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New User with 30K debt
Kigu
Posts: 51 Forumite
Thought I'd start a new thread in case I got lost in the old one. I have now - after hearing great advice from a number of really kind folks - got a number of possible approaches. Thing is I don't know which way to go. I would like, therefore, some advice on which route to take.
We owe:
£1692.12 to Laura Ashley.I pay at the moment almost £70 a month to them on a direct debit. This is 35.70 interest and 25.01 account cover.
£1200.25 to Principles. I pay at the moment £50 a month which is 26.79 interest and 17.74 account cover. This isn't a DD.
£560.00 to La Redoute. This isn't a DD. I pay £30 per month.
£7773 to Visa. We pay 18.78 per annum.
£9666 to Access with 1.466 per month.
£9632 to Egg with 1.167 per month.
Our Overdraft is £4400. This also incurs interest.
So we owe £34K but our credit rating is excellent I think. We've never been in trouble.
Route 1 is to ask for a consolidation loan. I'd only really like to consider a flexible one so I could pay it off asap. Cahoot is in my mind. But how much would they offer me? They would only lend me £25K max. which still leaves a shortfall of 9K. Could I then take out an 0% credit card for 9 months? Or should I leave it and snowball?
Route 2 is to take out a 0% credit card from either Virgin or Halifax - or both. Could I get two? How much would they offer me as a credit limit I wonder? And then snowball. After the 0% period is up could I get another I wonder?
Route 3 is to take out a 0% credit card from Virgin. Move one of our debts from either Visa, Acess or Egg, plus as much store card debt as I can. Close that card and see what they offer a la Rochdale lad.
Any advice would be appreciated. Please be kind.
We owe:
£1692.12 to Laura Ashley.I pay at the moment almost £70 a month to them on a direct debit. This is 35.70 interest and 25.01 account cover.
£1200.25 to Principles. I pay at the moment £50 a month which is 26.79 interest and 17.74 account cover. This isn't a DD.
£560.00 to La Redoute. This isn't a DD. I pay £30 per month.
£7773 to Visa. We pay 18.78 per annum.
£9666 to Access with 1.466 per month.
£9632 to Egg with 1.167 per month.
Our Overdraft is £4400. This also incurs interest.
So we owe £34K but our credit rating is excellent I think. We've never been in trouble.
Route 1 is to ask for a consolidation loan. I'd only really like to consider a flexible one so I could pay it off asap. Cahoot is in my mind. But how much would they offer me? They would only lend me £25K max. which still leaves a shortfall of 9K. Could I then take out an 0% credit card for 9 months? Or should I leave it and snowball?
Route 2 is to take out a 0% credit card from either Virgin or Halifax - or both. Could I get two? How much would they offer me as a credit limit I wonder? And then snowball. After the 0% period is up could I get another I wonder?
Route 3 is to take out a 0% credit card from Virgin. Move one of our debts from either Visa, Acess or Egg, plus as much store card debt as I can. Close that card and see what they offer a la Rochdale lad.
Any advice would be appreciated. Please be kind.
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