Consolidation loan with bad credit

-taff · 5 January 2018 at 11:53AM

You have savings? Beyond n emergency fund?

Go to the debt free wannabe board for advice with budgeting, go to the old tyle board for ideas about cheap grocery bills and batch cooking.

Mr.NSG · 5 January 2018 at 11:57AM

I am looking to get a second job also to help in fact. Come april.

I could nip and tuck some areas and am in the process of doing so.

Im trying to find that balance between living and paying off debts.

Genuinely, thank you all

dealer_wins · 5 January 2018 at 11:58AM

Most people say they are not disciplined, but what they really mean is they like spending too much money. Theres a difference!

You have got to try and get into the mindset where you only spend what you can afford to, and see debt as something to be avoided at all costs.

Debt is basically borrowing from your future self, and over a lifetime it will rob you of £1000s and £1000s in interest that you could otherwise spend and enjoy.

Like others have said try to really knuckle down and pay off your debts as quickly as you possibly can, there is not better feeling than being debt free!!

Mr.NSG · 5 January 2018 at 12:02PM

Well on a couple hundred pounds, its a help to buy isa that i started the other month becuase i realised i had nothing but debt and before putting money aside i was just spending money on nonsense.

Yes i will be, i started shopping at macro for bulk buy, no thrills food. Ill check out that board for budget and further ideas

Mr.NSG · 5 January 2018 at 12:17PM

Dealer Wins. Cheers,

Its true, i do like spending.

Thats a good thought. I want my future to be safe and sound.

Ill knuckle down but its difficult. All work and play will send me insane.

. Thanks alot.

enthusiasticsaver · 5 January 2018 at 2:45PM

Posting an soa on the DFW board is a good start.

Both the credit card and the overdraft are on horrendous rates. Are you able to get any 0% deals or have you tried ringing the credit card company or your bank to see if they can give you lower interest rates? With £2640 charges on a relatively small debt that is easily 45-50% aprs which is extremely high.

There is no quick fix to getting rid of debt and consolidation never ever works because it does not address your attitude to debt and spending or adjust to living within a budget. You have to stop spending on the cards altogether to make any headway on this.

Mr.NSG · 7 January 2018 at 11:09PM

Hi there

Ive been thinking really hard about what todo, i think im going to have to consolidate. Although ive heard loads of negatives and i may live to regret it, but if (alot riding on the if) i borrow successfully with a new frame of mind, attitude and respect for money and my financial future, i think it could work.

My life will take a huge hit if i just push money into my debts, and i dont really want to make those sacrifies. As well as my credit take a double positive hit in that im clearing an CC and paying a loan.

Ive set up a budget and after repaying the loan and life stuff i do have £300+ to play with. Which will keep me sane and safe. Where as if i dont, and attempt to pay off as advised ill have nothing spare each month and just simply cant live like that.

Thats the conclusion ive come to. Ill let u know it due time if it was a good one or not.

Arleen · 7 January 2018 at 11:19PM

Posting soa on DFW will have a lot better results than consolidating, it's just an easy way out and will be spent on you fueling your spending instead of addressing the problem. No one says that you should have nothing for entertainment, but 300 quid a month when in debt is extraordinary.

Money_maker · 7 January 2018 at 11:35PM

Mr.NSG wrote: »

Very boring and not really letting me live, which is why i just end up spending and going back to square one each month. This is why i initially decided to consolidate, to free up some funds and actually not feel so burdened with debt. However its not appearing to be the best idea.

But you are burdened with debt and now you want to consolidate which will almost double your debt instead of reducing it. The reason you want to consolidate is to give yourself wiggle room. You want your credit card to be clear so you can run it up again. If you clear the 2K+ off your overdraft then you will convince yourself that you have 2K's worth of spending that you can do. Please believe me that this is the way it goes - almost always and given your honest admission of your spending problems there is no other outcome on this basis.

You need to pop on the DFW board, let them have a look at your SOA. Use a spending diary - yes, pen and paper to record every single penny that you spend. Read other peoples diaries, be stingy, make a packed lunch, walk when you can, sell things, take on another temporary job. You feel like debt is holding you life back but you can crack this mere £6K debt bit by bit a darn sight quicker than in 5 long years. Start today, do what it takes then start living properly within a budget. Please don't go down the consolidation route - it wont work.

Good luck.

Mr.NSG · 8 January 2018 at 7:57AM

Money Maker., et al,

Okay, im convinced. A loan is not the way forward and thank you for your honesty. I really need it and appreciate it.

This is the first time, obviously, ive even written in a forum and am now seeing what people mean about SOA and DFW. ill get a thread going in there and pick up some insparation. I am ready to tighten up and do what it takes.

Thanks again ladys and gentlemen, you are near life savers!

Consolidation loan with bad credit

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