000 on MBNA and Barclaycard which are low interest at minute but longer term will hit me.
I really need a plan on how to deal with it as it is beginning to affect my health.
Would it be worth getting a long term 60 month loan to pay the main debt?
Any advice greatly appreciated.
0
Comments
-
How much do you earn? You'll need to be looking at a salary of around 60k plus to get another £15k of credit.
You may be able to get another card with a BT offer, although unlikely with that level of debt. Otherwise, you need to look at making sure you're paying off as much as you can, and prioritising the higher rate cards.0 -
Currently earn £24k and wanting loan to pay off the outstanding debt.0
-
Definitely not going to happen then. You'll have 30k of debt for a tiime , on a 24k salary.
Time to start cost cutting and paying back hard.0 -
Deleted_User wrote: »Time to start cost cutting and paying back hard.
Without question the best advice you'll get - the only way to get rid of your debts is actually to pay them off, not take on further debt (which would most likely be at a higher rate anyway).
Cut your spending where you can, and start paying off a few hundred quid each month, probably weighted towards the MBNA and Barclays considering the future change in their rates.“In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing at all.” - Roosevelt0 -
Have to agree with above,no loan for you.
Maybe get yourself over to the Debt Free board and ask there for help.
They're a pretty understanding bunch.Space available for rent0 -
Cheers really appreciate the advice
0 -
Just like Greece you have to reduce you monthly payments to manageable levels where you are actually paying off debt. Don't leave it. We transferred all our debts to our flexible mortgage, extending it for a further two painful years, but it allows us to pay more money into our pension, where before that we could do anything.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards