Consolidate debt - Help

fairmorn308

if i was wanting to start paying off my debts quicker which order would you start with?

and how would u go about it

Buffythedebtslayer

Well you can contact the creditors, and ask them what conditions you could over pay? would they charge you for over paidments or an early finish?

or you could save up loads and loads and then ask them for a settlement figure? - I have read about people doing that on here but don't know exaclt what it entails.

I didn't think welcome finance were that great? in terms of being helpful with over payments still you don't know till you ask do you!

I have a loan with egg who let me over pay when I can with no extra charges.

xx

tallyhoh

How about transferring one to a 0% interest credit card & then throwing money at it until its cleared, then going on to the next one etc. Only works if you are good with cards & dont spend on them.

You will have to find out any settement figures first though to see if you gain by paying off early.

Other than that I would go for your other idea & put as much as possible into a high interest account (start with an ISA).

fairmorn308

just got a few quotes on consolidate loan for the above debts and works out cheaper to continue paying as i am as it would end up something like 7k more than what i have.

am going to speak to them and see what there like for over paying each month and slowly pay one off one by one

poorandindenial

Hi Fairmorn

Pop your debts into the snowball calculator at https://www.whatsthecost.com, it will help you work out the impact of different payments and APRs as they are offered to you by the companies.

Good luck sorting out the APRs.

fairmorn308

decided to pay all debt off ASAP

worked out i have debts of £19800 and by xmas i can get it down to £4295 which i think i would be happy at that.

poorandindenial

Fairmorn - come on over to a challenge thread that a load of us are signed up to. It is called 'pay of £20,000 by xmas 2008' and although some people are doing other amounts we are all doing amounts that are quite challenging.

Here is the link to the challenge