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    finance help

    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?

    16 Comments

    Without your interest rates it difficult for people to help out..

    Original Poster

    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

    Look for a new credit card that allows money transfers, and transfer all of your debt to it..

    moneysavingexpert.com/loa…sts

    whatsoninscarborough

    Most are 0%the interest on the loan is paid off first and has now gone.I … 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.

    Try contacting the loan company, get them to add the credit card debt onto the current loan and add length onto the payments

    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.

    if you consolidate you may end up paying more interest

    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.

    Go citizens advice there help you out No more interest they are really good

    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.

    whatsoninscarborough

    Most are 0%the interest on the loan is paid off first and has now gone.I … 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?)

    pistol6000

    if you move the loan onto a 0% credit card you should get a rebate for … 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,

    ibblackberry1

    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

    pistol6000

    didnt think they could charge the interest(for the remaining time) if you … 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

    As someone else said get in tough with citizens advice. In the meantime read the two web pages they have at this link.

    adamspencer95

    ​i used to think the same but when i repaid a loan early recently i l … ​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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