Hi

My wife and i have a loan for £435 pm that has 48 mths left. If it is paid of it is £17400.

We also have another loan for £317 that has nine years to go. (6.9%)

 We have a 0% on £6500 with Egg until October 2008 and £4500 with Morgan stanley at 5.9% (£70 pm)

 we also have a £4000 on overdrafts.

As you can see it is a mess (kindov). Our icnome however is good as between us we earn over £60k but i want to know what you think thes best thing to do is?

should i get another loan to cover ten years and consolidate all smaller debts? i am little uncomfortable with going to a "first plus" or an ocean finance due to negative perceptions.

can you advise?

Wow!

Firstly, (state the obvious time) - you have got to stop spending. Next, you have got to look for the cheapest way out, even if it means a little extra work. Never borrow to pay off a loan - these first plus type of people are the last resort. I would suggest you leave the Egg loan, probably pay the minimum monthly payment, then, in Oct'08 do a bit credit card "tarting" and switch to another long term 0% card. Look to switch the Morgan Stanley to a long term 0% card now; I suggest Capital One who have a zero percent until April 2009 at the moment. Are you paying for using you overdrafts? Do you get penalised for early payment of the other two loans? You have to look at which debt is costing you the most and pay that off as quickly as possible. Good Luck!