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Loan Advice

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kay_da_gurl
kay_da_gurl Posts: 65 Forumite
in Loans
Hi,

I have overdrafts with about 6k in total from various banks, i want to consolidate this into one bank/loan/card so i dont have to worry about these other banks. I though about getting a loan and paying the overdrafts off but would a graduate account be better or a personal loan? im not sure where my credit rating lies as ive been a student.

Also is using a credit card on 9% interest for 14 moths an option, or would i be paying alot back for 6k in minimum payment charges?

If anyone ca advise me which is the best way for me to owe this money in one place i would be very gratefull

I have very littel knowledge on any of this at all
Thanks xx
"If you hear a voice within you say "you cannot paint," then by all means paint, and that voice will be silenced". ~Van Gogh
~

Comments

  • Emmzi
    Emmzi Posts: 8,658 Forumite
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    What are your current circumstances? Are you still studying, or working, or in-between?

    If working, what's your salary, how long have you been working, and is it a permananet job?
    Debt free 4th April 2007.
    New house. Bigger mortgage. MFWB after I have my buffer cash in place.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    Agree with previous poster. Any lender will only consider consolidating other outside debts if you can prove that you can afford the repayments.
    We need a lot more info really to give any advice.
  • kay_da_gurl
    kay_da_gurl Posts: 65 Forumite
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    Yes i work part time ten hours a week so £400 a month, this should go up to full time after christmas we are just waiting on some funding for the youth group. Ive been working since January.

    I live at home with my parents now.
    "If you hear a voice within you say "you cannot paint," then by all means paint, and that voice will be silenced". ~Van Gogh
    ~
  • Emmzi
    Emmzi Posts: 8,658 Forumite
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    6k = about 1.5 times your annual salary at the moment - I wouldn't lend to you right now. better to wait until you get more hours/ a pay rise, for the sake of 3 or 4 months.
    Debt free 4th April 2007.
    New house. Bigger mortgage. MFWB after I have my buffer cash in place.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Name Dropper First Post First Anniversary
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    I agree no one will assess you affording a personal loan of £6k with those kind of figures.
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