Advice on consolidation CC debt

_Gigante_

Hi all,

New here and i'm looking for a bit of advice on gathering all my CC debt into one place.

A little background, I've currently got 3 CC's

Tesco, £3,272 with a limit of £3,600 - this currently has 0% interest
Lloyds, £4,978 with a limit of £5,200
Barclaycard, £0 on it with a limit of £6200
I also have a loan with Tesco of £14,800

I currently earn £32k a year and my wife is on about £8k

Recently my lloyds card has started charging interest and i had planned to transfer that over to my barclays on a 0% offer (which they send me every month, until I finally need it). So i'd ideally like to shift this on at least.

Clearscore says my credit score is 425 out of 710, which is apparently above average. Think this is based on Equifax.
Experian puts me at 725 which is 'fair'.

Any help at all would be greatly appreciated

[Deleted User]

It's a fair bet to say that, on those figures, you won't be able to get any significant additional lending to consolidate.

Definitely use any BT offers you have. You'll probably need to move smaller chunks around, so as to keep your total borrowing around the same level.

Make sure that you are putting any spare money to the highest rate debts.

YorkshireBoy

_Gigante_ wrote: »

...i had planned to transfer that over to my barclays on a 0% offer (which they send me every month, until I finally need it).

Ring them and see if they have anything.

Agree with zx81, your debt and available credit are very high in relation to your income so new cards with decent limits may be hard to come by.

PeacefulWaters

Over time, you've spent £23,000 more than you've earned.

How are you going to repay that debt?

_Gigante_

Thanks ZX81 and Yorkshire boy, I'll see what they have available.

PeacefulWater - You're right I have spent more than I've earned. Thanks for pointing that out.

I've paid to put my wife through Uni, a diploma and a masters course (a total of 9 years), as well as 6 years of accompanying therapy at £80 a week for her to train to become a psychotherapist.
Perhaps we overspent on our wedding a little bit as well.

In terms of how i'm planning to repay that debt...
I'm currently paying off about £400 a month and now that my wife is qualified and able to look for full time work, our hope is that we will soon be able to start paying off an extra £1000 a month.

McKneff

Your wife is a trained physio and is only earning 8k a year ?

What about her working more hours to help out.

YorkshireBoy

McKneff wrote: »

Your wife is a trained physio and is only earning 8k a year ?

Sounds like she's only just qualified, after 9 years of (almost) full time study.


That said, I have to say most people would have been looking into employment possibilities towards the end of education, rather than at the end of it. Isn't that how it normally works?

_Gigante_

Hi McKneff,
She has literally only just qualified and so still only has her part time retail job whilst she is looking for more work.
Cheers,

Gigante

_Gigante_

YorkshireBoy, she has been looking for quite some time (since before she qualified)however its a very competitive field.

We are now looking at setting up private practice for her as well.