Would welcome some advice!

GeorgeUK

I still think a few lean months is far better than tying yourself into a loan - especialy at that interest rate. Sorry if any of this sounds preachy, just want to stress that consolidating is not a good move in the majority of cases. LTSB are happy because it just means more money for them and hitting their sales targets.

Hope you get it sorted.

JackyHappy

Not preachy at all. I appreciate the comments and the spirit in which they are given. I was nervous about baring my financial soul but I've had nothing but positive comments and I've only registered today so I'm very happy.

I agree about the loan, even when it was presented to me every cell in my body screamed "Don't do it, sort this mess out with some willpower from your end". Close friends of mine have advised against a loan and asked the very same question "How will you cope with two loans on your own?". That's when I decided to register and find out what advice or support was available and so far it's amazing to find that my hunch was right. Although I needed someone outside of my circle to tell me what I already know but was in danger of doing the complete opposite out of fear.:o

MyI sole intention is to get these finances under control and to get my life back. I am going to tell Lloyds Bank, thanks but no thanks, sort out some direct debits for the cards and vigorously look for a weekend job.

I will keep you posted. Thanks so much for your help so far.:T

GeorgeUK wrote: »

I still think a few lean months is far better than tying yourself into a loan - especialy at that interest rate. Sorry if any of this sounds preachy, just want to stress that consolidating is not a good move in the majority of cases. LTSB are happy because it just means more money for them and hitting their sales targets.

Hope you get it sorted.

tyllwyd

I'm still not convinced that the loan they've offered will actually reduce your monthly outgoings. Are they threatening to take away your overdraft facility?

There is a calculator here you could look at
http://www.thesalarycalculator.co.uk/debt.php

Edited to say - sorry, crossed with your post above

JackyHappy

tyllwd: No, have to say they've offered to reduce the overdraft to £1000 as a "buffer". Thanks for the link, will take a look.

Numpty_Monkey

Just wanted to say (if interwebby thing wil let me )
hello :hello:

and just about everything else has been answered :A