Expensive Loan

BoGoF

You can get the same cover as your Natwest account with Nationwide for £13 per month.

DBKahuna88

Good spot. I'll look into this. It may be a bad move for me though having just joined NatWest.

Unicorn_cottage

£135 for 2 mobiles and broadband is still an incredible amount. When are you due to renew as you could then switch to sim only deals and they will at most cost you £15 each. You need to start looking at making your money work for you.

Also you are giving to charity when you bad financial shape. Cancel them and start again when you are in a positive financial position. If you do want to give to charity then donate unwanted stuff to charity shops unless you can get a fair whack for them. Do you have any old mobiles etc knocking about you can easily make money on these and put them towards the loan.

Get your details in MSE credit expert and see if you are eligible for any balance transfers etc.

trex227

So you had a credit card that was still at 0% (given it’s still at 0% for 10 months) and you transferred the balance from this card plus another loan to a new loan you are paying 9.9% for?

MallyGirl

trex227 wrote: »

So you had a credit card that was still at 0% (given it’s still at 0% for 10 months) and you transferred the balance from this card plus another loan to a new loan you are paying 9.9% for?

That is how I read it. Not the best move to pay interest just to move everything to one provider. Still - its done now.

A 0% money transfer card just puts cash in your bank account which you could use to pay down some of the loan - care would be needed to not put more on the MT than can be paid off again before the end of the 0% period.

DBKahuna88

Yes that was impatience on my part. I had it in my head that if I could get it all in one place I could save a bit of money on monthly payments and stop putting extra money on my credit card by having more of my wage left. This has largly worked with no extra money on my CC.

The overall feeling I'm getting is that now it is in one place attacking the amount and minimising the interest is the only solution.

I'll take on board about the charity payments. I felt that even though I have a lot of debt I could still afford tenner a month. But still I suppose when you're in that much debt anything you spend that's not paying it down is just another form of borrowing or putting it off.

The mobiles are a bit ridiculous. My wifes is up for renewal in April and mine in October so I'll look at sim only deals.