Juggling Various debts- Advice please

davyb33

Hi all. I was advised to post in here as you guys seem to know what you are talking about! I have accrued approx £17,000 worth of various debts and i was wondering how to manage them to make it easiest on myself. I have the following:
61 repayments of £248 left on a loan (settlement figure £12,400 i think)
£2,300 balance on my M&S card, damn 1 year interest free!
£550 on store cards
£1,700 in debt on my current account
Total £17k debt

I want to consolidate this into one payment paying as little interest as possible but over a reasonable time period, say 5-7 years and get me in the black again

I have a decent salary and a good credit rating but dont want to start paying £400-£500 a month on debts as this would leave things tight. Could some one give me some ideas?? Should i consolidate in a new loan or should i use life of balance transfer on credit cards?

Thanks, Davy

supersavershal

Im not an expert but iv replied to bump your thread up for you.There should be someone who will be able to help along soon.You need to post a more detailed statement of affairs, and include the apr s of your outstanding credit.

Gemmzie

Ditto everything above.

Also, is the M&S no longer 0%?

nicnevitt

It all depends on what you can afford each month, if you can afford more than the minimum payment then the best ways to clear are:
1. 0% balance transfer cards
2. Paying more each month onto higher APR cards or loans

If you can't afford the minimum payments then you need to work out what you can afford to pay in total, and work out what you can afford to each one.

davyb33

Hi, thanks for your advice. My 0% is coming to an end next month on M&S
Store cards is prob 24.9% apr on the £550
Overdraft with abbey is prob costing about £20 a month to be in red on the £1700
£12,400 loan with Egg is at 7.9%
I could afford £300 a month repayments but not sure what the best way to structure would be.

Davy

postingalwaysposting

use this ~ http://www.whatsthecost.com/ to make the £300 repayments work for you... its best to pay off the highest apr first... btw consolidation is never the answer