Advice on consolidation??

sarah3891

Hello,

I hope someone might be able to offer me an opinion on what I should do with the following.:o

I have two loans outstanding:

1. £6k outstanding balance (fixed loan) at about 6.9% at £192 pcm for the next 33 months

2. 4k outstanding balance (flexible loan) at 7.9% at £78 pcm for the next five years.

I could do with looking at these to get a better rate but am not sure if I should consolidate both together, ot just the highest rate loan for a better rate etc?

Am relocating soon so don't want my payments to jump massively at the moment as lots of costs to cover!!

Any advice?

Thanks,

S

fightthemback

Hi Sarah,

Simple advice for consolidation..DONT.

The two loans you have have sensible rates and with the onset of the credit crunch you may struggle to find rates as good as these.

If you look to consolidate you will be hit with redemption penalties and if you extend the loan period to lower the repayments you will just be in debt for longer.

iolanthe07

fighthemback is right. Your loan rates are actually quite good in today's financial climate. I would leave well alone.

christywilliam_2

:eek: Debt is very bad thing but now a days to fullfill all needs we have to take loans.
simply just search through internet on google and find some sites fill forms there and get quotes from them.If any one can help you.
I know some sites these are:
http://www.debtmanagementforuk.co.uk/
Try there ...God bless you