Advice needed

LeanneR

I currently have

• £7500 loan which I am paying off at £250 a month @ a rate of 23.9%
• £500 loan from the cheque centre, paying over 12 months @ £70 a month
• £500 on a Capital One Credit Card (Payment is roughly £20 a month and that is the minimum payment)
• Topshop card sitting at £200 which I pay around £10 a month to

I have been trying, in vain, to consolidate this all into one loan at a normal rate. I have started working for a well known bank, but have only been in the job for 4 months.

I have been advised that I can apply for a staff account/loan when I have been in the company for 6 months.

I passed a credit check when I first joined so i'm hoping they'll be able to give me a loan at staff rates.

Has anyone ever been in the same situation and been successful?

Thanks in advance

RAS

Hiya

DFW would very rarely recommend that an OP consolidate a loan. if nothing else, some 85% of people eho do are reported to run up additional debts and get even further in the mire.

Can you at least post up the APRs on your existing debts, with details of the early redemption penalities on the loans? At a guess most of them are horrendous and paying minimum payments is likely to result in your debt increasing.

Even better do a full SOA, see here http://forums.moneysavingexpert.com/showthread.html?t=107280

You could also go and have a look at the snowball on www.whatsthecost.com, so you can understand how much interest you are going to pay over how long.

GirlRacer_2

I agree with RAS here, everytime I've consolidated in the past I've run up more debts. Is there any way you could tackle one debt at a time. Just pay the minimum payments on everything but one debt and pay all you can off that balance. I used to transfer silly amounts off my credit card balance. If I had £18 in my current account I'd pay the £8 off the card. I couldn't draw it out of the cashpoint so I thought I'd put it to good use. Every little helps.