First steps. Please Advise

fozmcfc

Just going back to the consolidate thing, as others have said, on the surface the late payments and going over the limit are likely to go against you.

BUT as both your card and overdraft are with Halifax then they may be open to offering a loan to clear it, on the condition that the overdraft is paid off and withdrawn and the credit card is paid off and closed.

I would go into my branch, set up a meeting and be honest with them, tell them you want to get rid of the overdraft and close the card with any such loan and they may go for it.

If accepted I would imagine though it will be at a reasonably high APR, which ultimately will mean that you are likely to pay off more, than if you work on changing your spending habit.

On the other hand, it does mean that you have a set payment and know it is reducing the amount owed by the full amount.

BUT..having consolidated 3 times in the past, I know from experience, unless you are 100% willing to live within your means it won't work, you'll end up worse off.

If you are going to go on the cutting spending, upping income route, it is best to get the overdraft down first as that can be withdrawn and have to be paid back in full at a moments notice.

[Deleted User]

You really should have something in the Emergency fund.

If not, and something urgent crops up, you will be tempted to charge it to the CC, or worse, take out a PDL.