merging loans a good idea?

BASIL

Hi all - i have a query which i am struggling to get answers for.
i am going back to university next month for 2 years - i have to self fund the £8000 fees.
I have an existing personal loan with £8000 with hsbc and also credit card debts spread on 4 cards of around £7000.
Do i get a separate loan to pay off the cards and the uni fee or a loan to also cover the loan?
I do not have an issue paying back the money as will still be working full time.
any advice would be gratefully received

CLAPTON

what are the interest rates an minimum monthly payments


but 'consolidating debts that reduce the interest is generally a good idea


without knowing your income, debts of 23,000 seem very high

Pixie5740

It depends on what interest rates your credit cards have and the interest rate on your current loan.

If you can get a personal loan for either £15,000 or £23,000 with an interest rate lower than you are currently paying on your credit cards and/or loan then it might make sense to consolidate. However, for a consolidation loan to work you have to be really disciplined. Do you know where the £8,000 loan and £7,000 credit cards come from or was it just general overspending?

Do you have to pay the full £8,000 university fees in one go or would the university let you pay it in instalments over the academic year as that would save you the interest.

BASIL

the 8k loan was to finance a car and the 7k si a mix of personal stuff and work expenditure. (I am self employed) i can pay 4k a year at the uni...
i need to check all my interest rates on the cards...

AFK_Matrix

Hang on am I being completely dense here but how can you be working full time and going to Uni? Isn't the uni course a full time thing, and even if it is a part time course then surely you will work only part time??

Caz3121

full time at Uni is rarely full time in the classroom. I was fortunate when I attended that I did shift work so was able to work full time and study full time. As the OP is says they are self employed I assume they can work flexibly

OP, rule of thumb is debt to income ration = 50%. You are looking to have £23k worth of debt, is your declared income £46k+...if not you may find the lenders restricted, how long have you been self employed?

thebritishbloke

Why have you been told that you need to fund the uni fees yourself?

Lungboy

And why do you need to pay them upfront, rather than after you graduate and earn the required level?

BASIL

sorry should have been clear - its a 2 year diploma - attendance 1 day a week for 2 years. ive been self employed for 12 years.
ive just frightened myself by looking at my card statements...glad i came on here as i have extremely remiss in keeping on top of them - one card is now at 22.9% and the other at 21.9% the third is at 0% til next october. got to get the sorted asap!
appreciate the comments so far x