card/loan to pay debt

naismith84

I am new here so 'hello' to you all
I am looking at paying off a £1500 cc, a £900 overdraft and leaving myself a few hundred quid to build on. So totaling around £3k. I want all this to be paid off within 3 years, paying no more than £100 a month (ideally £70-90). what is best for this please? balance transfer cc, cash transfer cc or personal loan? thanks

grumbler

The longest BT ATM is 33 months. There are few 31-32 months.

• Balance Transfer Credit Cards

To transfer the overdraft and to get 'a few hundred' you'll need a card that offers 'money transfers'. One of the above cards - MBNA - does offer them (31 months): Money transfers

For loans see Cheap Loans article.

CLAPTON

naismith84 wrote: »

I am new here so 'hello' to you all
I am looking at paying off a £1500 cc, a £900 overdraft and leaving myself a few hundred quid to build on. So totaling around £3k. I want all this to be paid off within 3 years, paying no more than £100 a month (ideally £70-90). what is best for this please? balance transfer cc, cash transfer cc or personal loan? thanks

3000 over 3 years (36 months) assuming no fees and no interest require monthly repayments of 3000/ 36 = £83.34 per month


probably the best you could hope for is a 3% fee on a BT which would be £90 so increasing your monthly payments to £86 per month




a 0% BT over 36month is pretty hard to get and as we don't know what your credit files say about you or your income etc it's hard to guess what sort of deal you could get

MEM62

You need to bear in mind that additional borrowing does not pay your debt - it only moves it. You will still need to address the matter of paying off what you have borrowed in order to be debt-free.

Fishingtime

So you want to borrow money to pay off the debts you owe.
But you still want an extra £500 on top of what you already owe.
So basically you just want to get deeper into debt ( Unbelievable )

naismith84

thanks all for your help. I have just finished paying a £90 per month loan so I am hoping to use that monthly payment to close other debts (and yes have some extra cash). I have been used to this monthly payment coming out so it isn't an extra amount. maybe it is better to just pay off cc OR overdraft first rather than trying to do it all in one?

CLAPTON

naismith84 wrote: »

thanks all for your help. I have just finished paying a £90 per month loan so I am hoping to use that monthly payment to close other debts (and yes have some extra cash). I have been used to this monthly payment coming out so it isn't an extra amount. maybe it is better to just pay off cc OR overdraft first rather than trying to do it all in one?

what's best to do, depends upon what your existing OD and CC are costing you in interest and fees


why do you want another £500?

naismith84

CLAPTON wrote: »

what's best to do, depends upon what your existing OD and CC are costing you in interest and fees


why do you want another £500?

hi Clapton - I don't have the exact details to hand but I know I pay about £15 a month for overdraft and min payment of about £30 for cc.
looking at a bit of extra cash for a holiday to be honest (which I imagine will annoy people)

CLAPTON

naismith84 wrote: »

hi Clapton - I don't have the exact details to hand but I know I pay about £15 a month for overdraft and min payment of about £30 for cc.
looking at a bit of extra cash for a holiday to be honest (which I imagine will annoy people)

it's a little difficult to know exactly what you are asking

naismith84

CLAPTON wrote: »

it's a little difficult to know exactly what you are asking

I was just after a bit of advice on how to pay off this debt but with the possibility of lending a little more. thanks

CLAPTON

naismith84 wrote: »

I was just after a bit of advice on how to pay off this debt but with the possibility of lending a little more. thanks

the best ways to pay off debt are
-allocate more of your income each month to repayments
-pay as little interest / fees as possible
-spend less so you pay off more


living in a permanent overdraft is dangerous as the bank can call in an OD at anytime, so best to pay this off first.


borrowing money to go on holiday and taking three years to pay it off seems unwise : what will you do for a holiday next year, borrow more?


you don't say what your income and other expenses are nor the reasons why you are in debt, so it's not really possible to comment on the likelihood of our getting 0% BT CC.