My life story, with a question, feel better for getting it out there

Tabby_Kitten_2

Ok, I don't have alot of debt, but want to sort out what I do have now.
Currently I owe £1300, £500 on my overdraft (agreed) and £800 on something call a flexie loan from my bank, which is basically a current account with an overdraft, which you pay a monthly payment on but can add more or take out money if you need to.
I took the flexie loan out when I moved into my own flat for the first time to pay for the deposit and a months rent, unfortunatly it didn't all go to plan and last oct I got made redunant and had to leave the flat and move back 'home' and ended up living off my overdraft and flexie loan as I couldn't find a job for three months and job seeks to AGES to come through (it was getting on for 2 months before I got any money through) I was also really gutted as it was my dream job and I been working there since I was 17 and had been a volunteer before that and really didn't have a life outside of it as it was often long hours, and so I kept buying things to try and make myself feel better, which I knew was bad at the time but I was in a state.
I finally got a job just after christmas so am now working again, but have to have paid back the flexie loan, which was for 18months, by June, the plan that I've come up with is to take out an 0% balance transfer credit card and pay it off with this and then pay back the credit card as fast as possible, does that seem like a good idea or a mad one?

CAFCGirl

I'd say can you speak to your bank and explain that you were made redundant and need some extra time to pay it back.

I'm sure if you approach them now and explain the situation they'll be more than likely able to help you.

I'd look into that before getting out a credit card.

Tabby_Kitten_2

CAFCGirl wrote: »

I'd say can you speak to your bank and explain that you were made redundant and need some extra time to pay it back.

I'm sure if you approach them now and explain the situation they'll be more than likely able to help you.

I'd look into that before getting out a credit card.

Thanks, I'd thought of that but am paying about £10 a month interest and thought I might be able to get rid of that this way?

CAFCGirl

ohh in which case then, try for a 0% card lol

KellsBells

Hiya,

I agree with CAFCGIRL, if you can get a 0% interest card it's much better than paying the interest - just be very careful not to spend any more on the card - it's a downward spiral.

From my past experiences, I will never touch credit cards or loans again. My new motto is if I can't afford it or can't save for it, I can't have it. Simple as!