Debt consolidation query

Esty76

Hi so I have three debts, loan, credit and credit card. Approx 25k. Martin has advised pick the highest interest rate and pat extra on that one first. So does it make a difference if I pay extra every month or if I save the extra and pay a 3 month saving in bulk every 3 months?
I looked for consolidation loans and found with tesco as clubcard was meant to be 480 (350 a month cheaper overall than individual current payments) but when they sent me forms they came with monthly cost at 585. Still saving but not what I thought I was signing up for and allowed full credit check for.
Advice welcome guys, I'm struggling to think which way to go

fatbelly

Any chance of BT- ing the credit card to 0%?

https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards/

Then overpay whichever of the others is highest apr?

Dobbibill

As interest is calcluated daily and charged monthly on Credit Cards, you would save money to pay off as much as possible and as soon as possible. 

Will the loan take longer and cost more to pay off than the individual debts as they are currently?

Do you have any additional money that you can use to snowball the debts?
http://www.whatsthecost.com/snowball.aspx

You may want to post a SOA on the DFW board.
https://www.lemonfool.co.uk/financecalculators/soa.php

format the SOA for MSE and post it. 

Brie

A debt consolidation loan is never a good thing as it leaves you with all sorts of available credit that, in general, people then use and end up in a worse pickle.  

Not sure what you mean by you having "credit and credit card".  What is the first?  Store credit? Or something else?  Do you also have an overdraft?

fatbelly

I thought maybe credit referred to Paypal, apr 24%

Credit card likely to be higher

Esty76

Hi all and thanks I haven't been clear so I have credit card, loan and credit which us PayPal, so I guess like a loan or credit card? Together, I was quoted 480. But forms came through and if I didn't read thoroughly, 4 pages later says 585 a month. Now this is still a reduction.  Some of you say don't do a loan, but I can't see a credit card doing 25k. 
I've read mse on paying highest interest 1st, but I'm looking for monthly relief. 
Some have also said once I clear it's slippery slope to continue spending but once paid I'm literally cutting up and cancelling contracts online. 
My husband has been main cause, out of work,he's mean and just awful. I'm even putting house up so I can pay to get him out. I'm trying guys x

fatbelly

You don't need a credit card with 25k limit. Whatever you can bt to a lower apr would help.

If you are not being offered 0% then even low interest cards would be useful

https://www.which.co.uk/money/credit-cards-and-loans/credit-cards/best-credit-card-deals/best-low-interest-credit-cards-aK63v2V1RvgN

Your original post talked about overpaying, i.e. making the minimum payment plus extra.

You are now inferring you can't do that. In that case you are looking at debt management and need to post on debt-free wannabe