Consolidate Debt

DaveWard

Hello MSE users,
I have an unsecured bank loan £1,645.17 @ 29.8% monthly payment £91.78 with 23 months to run.
I have a Credit Card with a limit of £1,750.00 of which i've used £1,178.34 not sure of interest rate!!
I am managing to make my payments and have never missed a payment. I would like to consolidate these two debts and pay them off earlier.
Do I need a Loan or a particular Credit Card?
Both Debts are with the same Bank (TSB).
Can anyone advise me of the best way to do this?
I am not a homeowner, I am in private rented accomodation.
I would like to be sorted so I can kick back and enjoy Xmas

Regards

Dave

bigadaj

You'll need to apply for a credit card with a 0% balance transfer offer, and one that includes a money transfer for the loan.

There is a tool to see what chance you might get of getting the right card so she what your percentage chances are, nothing guaranteed though.

If you do manage to get these onto a 0% card make sure the minimum payment is made every month or they'll hit you with their standard rate, probably best to set up a direct debit for the minimum payment.

Also remember this debt still needs to be laid so make sure you set aside the money to pay it off when the deal runs out.

jonesMUFCforever

Beware; you are in debt - consolidating does not mean anything until it has been repaid.
Don't fall into the mindset that if you get a loan or card to consolidate that you have got it made - you still need to repay back the money month in month out for at least the next 2 years.

dresdendave

DaveWard wrote: »

I would like to be sorted so I can kick back and enjoy Xmas

Regards

Dave

As per the previous reply, your comment implies that you think consolidating somehow "sorts" your debt. All you will have achieved is moving it to a different lender. Rather than focussing on Christmas you should be concentrating on finding ways of increasing you repayments.

Dobbibill

Consolidation rarely works and even with all the best intentions in the world, people land up in more debt a year later.

Address the reason you have the loan and CC debt in the first place.
Is it likely to happen again?
Will this lead to more debt if it happened before you paid off the loan?

Moving it is not 'sorting it so you can kick back and enjoy Xmas!'
It's just moving debt......you will still be in debt!

DCFC79

Just stop using the cards, cut them up if need be, work some overtime to make some overpayments.

The card with the highest apr concentrate on.