Cnsolidation - advice needed

brownen

Hi everyone,
I would like some advice on consolidation or normal loans as I currently have my debt spread over a loan (not too far from finished) and numerous credit cards. I have worked out my balances and APR's but I'm wondering whether it would be better to apply for a consolidation loan to tidy them up so that I pay them off faster?

below is the information I have gathered but I have no idea who to speak to:

Debt Amount APR Till? finish APR After Min Pmnt
Barclayloan 3847.02 15.9% 03/03/2010 £175
Halifax 6392.97 23.53% £171
Mint 1402.50 0% 01/05/08 14.90% £33
Amazon 1425.07 0% 03/06/08 19.95% £29.08
Egg 1928.48 19.9% £38.57
Amex 393.45 4.9% Life of balance £9.00
Overdraft 942.37 12.9 (750 is 0%) £0

Sorry if this is messy, I got this information today. I have just gotten rid of my lovely 29.9% barclaycard this month (I managed to clear 500£ with my bonus)
any advice or pointers to who to speak to would be great
thanks
Neil

Jhayda

May be worth having a look here
http://www.whatsthecost.com/snowball.aspx
at the snowball calculator, enter your debts and it'll show you what you'll be paying in interest and how best to pay them off and other wonderful things like that...

Merlot

Hi, welcome to the board.

Firstly can you post an SOA (incomings and outgoings) it will help us to help you.

Consolidation is rarely a good idea, especially if you are going to turn unsecured debt into secured debt.

Well done for posting, I look forward to seeing your SOA.

Merlot.x.

Burlesque_Babe

Please don't get a consolidation loan as they rarely work out. you will end up paying interest on the interest you are already paying.

The figures haven't quite come out right on the screen, but your total it seems is just under £17k.

If you put up a Statement of Affairs, we can help you to pay it off without resorting to a consolidation loan. Most of us have been there (more than once!), been burnt and then realise that they are not the answer.

Gemmzie

Could you edit your first post, it doesn't really make sense at the moment

brownen

I've made the figures look a little neater I hope,
This is pretty basic but my bonus varies month to month but includes outgoings apart from things like haircut and clothes or presents for birthdays and the like, I don't think I'm much in the mire but just really want to get things in order so I can be debt free
Wages 1300
Home -230 (includes board and internet, a bargain)
Loan -175
Halifax -175
Egg -75
Amex -10
Amazon -30
Mint -50
Bus pass -67
Gym -26
Phone -25

this does not really include much bonus but it's rare I don't receive any

gsarah

Hi
I am in a similar situation and wondering what the best course of action is. I am 25 and since leaving University and buying my first home my debts have gone upto £25000.00.
They are my debts so I don't want to involve my boyfriend and I also don't want to damage my credit scoring as it is still good.

I owe:
1) Overdraft £2000.00
2) HSBC Loan £12400.00
3) Amex £1000.00
4) Natwest credit card £1200.00
5) HSBC Credit card £8500.00

I am now finding it difficult to get new credit cards so I have ended up paying interest and the HSBC will not extend my loan to cover my overdraft and credit cards. This seems silly to me as the majority of my credit is with them all I wanted them to do is consolidate it for me to make it more affordable.

If you have any tips it would be much appreciated.

Merlot

gsarah,

Can you start another thread so we can ask you specific questions etc.

Merlot

THE_LONE_RANGER_4

cut up your cards try and transfer to a better rated card if you can do not consolidate throw all spare cash at them to get them down you must get rid of your cards they will keep you in debt or push you further in to it.

immoral_angeluk

You need to fill out a full SOA including everything. Have a look at Martin's budget planner for ideas...
http://www.moneysavingexpert.com/banking/Budget-planning

Generally consolidation is a bad idea as it doesn't address the reasons you got into debt in the first place.. plus you'll be paying interest on the loan. There are better options available..

brownen

hi,
I have used the snowball thing and all going to plan I will be debt free in 28 months (this may change with xmas and b/days but I am going to try and put away bonus monthly for these)

thanks again everyone, even just looking at the payments makes me feel more in control
:T