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Loan Advice

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
    1,000 Posts Combo Breaker
    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
    Part of the Furniture 10,000 Posts Name Dropper
    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
    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
    1,000 Posts Combo Breaker
    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
    Part of the Furniture 10,000 Posts Name Dropper
    I agree no one will assess you affording a personal loan of £6k with those kind of figures.
This discussion has been closed.
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