Help Needed!!! credit cards / loan consolidation quandry???

aw23

Hi there, i was wondering if anybody could avise me please? I've currently got some debts that i am paying off but its leaving me really really skint each month. basically i'm looking to pay less each month even if it takes me a wee bit longer to pay it all off.

heres what i've currently got;

a (shockingly poor) loan with 8 payments left @ 226.19 ( total 1809.52).

a credit card with 1,851.82 on it @ 0% until november
and 950.21 @16.75%.

so the total right now is a minimum of 4657.35 (i know paying off the loan early will add a bit!)

just now i make the loan payments but only pay the minimum on the credit card each month which is about £40 and i'm still struggling. ideally i would like to be paying 100 to 150 as it would free up some money i need for other things.

So basically I was wondering if anybody thinks it would be better to move any of it onto a new cred card at a zero rate.

any help would be really appriciated, thanks

maginot

If you were only able to get a poor rate loan last time and gave still not paid it off, it is unlikely you would be able to get another.

Can you get another 0% credit card to balance transfer?

If not your only option is to just cut right back, post up a SOA so people can advise better where you can better make savings. Remember it will only be 8 months and that will free up £226.

To be honest if you just keep trying to extend your borrowings you are going to find life less enjoyable as you spend years paying back debt.

Vikipollard

What's your debt to salary ratio?

Bear in mind that if you're looking to borrow effectively another £4.7k, you're likely to have to be earning at least £20k for them to consider it as you will have £9.4k of debt. (They can't guarantee you will actually pay off your existing debt with the loan.)

DCFC79

Whats to stop you from spending the loan rather than using it to pay off the debts ?

Have you looked at where or what your money is being spent on ?

aw23

the loan money was spent on things, i'll be honest i was a bit silly with money up until last year. it also didnt help that i moved into a house with a mortgage when i was only earning 13 - 14 k.

i wouldnt say i am daft with money anymore i hardly ever go out (maybe 1 or 2 times a month) and when i do i only spend about 20. household running costs like the mort, ctax, factor fee, virgin media etc are about 400. ive already changed my mobile contract from 36 to 15 and never buy lunch anymore but i guess i'm just really struggling cos of past mistakes.