My predicament

fourthekill

my bank charge me £124 a month on an overdraft for £3K and im not happy paying this as i only have disposable income of around £300 p/m after this deduction.
spoke to a adviser and they quoted 24.7% 42months £119/pm total figure of £5024 inc £678 interest and inc £468 settlement for other loan. interest rate seems high but im highly unlikely to get credit elsewhere, what are my options? as im burning £124 p/m without doing anything towards my debts.

[Deleted User]

Your options are -

Restructure the debt at a lower rate
Cut costs and throw more at the debt
Earn more to throw at the debt

molerat

What is the rate, monthly payment and remaining term of the other loan ? How is the OD charged ? A loan to clear the OD, although at a high rate, looks better than what you are doing at the moment. Not so sure about taking on extra high interest debt to clear the existing loan. If you can, throw extra money at the loan to pay it down sooner. You need to look at why you have a £3K overdraft and are not reducing it.

fourthekill

My other loan has 9months at £59 p/m at around 22%. My od is 3k and I pay daily £4 approx. I!!!8217;m working to reduce my outgoings but I!!!8217;m getting married next month lol.

BorisThomson

A wedding doesn't need to be expensive.

Post a full statement of income and outgoings and we can help you make cuts.

DCFC79

fourthekill wrote: »

my bank charge me £124 a month on an overdraft for £3K and im not happy paying this as i only have disposable income of around £300 p/m after this deduction.
spoke to a adviser and they quoted 24.7% 42months £119/pm total figure of £5024 inc £678 interest and inc £468 settlement for other loan. interest rate seems high but im highly unlikely to get credit elsewhere, what are my options? as im burning £124 p/m without doing anything towards my debts.

Why are you in your OD ?

Will the reason reoccur meaning any changes you make will be fruitless.

sivs

Do you have any other current accounts that have cheaper overdraft rates? I know santander charge you £1 per day but this capped at £20 no matter how high the overdraft is..

This would be a cheaper option?

Or Nationwide off 0% on overdrafts for the first 12 months - flex direct..

dresdendave

fourthekill wrote: »

My other loan has 9months at £59 p/m at around 22%. My od is 3k and I pay daily £4 approx. I!!!8217;m working to reduce my outgoings but I!!!8217;m getting married next month lol.

Getting married will cost about £100, what is the reason for the other £2900?