Advice Needed to clear debts in 3 yrs

moneybackplease

would love to clear debts in 3 yrs
loan £ 7500 repayment £226 p/m 3yrs left .. no PPI
c/c 1 £ 4700 " £ 100 " 0% till jan 08
C/c 2 £ 4400 " £ 100 " 0% till jan 08
c/c 3 £ 1300 " £ 100 " 17.9 %

should i consolidate , keep tarting c/c's , look for a cheaper loan or carry on as most should finish in about 3 yrs anyway

angelavdavis

Hi and welcome!!!

First things first! You need to see if you can free up some cash by going over your statement of affairs. If you see the sticky from SouthernScouser it will provide you with guidance to the process. That way, you know exactly what you have to play with and by posting it on here, the good folks will be able to suggest ways of saving.

If sounds like you have cracked the 0% trick!

You now need to concentrate on:

1) as mentioned, saving where possible - cutting back if necessary.
2) finding methods of increasing income - extra jobs, ebay your belongings, taking in lodgers, quidco, etc.
3) cc3 - could you ask for a reduction in the interest rate?

I don't advise consolidation (I am sure others will comment too).

By all means continue tarting, but you need to be paying over the maximum you can afford on the higher interest debt first.

Are you able to overpay the loan?

moneybackplease

is it easy to overpay loan .... i'm saving £ 26 p/m cos i cancelled ppi

moneybackplease

sounds a silly question but would bank accomodate me in asking for a reduction in interest rate on c/c 3 ..... i'm sure they'd love me to continue spending on it as i have over £ 8k credit on it ..... yes £8,000 but i'd love to get rid of it but don't have enough credit left on my 0% c/c's

Verbatim

Are you snowballing? Paying minimum payments on all ccs except the one with the high interest rate.