Advice wanted please on Loans

jules4485

Hi, I am currently trying to reduce my debt on my loans. I have a loan that has 10 months remaining with about £950 left to pay. I also have an unsecured loan at a high interest rate (about14.8%) that has 3 and a half years to go and about £3800 left to pay. I am paying about £220 on both of them a month. What I am asking is what is, What is my best option to clear the debt on both in about 3 years. What I was thinking is getting a loan to pay both off and that would mean me making payments off £150 for the next 36 months or is a interest free 36month credit card deal the way to go. I am after advice please. I can afford the £220 a month and have never missed a mortgage or loan payment. The bank have told me that my credit rating is really good. The only reason I am doing this is because I am on an economy drive to try and pay my mortgage off as soon as I can so want to pay things off quicker with less interest so I can pay more off on my mortgage after the 3 years. Thanks in advance for any advice you may give.

ViolaLass

If you can get a 0% CC or another loan that is lower than 14.8% then it could be worth moving the second loan. The first one is so close to ending that I doubt much difference could be made (and why would you want to swap it for another loan that would take longer to clear?!).

ParaJon

jules4485 wrote: »

Hi, I am currently trying to reduce my debt on my loans. I have a loan that has 10 months remaining with about £950 left to pay. I also have an unsecured loan at a high interest rate (about14.8%) that has 3 and a half years to go and about £3800 left to pay. I am paying about £220 on both of them a month. What I am asking is what is, What is my best option to clear the debt on both in about 3 years. What I was thinking is getting a loan to pay both off and that would mean me making payments off £150 for the next 36 months or is a interest free 36month credit card deal the way to go. I am after advice please. I can afford the £220 a month and have never missed a mortgage or loan payment. The bank have told me that my credit rating is really good. The only reason I am doing this is because I am on an economy drive to try and pay my mortgage off as soon as I can so want to pay things off quicker with less interest so I can pay more off on my mortgage after the 3 years. Thanks in advance for any advice you may give.

Who do you currently bank with?

jules4485

Various, Barclays Hsbc.
Thanks