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finance help

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Currently have a loan 6000 remaining 220 a month 3 x credit cards approx 2300 on them in total Looking to consolidate the lot into one debt plan as such and clear the rest Any ideas? Read More
whatsoninscarborough Avatar
10m, 2w agoPosted 10 months, 2 weeks ago
Currently have

a loan 6000 remaining 220 a month
3 x credit cards approx 2300 on them in total

Looking to consolidate the lot into one debt plan as such and clear the rest

Any ideas?
whatsoninscarborough Avatar
10m, 2w agoPosted 10 months, 2 weeks ago
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(16) Jump to unreadPost an answer
Responses/page:
#1
Without your interest rates it difficult for people to help out..
#2
Most are 0%
the interest on the loan is paid off first and has now gone.
I can't afford any more a month. Just looking to bring things together
#3
Look for a new credit card that allows money transfers, and transfer all of your debt to it..

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs
#4
whatsoninscarborough
Most are 0%
the interest on the loan is paid off first and has now gone.
I can't afford any more a month. Just looking to bring things together
You should have transferred them to an interest free credit card. :)
#5
Try contacting the loan company, get them to add the credit card debt onto the current loan and add length onto the payments
#6
Before you consolidate, go Here first
You may be better of not consolidating and just paying off smartly.
It teaches better money management too, doing it all yourself.
#7
if you consolidate you may end up paying more interest
#8
have a meeting with your bank, look at the interest rates they would offer. Consider that.

transfer the balance of the credit cars to long term 0% credit cards and pay the finance that way.

Borrow from family at a low interest rate.

Sell some items you own or take a second job and pay off aggressively.

That's all I can think of for now.
#9
Go citizens advice there help you out No more interest they are really good
#10
Putting it all over a 0% new card looks the way to go but only if you can control yourself and stick to the plan. Also make sure you know the exact costs as some hide the charges in the transfer and admin fantasy clauses.

It may also be an idea to get some advice, if you have a CAB near you or community bank. But it's "good for you" thinking about it, most people who get into real debt are there because they stick their head in the sand and think it'll go away.
#11
whatsoninscarborough
Most are 0%
the interest on the loan is paid off first and has now gone.
I can't afford any more a month. Just looking to bring things together
if you move the loan onto a 0% credit card you should get a rebate for the interest on the remaining part (shouldnt you?)
#12
pistol6000
whatsoninscarborough
Most are 0%
the interest on the loan is paid off first and has now gone.
I can't afford any more a month. Just looking to bring things together
if you move the loan onto a 0% credit card you should get a rebate for the interest on the remaining part (shouldnt you?)

No, interest is applied over the life of the loan,
#13
ibblackberry1
pistol6000
whatsoninscarborough
Most are 0%
the interest on the loan is paid off first and has now gone.
I can't afford any more a month. Just looking to bring things together
if you move the loan onto a 0% credit card you should get a rebate for the interest on the remaining part (shouldnt you?)
No, interest is applied over the life of the loan,
didnt think they could charge the interest(for the remaining time) if you settled early?
will have to check t & c's on my loan oO
#14
pistol6000
ibblackberry1
pistol6000
whatsoninscarborough
Most are 0%
the interest on the loan is paid off first and has now gone.
I can't afford any more a month. Just looking to bring things together
if you move the loan onto a 0% credit card you should get a rebate for the interest on the remaining part (shouldnt you?)
No, interest is applied over the life of the loan,
didnt think they could charge the interest(for the remaining time) if you settled early?
will have to check t & c's on my loan oO


i used to think the same but when i repaid a loan early recently i learnt they sometimes load the interest into the first few payments so youve technically already paid the interest and youve still got the capital to repay. might just have been me, though
#15
As someone else said get in tough with citizens advice. In the meantime read the two web pages they have at this link.
#16
adamspencer95
pistol6000
ibblackberry1
pistol6000
whatsoninscarborough
Most are 0%
the interest on the loan is paid off first and has now gone.
I can't afford any more a month. Just looking to bring things together
if you move the loan onto a 0% credit card you should get a rebate for the interest on the remaining part (shouldnt you?)
No, interest is applied over the life of the loan,
didnt think they could charge the interest(for the remaining time) if you settled early?
will have to check t & c's on my loan oO
i used to think the same but when i repaid a loan early recently i learnt they sometimes load the interest into the first few payments so youve technically already paid the interest and youve still got the capital to repay. might just have been me, though

Interest is always higher in the beginning, so the earlier payments pay off less capital each month. A loan balance will be the capital balance outstanding.

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