Consolidating my Debts into One??

ShazzaUk

Hi there was just after a little advice on consolidating your debts into one loan.

I currently owe £5000 split over:-

Loan - £2200 (42.80/mnth 7 year term)
Loan £950 (23.31/mnth 5 year term)
Credit Card - £1400 (minimum 31/mnth)
Finance- £440 (17/mnth 5 year term)

The interest i am paying on just one of the above loans over the term is £1000 as well as the interest on the other amounts, i think i may be better off taking the following loan out:-

FirstPlus - £5000 over 7 years - £74.98/mnth (6.8% interest rate)
Total interest charged over term £1297.00

This would be cheaper monthly for me and cheaper in the long term. But i know i would have to be disciplined and cut my credit card up and watch my spending.

Any comments would be appreciated.

Thanks
ShazzaUk

RAS

Hi

Play with the snowball on www.whatsthecost.com.

You also need to list up how many payments are left on each of the above and the APRs.

CLAPTON

first plus offer loans secured on your property so your property is at risk if you default.
the rates are varible so there is every likelihood of them increasing

you would be much better to post up an SOA and see if people here can help you sweeze some additional money to help pay back the existing loans more quickly.