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  • FIRST POST
    • Srappy Doo
    • By Srappy Doo 14th Sep 17, 6:54 PM
    • 1Posts
    • 0Thanks
    Srappy Doo
    Long Term debt consolidation loans with bad credit?
    • #1
    • 14th Sep 17, 6:54 PM
    Long Term debt consolidation loans with bad credit? 14th Sep 17 at 6:54 PM
    Hi, first time poster here!

    I am a father and husband in a full time job with a large amount of unsecured debt across multiple accounts!

    Is there anyone that would provide say a £20k loan over 10 years?!?

    Need some advice on this please! I want to consolidate all the smaller bits into one manageable payment! Currently we are struggling financially and need help
Page 1
    • DCFC79
    • By DCFC79 14th Sep 17, 9:04 PM
    • 29,946 Posts
    • 18,968 Thanks
    DCFC79
    • #2
    • 14th Sep 17, 9:04 PM
    • #2
    • 14th Sep 17, 9:04 PM
    Hi, first time poster here!

    I am a father and husband in a full time job with a large amount of unsecured debt across multiple accounts!

    Is there anyone that would provide say a £20k loan over 10 years?!?

    Need some advice on this please! I want to consolidate all the smaller bits into one manageable payment! Currently we are struggling financially and need help
    Originally posted by Srappy Doo
    How much do you earn ?

    It could be a stumbling block if you dont earn enough.

    A dmp might be a better option. Post on the dfw board for advice.

    What are the bills, how did they mount up ?

    Consolidation rarely works, you need to be very regimental and stick to payong the debts for 10 years, if anything crops up eg a boilet, the car then its a set back.

    You need to cut back on your spending, only buy whats essential.
    Last edited by DCFC79; 15-09-2017 at 8:31 AM.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Gambler101
    • By Gambler101 14th Sep 17, 10:33 PM
    • 495 Posts
    • 1,219 Thanks
    Gambler101
    • #3
    • 14th Sep 17, 10:33 PM
    • #3
    • 14th Sep 17, 10:33 PM
    Considering all your other loan commitments are virtually in default, do you really think another lender is going to lend you £20K, serious question.

    You need to go to the "debt free wanabee" board and post, and look to drastically cut down on your outgoings.
    The instructions on the box said 'Requires Windows 7 or better'. So I installed LINUX
    • Puddylove
    • By Puddylove 15th Sep 17, 6:49 AM
    • 424 Posts
    • 688 Thanks
    Puddylove
    • #4
    • 15th Sep 17, 6:49 AM
    • #4
    • 15th Sep 17, 6:49 AM
    Welcome to the forum.
    Consolidation loans are often hard to obtain (because the lender can't be sure you are not just going to start using the credit cards again, etc) and tend not to work.
    Instead, head over to the Debt Free Wannabe board, fill in a Statement of Affairs and the people there will suggest many ways of reducing your outgoings/increasing income - a far better debt solution.
    Good luck.
    • sourcrates
    • By sourcrates 16th Sep 17, 3:04 PM
    • 11,886 Posts
    • 11,392 Thanks
    sourcrates
    • #5
    • 16th Sep 17, 3:04 PM
    • #5
    • 16th Sep 17, 3:04 PM
    Need some advice on this please! I want to consolidate all the smaller bits into one manageable payment! Currently we are struggling financially and need help
    Originally posted by Srappy Doo
    What you need is debt management, not debt consolidation.

    Pop over to the debtfreewannabe forum for advice on how to do this.

    Trying to get out of debt by further borrowing is just another step on the road to bankruptcy, nip this in the bud now.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • enthusiasticsaver
    • By enthusiasticsaver 16th Sep 17, 11:07 PM
    • 4,212 Posts
    • 7,573 Thanks
    enthusiasticsaver
    • #6
    • 16th Sep 17, 11:07 PM
    • #6
    • 16th Sep 17, 11:07 PM
    I am going to reiterate what everyone else is telling you. Debt consolidation is a bad move and will not work in reducing the debt. The only way to get rid of debt is to budget and make higher repayments. Moving any of the debt to 0% cards is the one exception.

    Posting an soa on the DFW board will get you more detailed responses.
    Countdown to early retirement on 31.12.17 3.5 months to go.
    • zippygeorgeandben
    • By zippygeorgeandben 17th Sep 17, 12:41 AM
    • 660 Posts
    • 750 Thanks
    zippygeorgeandben
    • #7
    • 17th Sep 17, 12:41 AM
    • #7
    • 17th Sep 17, 12:41 AM
    Yes - debt consolidation doesn't work. Trust me! I know!
    End Sep 2016 End August 2017
    £8236.57 £4876.49
    (Tesco 4.8%) £222.61pcm
    £6185.75 £851.34 (Zopa 4.0%) £48.99pcm

    £5344.50
    £2890.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1333.35 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £11499.70 Original DFD May 2019.
    • Dobbibill
    • By Dobbibill 17th Sep 17, 5:11 PM
    • 2,281 Posts
    • 3,411 Thanks
    Dobbibill
    • #8
    • 17th Sep 17, 5:11 PM
    • #8
    • 17th Sep 17, 5:11 PM
    I'm another vote for 'NO' to debt consolidation - the DFW board is the best starting point.

    Start a thread with your SOA - you will get good suggestions on how to do this the right way.

    You cannot borrow your way out of debt.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    A person who never made a mistake, never tried anything new.
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