Am I doing the right thing??

boxerdog1999

Hi, I'm on the verge of borrowing £15k from A&L @ £320 plus £84 Loan Protection over 4 years. The reason? To clear;

£6.5k Halifax Visa
£2.8k Nat West Credit Card (Currently 0%)
£3.1k Mint Credit Card
The remainder to clear negative equity on a car that we're about to sell

I currently pay £370 a month off the cards and save a further £130, so reckon I can still save a bit and clear the card debt in four years.

My credit history over the last six or so years has been good and never miss a payment. We have no other debts, other than the mortgage, so once the loans done, we're clear(ish).

Sorry, I know I should read all the related posts, but I just want someone to say in principal, yes, I'm going in the right direction.

Thanks.

Shineyhappy

What rate is the loan at?

Would it work out cheaper to either leave it on a 0% card or transfer it to low life of balance cards?

IWantToBeFree_2

Only consolidate if you know you won't run up the cards again.

A recent survey on here showed that most people consolidated more than once before they had their lightbulb moment.

I know I did, its so easy to fall into the trap.

Do you really need the loan protection as well?

Keeping_Motivated

What interest rates are your cards on the moment?

What is the interest rate on the loan?

What would you actually be gaining by getting the loan? Your monthly payments would not go down down so I am not understanding the motive at the moment?

Would it help for you to put a SOA on here so people can have a look if there are areas you can save and areas for you to change/help with the CC debt?

boxerdog1999

Shineyhappy wrote: »

What rate is the loan at?

Would it work out cheaper to either leave it on a 0% card or transfer it to low life of balance cards?

I think the 0% ends in November. Limit is £3900 & balance £2761. My thinking is that I want a fixed term in which to clear the debt.

boxerdog1999

Keeping_Motivated wrote: »

What interest rates are your cards on the moment?

What is the interest rate on the loan?

What would you actually be gaining by getting the loan? Your monthly payments would not go down down so I am not understanding the motive at the moment?

Would it help for you to put a SOA on here so people can have a look if there are areas you can save and areas for you to change/help with the CC debt?

I 'think' I'd gain a fixed term on the the debt, rather than paying minimum payments ( or just above with no end in sight.)

SOA = Statement of Affairs??

Keeping_Motivated

Yes its a Statement of Affairs, there is a sticky on the DFW page that you can follow.

I can see the fixed term aspect but if you are paying the same off and the interst rate is higher on the loan it would actually take longer to pay off with the loan or am i missing something?

What is the interest rate on the loan from A&L?

boxerdog1999

Keeping_Motivated wrote: »

Yes its a Statement of Affairs, there is a sticky on the DFW page that you can follow.

I can see the ficed term aspect but if you are paying the same off and the interst rate is higher on the loan it would actually take longer to pay off with the loan or am i missing something?

What is the interest rate on the loan from A&L?

I'm realising I know so little! The loan is at 8.9%

Keeping_Motivated

I don't know much either, I've just learnt from the people on here and that is hopefully what you will do.

You've posted in time before you sign for the loan so you can make an informed choice on what is right for you because obviously the decision is ultimately yours but its nice to get another perspective on things.

There will be people along to give more and better advice than me. Remember to subscribe to this page so you can find it if you come back to it tomorrow for more advice.

Good luck

Keeping_Motivated

If you do a SOA be sure to include all debts and all interest rates too so people can help you fully.

**ZAPPER**

Hi

Whats the apr of the cards you already have, and how much do you pay to each of them per month??