Help with reducing huge debt (please)

sazandpaul

Hi,
Just after some advice. My partner has a loan to pay off a debt left by his ex. It’s under control and will be paid off in the next 2 years. I don’t have any information on his payments, but if I asked I’m sure he would tell me.
The main issue is, that in top of his loan, car finance and the usual monthly bills he also has a staggering 6k overdraft. He says he’ll tackle the overdraft once the loan is paid off, but surely there’s a better way?
Is this the type of debt that a 0% credit card would be best for? Would a consolidation loan affect credit ratings? Daft questions maybe, but I really don’t know much about all this. We can’t really afford any higher repayments for the next year, but the sooner it’s paid off, the sooner we can begin to save

Many thanks

System

You need to check your interest rates before deciding either the loan or the overdraft is worth paying off first. Rule of thumb, the highest interest rate gets paid off first. I think you both need to sit down and fill out a SOA to post here - then we can pitch in and help.

January2015

Consolidation is rarely advisable. As advised above, complete an SOA and post it here for advice

sazandpaul

Thank you both, I hadn’t even heard of an SOA until now so very helpful. I’ll go over it all once I get chance this week

Thank you again