Is a personal loan the way to go?

RAS

clear Very as the interest on that is likely to be very high, then the OD and CC2.

What's the APR on the financial agreement?

Sea_Shell

DachshundDad said:

sourcrates said:

Best way to get rid of an overdraft is to move your banking to a new basic bank account, with no borrowing facility, then repay what you can afford to the OD on a monthly basis, ask the bank to suspend or stop interest if it helps you.

Then learn to live within your means, and not rely on the banks money to get bye.

I have been looking at potentially moving to tsb for the switching deal, so I'll look into that some more.ManyWays said:

"No mortgage hasn't gone up yet, end of the fix comes in June, currently paying £730 but obviously that's gonna go up a fair bit but it is split between two. "

That is the key date to work towards. You want as much as possible of the other debts except the PCP cleared off by then. Very and CC2 look easy for you to knock off. CC1 needs to be gone by then. and the overdraft well down. 

Putting a date on it is a good idea. I could possibly get rid of 3 of the debts within the next month.

Can you use the switching scheme if you want to effectively leave your overdraft behind??

RAS

If you switch, it takes all the current DDs set up with it. It needs to be a new account to which the OP can manually add DDs.

sourcrates

No you can`t use the switching service, as the OD would need to be cleared first.

You do it the olde fashioned way, the goal is to have a safe bank account that does not permit borrowing, the OD can be dealt with over time as described previously.

DachshundDad

So, having taken everyone's advice onboard, I've gone ahead and cleared both the Very and CC2 balances. I'm going to clear the finance agreement next month. Then I'll work on the overdraft. Once that's dealt with I'll focus on putting as much into CC1 as I can while also keeping back a little for an emergency fund as I think that's quite important. 

I think the 0% interest on CC1 will run out before that happens, but I'll make sure to get it transferred elsewhere first.

I am going to keep.my current bank account as I like them and the spaces options etc, plus the actual overdraft interest charge is the best on the market I think.

So thank you to everyone, you talked me out of making what would have been another stupid financial decision which would have put me in a worse place long term.

enthusiasticsaver

I came on to agree with the others that borrowing more will not help you.  If you have £400 spare each month you can clear that debt relatively easily and certainly in less than 5 years which is how long that loan would be round your neck.  

You seem to have addressed your budget.  I have a starling account and I agree that the spaces section is good to help with budgeting.  I would tackle the overdraft after the expensive Very storecard.