2 loans + overdraft :s

kat86_2

I have two loans and an overdraft equalling close to 10000 and was wanting to combine them all so i have one payemnt and pay interest on that one loan. Whats the best way to do this? I have a wedding to pay for that is less then 10 months away so I am tyring to cut costs wherever I can. Because I have the loans with diferent banks and a high overdraft I have a bad credit rating even though i can afford them and have never missed a payment in the 5 years Ive had loans

DCFC79

kat86 wrote: »

I have two loans and an overdraft equalling close to 10000 and was wanting to combine them all so i have one payemnt and pay interest on that one loan. Whats the best way to do this? I have a wedding to pay for that is less then 10 months away so I am tyring to cut costs wherever I can. Because I have the loans with diferent banks and a high overdraft I have a bad credit rating even though i can afford them and have never missed a payment in the 5 years Ive had loans

Its them "i can afford " again and a wedding is less than 10 months away.

So what is the amount owed on the 2 loans then ?

OD is 10k correct ?

Whats your salary ?

Define bad credit ? Missed payments ?

kat86_2

DCFC79 wrote: »

Its them "i can afford " again and a wedding is less than 10 months away.

So what is the amount owed on the 2 loans then ?

OD is 10k correct ?

Whats your salary ?

Define bad credit ? Missed payments ?

I can afford the loans one is just over 5k the other 1.5k both close to £150 a month and the overdraft 2.5k I dont have kids or a mortgage but if i want any of that stuff I kno I should sort this out now rather then later. I earn around 15k a year. The bank told me the reason im paying more interest is because having 2 loans with different banks and an overdraft gives me a bad credit rating. I have never missed a payment on anything even little things like my phonebills.

jonesMUFCforever

How much surplus money do you have every month?

Whatever that amount is pay it back at the highest charging loan/card /overdraft that you have.

If you have no surplus then it is unlikely that a mainstream lender will give you a loan.

kat86_2

jonesMUFCforever wrote: »

How much surplus money do you have every month?

Whatever that amount is pay it back at the highest charging loan/card /overdraft that you have.

If you have no surplus then it is unlikely that a mainstream lender will give you a loan.

Normally I would have surplus but I have a wedding to pay for so thats where my surplus is going right now. I was just wondering if there was to get all the debt together because i though this would save the amount of interest im paying? I was even think of stretching out the term and then after the wedding setting up a savings account to pay that off early to make up for the term being stretched? Im really clueless with this stuff :S

DCFC79

Sorry when you said "I have two loans and an overdraft equalling close to 10000" I mis read it and thought the od was 10k and you had 2 loans, my apologies. Was it your own bank you asked ?

If they said no then generally other lenders will too.

jonesMUFCforever

kat86 wrote: »

Normally I would have surplus but I have a wedding to pay for so thats where my surplus is going right now. I was just wondering if there was to get all the debt together because i though this would save the amount of interest im paying? I was even think of stretching out the term and then after the wedding setting up a savings account to pay that off early to make up for the term being stretched? Im really clueless with this stuff :S

Sorry wrong answer.
You have got your priorities wrong.

kat86_2

DCFC79 wrote: »

Sorry when you said "I have two loans and an overdraft equalling close to 10000" I mis read it and thought the od was 10k and you had 2 loans, my apologies. Was it your own bank you asked ?

If they said no then generally other lenders will too.

Its ok My bank said they would give me the loan but only over 7 years with a high interest rate and a really high monthly payment. She said once ive paid off the other loan which is april next year and the overdraft I could get a cheaper rate but I was hoping to find a solution a little sooner.

ViolaLass

Does your prospective husband/wife know that you're in debt to the equivalent of two thirds of your income? Have you considered getting it all paid off before saving for a wedding (or having a dirt-cheap wedding)?

kat86_2

jonesMUFCforever wrote: »

Sorry wrong answer.
You have got your priorities wrong.

I am paying for the wedding without getting myself into any more debt its better then most and i can pay the loans off and pay for the wedding the way i am. I was just wondering if there was a way I could pay for everything together rather then paying seperate interest on both loans and overdraft. Im not struggling for cash just trying to find better ways of paying off what i owe

kat86_2

ViolaLass wrote: »

Does your prospective husband/wife know that you're in debt to the equivalent of two thirds of your income? Have you considered getting it all paid off before saving for a wedding (or having a dirt-cheap wedding)?

Yeah he knows and I am cutting alot of corners on the wedding because I kno there is important things but i still want to get married. Im not paying any less off my debt for the wedding