Debt Consolidation Loan with RBS

pheonixrising21

yoshiyella wrote: »

Thanks for the information - yes I can support the additional borrowing on top of my current debts as I have £240 a month available (and that's with a fairly high monthly food bill as I like to eat!).

My £1200 has been saved up over the last 6 months and I was saving it to whacking it all on full and final settlement offers.

As for my CC - they have been closed down and showing as that on my report despite me owing a balance - not missed a payment.

Thanks for all those who have responded it is appreciated!

Personally, I would use a lot of that savings you have to pay off debts. Maybe keep a small pot for emergencies. You are probably paying a lot more in interest than you are earning on your savings. Paying, say £700, off you debts now will not only save you interest on that, but it will lower your current debt and the amount you will need to borrow.

As banks currently take old and new debt into consideration, paying off £700 will, in essence, make a £1400 difference in the eyes of the new lender.