New loan what’s the chances

Dolly123

DCFC79 wrote: »

Are you paying the min amount ?
Have you stopped paying on them ?

No course we’ve not stopped paying on them everything is completely up to date. The minimum payment on the credit card went from £200 a month to £320 recently when they changed things around which made me think let’s do something

Dolly123

Another thing I should mention is that we have not long ago bought our new house we completed in August

MEM62

So you are borrowing to consolidate your existing debts and adding to that borrowing to buy a car. You need to realise that this is the classic slippery slope. If you are not convinced then you need to read some of the previous threads by those who's financial situation spiralled out of control in this way.

I would also suggest that there may be an element of denial in you current circumstances. You state that the payments on the loan would be 'comfortably affordable'. Yet you also state that you have a household income in excess of £100K per annum but you cannot reduce your current CC balances. This simply does not seem credible. You really need to take a look at you finances properly and give yourselves a reality check before making any further decisions.

foxy-stoat

Dolly123 wrote: »

I just want to get rid of the credit cards as they never seem to ever go down!

Thats because your not paying enough each month.

Divide the balance by 36 and add the interest they charged you last month - that is what you SHOULD be paying each month for a year - then after 12 months divide the balance by 24 and add the last interest added - pay that for 2 years. Done.

Oh and stop spending on the credit card as well.

Dolly123

Yeah that’s good advice, dividing it by 36 months and then that’s what we should be paying.

the daft thing in 2015-2016 we saved £15k for our wedding and last year we saved £23k in a year for our house deposit so we can do with it there is a target I just struggle when there isn’t one a and I’d rather spend the money on the new house ha I’m a nightmare!

Money_maker

MEM62 wrote: »

So you are borrowing to consolidate your existing debts and adding to that borrowing to buy a car. You need to realise that this is the classic slippery slope. If you are not convinced then you need to read some of the previous threads by those who's financial situation spiralled out of control in this way.

I would also suggest that there may be an element of denial in you current circumstances. You state that the payments on the loan would be 'comfortably affordable'. Yet you also state that you have a household income in excess of £100K per annum but you cannot reduce your current CC balances. This simply does not seem credible. You really need to take a look at you finances properly and give yourselves a reality check before making any further decisions.

This post has hit the nail on the head. Getting a consolidation loan will just encourage you to take out further credit as you'll have 'spare' money you used to pay your debts with. Clear the debts, take no further loans, learn to save and enjoy your comfortable income each month in full.

Dolly123

No believe me we won’t ever have a credit card again, a few years ago we paid off our overdrafts and got rid so that when we are paid we are in the green straight away it’s a much nicer feeling each month.

MEM62

Dolly123 wrote: »

No believe me we won’t ever have a credit card again, a few years ago we paid off our overdrafts and got rid so that when we are paid we are in the green straight away it’s a much nicer feeling each month.

Why not? A credit card is not a negative thing. It is a financial tool that offers both convenience and benefits.

Dolly123

I would rather not be tempted, we might keep one with say a £1000 limit for emergencies on holiday but me not carry it out with me lol

macman

By taking a consolidation loan, your debts will not be 'gone' at all. You will simply have one large debt instead of several smaller ones.
With £100K joint income (before tax presumably) and outgoings of £17K (or do you mean debts of £17K?), you must have substantial surplus income every month, so I suggest you do an SOA to see where on earth it is going.
If you take a 4 year loan in the hope of being debt free in 4 years, then that isn't going to work, because before that time is up your husband will probably want to trade in the car again, and so the cycle repeats itself.