Consolidation?

DCFC79

You would be better off posting on the debt free wannabe board which is just below the loans board.

Caz3121

Inapickle12 wrote: »

I don't have a partner.

you mention 3 adults in the household...if these are not partner this will be irrelevant. If they are housemates or parent they are not part of your household so Adults = 1
(It currently looks like you are supporting 3 adults on your income)

andyfromotley

Hi Inapickle.

There is nothing wrong with your suggestion. It makes sound sense.

I (and others) normally do not recommend consolidation loans because people haven't addressed the main problem of living beyond their means, and they just go on to rack up a load more debt on the credit cards ending up with credit card debt and a loan! However you seem to have your finances sorted, are not using credit to fund your lifestyle each month and seem aware of the dangers.

Crack on, it will save you tons in interest. Just be SURE not to let more debt creep up on you.

GwylimT

If you trust yourself it will save money compared to your current payment method.

You could also look at snowballing, if you google snowballing calculator you can add all your debt and how much money you have per month to pay it off, amounts, interest rates and monthly payments. Looking at stoozings calculator using your £260 a month (guessed minmum payments based on balance and interest), you could be debt free in 19 months.

It will give you a very clear payment amount each month, you may also be able to clear your debt in less than three years.

Inapickle12

Caz3121 wrote: »

you mention 3 adults in the household...if these are not partner this will be irrelevant. If they are housemates or parent they are not part of your household so Adults = 1
(It currently looks like you are supporting 3 adults on your income)

They are the other care leaver tenants.

Inapickle12

GwylimT wrote: »

If you trust yourself it will save money compared to your current payment method.

You could also look at snowballing, if you google snowballing calculator you can add all your debt and how much money you have per month to pay it off, amounts, interest rates and monthly payments. Looking at stoozings calculator using your £260 a month (guessed minmum payments based on balance and interest), you could be debt free in 19 months.

It will give you a very clear payment amount each month, you may also be able to clear your debt in less than three years.

I just had a look, I think maybe your guess on the minimum payment was a little low, I have done it and with the snowballing (i have never heard of that) I can be debt free in 27 months. So thats almost a year less than consolidation so thank you very much for that suggestion.

I have changed my direct debits so my credit cards are set at the minimum payment and my overdraft standing order has been changed to the one on the snowballing report.