Consolidating Debt

kwame41

Good advice would be not to get another loan.

Continue paying the loan you have. Increase the 0% CC payment to at least the extra (£25) you would pay if you went for the new loan. Pay as much as you can while the 0% is in place and if the balance not cleared look for a new 0% transfer card. Dont use the card you have.

That is what you should do.

You might think getting another loan is the easy option, it isnt.

foxy-stoat

Exodi wrote: »

I think these two short extracts speak volumes about the greater issue here.

If you have debts of £12,000, why are you borrowing £13,000?

So he can !!!! another £1000 up the wall !

D_M_E

Not a good idea to take out another loan to pay off the first one and some or all of the cards.

The £290 is just for the loan repayment but how much on top of that is used to pay down the card(s) and other loans?

Have you looked at your outgoings and maybe spotted some areas where you could save a bit and give you more to put towards the card(s)?

What is there to prevent you simply building up debt again and getting into an even bigger mess?

Have you chopped up any cards to stop you using them going forward?

[Deleted User]

Gaz83 wrote: »

Just to clarify: you're going to replace debt that's costing you £290 per month until 2022 with debt that will cost you £315 per month until 2022? And you're wondering if this is worthwhile, yes?

Agree consolidation not the way to go. However, the op is currently making only the minimum credit card payments (and it would take many years to clear , not by 2022) and views the additional £20 per month as a means to clear the whole debt by 2022. Whether this works, of course, is a different matter.