Need some debt help!

misspoppy

I would say that you will not be able to pay the secured loan back sooner than the 25 without some very very hefty fees you should look into that and the snowball calculator to see how much that £10k will really cost you.

GeorgeUK

Hi scooby.

It sounds like you're trying to get the debt cleared off quickly. That is one of the biggest problems with trying to cut debts. It took years to build up and could take some time to get rid of. I agree that you need to avoid paying as much interest as possible, and you have already suggested the 0% deal in January with egg. As bananakinz has suggested - you could get another CC purely for the 0% promotional offer.

I had about £8k of debt and managed to move most of it to 0% cards. If you were able to do the same, i'm sure you could clear the debt much quicker. Have a look at your credit history at experian (free) and check how many credit checks you've had in the last 6 months and if there are any late payments or defaults flagged up on your account. If there's nothing bad there, you could try getting another CC with a long 0% offer or perhaps a Life of Balance (LOB) account if you don't want to keep switching.
(I would recommend no more than 3 checks within a 6 month period)

Another thing you'll find on the board is that many banks try to keep their customers when they try to close an account and offer incentives for them to stay. If your MBNA card was empty for a few weeks and your enquired about closing the account - they may offer you something that will allow you to do another balance transfer from the other accounts you are paying interest on.

The snowball calculator has already been suggested to you and sould show how quickly you can get rid of the debt. Try playing about with it and see what difference a 0% card may make. http://www.whatsthecost.com/snowball.aspx

Just remember to pay off the highest interest first