After a bit of advice please

CB1979_2

basically 18 months ago I wasn't working, but still had existing bills that needed paying.

long story short, i got into pretty big credit card bills.

my current situation is this, I owe on credit cards:

LloydsTSB £2,253.42 @ 16.62%
MBNA - Virgin £6,125.80 @ 21.6636%
MBNA - Amazon £2,294.92 @ 19.1712%
BARCLAYCARD £2,977.49 @ 15.7560%

I was paying minimum payment and then realised the balancing was still going up!

Anyway I've been aggressively trying to pay off the amounts and now paying a fixed amount of:

LloydsTSB £80.00
MBNA - Virgin £250.00
MBNA - Amazon £80.00
BARCLAYCARD £85.00

plus a £300 loan each month as you can see, I pay near on £800 a month now in repayments.

now the repayment isn't so much of an issue, just killing me knowing i'm paying so much in interest each month.

basically I can't get another credit card of 0% or anything.
just wondering how others would tackle this.

i've tried ringing the card companies saying i'm having difficulty paying, but it's difficult to convince them when i have no missed payments and am overpaying! lol

LloydsTSB have offered me a £16k loan @ like 16% (and said as long as i continue to pay off my loan on time and clear my cards, i "should" be able to get a new loan at a much better rate in 3-6 months time) but i'm reluctant to sign myself up for a loan, in case i can't then get a loan at a better rate.

can't really see the wood for the trees on which would be the best solution to go with, so any help/info appreciated.

cheers

jonesMUFCforever

The loan is cheaper than 3 out of 4 of your cards.
You should be better off.

Forget 3- 6 months you may qualify for a better rate loan - it will be a minimum of 12 months before they will consider re-financing it.

The only downside is should you start using the cards again you will be back to square one.