Best personal loan (£25K) allowing overpayment?

chalkie99

Anthony1970 wrote: »

I have found a loan quote at Tesco for £25K@7.2%

But that is their best advertised rate for applicants with a perfect credit score on their scoring targets.

It is almost certain that you won't get anything within a mile of that with existing debts - very probably no quote at all.

27col

You don't need to consolidate your debt. What you need to do is to pay off your CC's as fast as you can. The more you throw at them the faster the interest payable each month will come down. You should not be tangling family members in your financial problems. If you have £1000 pm spare, then you could and should be, quite rapidly reducing your debt.

retepetsir

You'd be better asking all of the creditors to freeze the interest and then sort out a payment plan, you then won't have the level of debt increasing.

I really do advise speaking to the National Debtline, they are really helpful and through Payplan/Stepchange I managed to sort out a DMP for a friend of mine in large debt (£20k on a salary of £18k), she's now paying back what she owes in manageable monthly payments over 5 years.

Really wouldn't advise borrowing more to pay back debt, it rarely works.

nearlyrich

Anthony please post your situation on the Debt Free Wannabe board, many people who have been in your position and have got out of debt, if you have £1000 to throw at the credit cards doing it in the right order will get your debts gone quicker than borrowing more via a relative.