Advice needed! The best way to pay these debts off- do I get a loan?

Cat_Rogers

Hi I have two student accounts,
which have big overdrafts on- one at £1700, one at £1600.
I have my wages paid into the one that's £1700 overdrawn, and can't seem to reduce it down every month as I should be doing. I am now paying interest on the first £600 and £700 pounds of each overdraft, only the first £1000 is interest free.
I also have a credit card which is interest free at the moment, it has £1300 on it.
I am considering getting a cheap personal loan to pay off all the above and just make one monthly payment.
Or, should I get a smaller loan just to pay off the bits I'm paying interest on off, and continue struggling to reduce my overdrafts down every month?
If anyone has any bright ideas on how I can begin to sort this all out they would be gratefuully accepted!
Thanks

Welshlassie

With regard the 0% CC is there any spare capacity for you to transfer some of your overdraft onto it.

Get yourself a new bank account so that you can actually use your salary.

Also post your SOA (Statement of Affairs) see Sticky thread "First Time Posters" for how to do this.

You're better of not getting a loan if you can help it. What do you keep running up overdrafts, are you living beyond your means every month, or just using it to survive. Until you realise why you have these debts you will keep getting yourself into this state.

Good luck.

lynzpower

hi cat

First of all, getting a loan doesnt "pay debt off" it increases the amount of debt you have to pay and over a longer period of time. Most of us have done consolidation to the death, and we know from being burned it doesnt work

your best bet is to do a statement of affairs ( read southern scosers sticky "first time posters") and follow the instructions. we- and you! need to know EVERYTHING you spend money on! once youve put it down we can go through it and find out where you can save money, and then that money you save can pay your debts off.

Good luck
Lynzx