Best way forward?

michaelmjh

Hi guys
Im just after some advice please ive come a long way in the last 10 years, i no longer have any ccjs or major debt. I have got a mortgage and am keeping up with the repayments. my current debts are small and id like to consolidate them if possible:

2300 on halifax card (24 months interest free, 13 months left)
900 Ikano loan
500 overdraft

im looking to box off the overdraft and the loan. The card i have doesnt allow cash transfers so thats out. im open to all suggestions and any advice. Its not that I owe a lot id just rather have one payment coming out to manage my income a bit better

Thanks a lot in advance for any help

EssexHebridean

michaelmjh wrote: »

Hi guys
Im just after some advice please ive come a long way in the last 10 years, i no longer have any ccjs or major debt. I have got a mortgage and am keeping up with the repayments. my current debts are small and id like to consolidate them if possible:

2300 on halifax card (24 months interest free, 13 months left)
900 Ikano loan
500 overdraft

im looking to box off the overdraft and the loan. The card i have doesnt allow cash transfers so thats out. im open to all suggestions and any advice. Its not that I owe a lot id just rather have one payment coming out to manage my income a bit better

Thanks a lot in advance for any help

Bearing in mind that one is already at 0%, I take it you'd be looking to transfer the lot to another 0% card, would you? That's all well and good, BUT you'd be paying a fee on the balance transfer, so in essence, would be paying extra on the 0% one you already have?

My suggestion would be to join the MSE Credit Club if you haven't already, to see how you look in terms of "financial health & attractiveness" - that'll give you an idea what 0% cards (money transfer) you're likely to be accepted for. From there you need to do the sums as to whether it's actually worth it to do this though, allowing for fees.

Personally, if it were me, I'd look to make whatever savings I could, and get the debts cleared off in order of interest rate - so highest rate - or effective rate - first. Watch out for any early repayment charges on the loan too - some have them, some don't.