Is this a stupid idea?

mr_eggs

sorry got the apr wrong on the santander loan,

as it stands theres £7,370.05 left @ 8.9% APR and according to anual statement it is finished July 2014

my school of thought is to keep on as we are, get the halifax moved to another 0% deal then when the santander is up next july blast the credit cards.

i think its a false economy extending the loan for 5 years just to pay the cards off....

also child care end in sepetember so thats another £300 that will be spare...

Hmmmmm

Newlywed_Saving_Ninja

This is my personal view: In light of the end being in sight for your loan (about 17 months away) and you having an extra £300 to play with from September due to childcare costs disappearing, I really think you should hang in there. I have been tempted a lot since the beginning of last year to consolidate all of our debt by taking out another loan, but with my last loan payment due March 1st (only just over a month to go, woo!) I am so glad I stuck it out. Once that is cleared, we are going to transfer the £250 a month usually paid to that straight on to our highest credit card and start to really hammer our CC debts hard.

Stick it out, you will be so glad you did in the end.

mr_eggs

i really have to agree with the last comment.... the end is in site finally and to have it put back another 5 years makes me feel sick.

i just wirtten everything down and i'll chat tonight with the wife...

thanks everyone

Newlywed_Saving_Ninja

Let us know how it goes this evening Mr Eggs

FallenArcher

Mr Eggs that sounds like a great plan! Stick with it. And hammer those credit cards. We've consolidated a few times and although easier to manage it has never helpe us becoming debt free. Stick with it and hammer the credit cards :-) Hopefully you'll get another 0% (if you have another account with £0 balance is usually worth contacting them to enquire. But before doing a balance transfer try and get that cc down as much as possible- do you have anything you could sell? It's a free listing this weekend on ebay so you could make a few quid there. Good luck!

mr_eggs

hi all,

well we had a chat, were going to stick to my plan.

when the loan is paid off next year, if we keep loan payment to help pay the credit cards off along with the credit card payments in less than a year they will be paid off aswell.

so in theory, by end of 2015 we'll be free.

it will be like winning the lottery...

my god we have learnt a hard lesson....

cheers all and best of luck!

Betty_Crumble

good decision imo, good luck

chevalier

You might want to do a statement of affairs (link in the first time posters thread). Just to ensure you are using the money you have as efficiently as possible. Any savings you can put to the debts

Newlywed_Saving_Ninja

best decision I think. Here is to being finally free in 2015