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Trying to sort my debts out
SparciaM
Posts: 586 Forumite
HSBC Loan: £6753.18, if settled April : £6029.22 7.9% ends 2010
Smile Loan: £2238.99, if settled April : £2093.19 4.5% ends 2008
So total debt: £8992.17 or if settled in April : £8122.41 so a saving of £869.76
I was looking at a new smile loan at 6.9% for £8100 and the total to repay back would be:
30 months paying an extra £15pm total is £8818.85 would end 2010
36 months paying £30pm less total is £8962.61
So my thinking is moving both loans to smile 6.9% would make me pay less back over the full term. What do people think about consolidation in this instance?!?
Another factor is that I do have £1700 on a FD CC and £500 on a Halifax CC.
Savings to put to debt is: £650 (but can't touch this until May, as I'm moving house and may need to use it for deposit, depending on how quick my ex landlord takes).
What I was thinking of trying to do was:
Switch FD in June to a 0% CC and pay £60pm off (which is what I'm doing now). Pay off Halifax with £650 and put remaning monies to new 0% CC and then maybe look to consolidate HSBC and smile into one - what are peoples thoughts on this?
Smile Loan: £2238.99, if settled April : £2093.19 4.5% ends 2008
So total debt: £8992.17 or if settled in April : £8122.41 so a saving of £869.76
I was looking at a new smile loan at 6.9% for £8100 and the total to repay back would be:
30 months paying an extra £15pm total is £8818.85 would end 2010
36 months paying £30pm less total is £8962.61
So my thinking is moving both loans to smile 6.9% would make me pay less back over the full term. What do people think about consolidation in this instance?!?
Another factor is that I do have £1700 on a FD CC and £500 on a Halifax CC.
Savings to put to debt is: £650 (but can't touch this until May, as I'm moving house and may need to use it for deposit, depending on how quick my ex landlord takes).
What I was thinking of trying to do was:
Switch FD in June to a 0% CC and pay £60pm off (which is what I'm doing now). Pay off Halifax with £650 and put remaning monies to new 0% CC and then maybe look to consolidate HSBC and smile into one - what are peoples thoughts on this?
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