Help - Consolidate Loans?

[a29]

Hi there. This is my first time to visit the site and I'm hoping to get some advice as I just don't know how to get out of this fianancial rut that I'm in and I'm extremely worried about it. I am currently earning €2,335 per month (this should go up to €2,500 next month). I will also receive an annual bonus of roughly €1300 next month. However, my current account is constantly overdrawn by €1200 (10.9%).
My car Loan is currently €3,360 (9%). (€168 per mth) (AIB)
My visa has a balance of €5,000 (14.9%) (€120 min pymt) (MBNA)
Student Loan balance €8,746 (3.2%) (€193 per mth) (Glasgow Stud Loan Co)
Credit Union Loan €8,000 (€290 per mth) (Nothern Ireland)

Other outgoings include (per mth):

Rent : €400
SSIA : €254
Charity : €25
Travel : €73
Specsavers : €33
Car Ins : €69

My SSIA is currently at €10,000

Do you think I would be better consolidating all loans and having one monthly repayment or should I work on paying back the highest int rate ones first ie visa, overdraft. My hope was to try and buy a house next April when my SSIA matures, however, I'm afraid that if I admit all these loans to my bank (AIB) and ask them to consolidate them into one then they will not approve a mortgage for me when the time comes. I have also considered switching visa to the new Ulster Bank Zinc Card which gives a 9 month 0% on balance transfers.

Any advice whatsoever will be greatly appreciated. Can you please tell me if there is any hope of me being approved for a mortgage in a years time with such a high debt ratio?

Thanks

Worried A29

 

[alpha]

i would contact mabs asap and ask their advice. they should be able to tell you how to address the issue. it is worth a try.

 

[demoivre]

IMO reduce your debts before you think about a mortgage. A 26k loan ( roughly what you owe ) with [broken link removed]
works out at €526 p.m. - you are currently paying €771 to service your loans.
You can lodge lump sums with this flexi loan so you have a bonus plus SSIA coming up shortly of €11300 which if lodged against the 26k will leave you with net debt of about €15700. As your pay is rising by €165 p.m and you will have stopped paying 254 in to ssia you should be in a strong position to clear lump sums of the oustanding debt and hence reduce the term . Alternatively if you really need to free up cash you could try getting a loan of €15700 ( the amount you will owe GE after your 11300 lump sum payment in a few months time ) which will cost you about €317 p.m over 5 years - so you will have reduce servicing costs by €454 p.m. (€771 - €317 ) and your pay is increasing by €165 p.m and finishing ssia will see you with an extra €254 to spare.