Consolidate or juggle?

tawecdl

Hi guys. Guess the lightbulb moment is currently in progress. I am about £15,000 in debt, over 3 current accounts, 2 credit cards, paypal account, mobile phone company, court fines, student loan.



The amount I owe to the above ranges from £90 to £5000 and I'm starting to get flustered and pushing some to the back of my mind. I am earning £1100 a month and I don't live with my partner. I pay £200 a month rent, £120 to CSA, £30 Gym, £110 car insurance and £25 a week petrol for work.


I am considering "trying" to consolidate all the above into one monthly payment but not sure about the pro's and con's. I know I will pay more back consolidating than if I done it properly but there's always the risk of missing a payment. I have even made promises to debt collectors and CC companies that I haven't kept. I've being sweeping it all under the carpet.


Please, I know I have been an idiot, but can someone please advise me on what I sould do.

:beer:

savingholmes

Perhaps you need to consider the debt charities listed in the resource bar.

It might also help if you posted a statement of affairs SOA - using makesenseofcards - you put in all your income and outgoings, all your savings, debts amounts, min payments and interest rates. Then you say you want to post it to the MSE forum and reformats it for you - you can then cut and paste it into this thread. Then the other forum members will try to give you some targeted advice on where you might be able to save money.

Well done for starting the journey....

angelflower_2

I would recommend juggling, although I know it sounds difficult at the moment, consolidation is hardly ever the answer. Could you post your full SOA as recommended by savingholmes.

Also, car tax - HOW MUCH????

Jacks_xxx

:wave: hey sweetie

Well done for dragging your head out from under the sand.

I promise you that taking a few steps to get this under control will be wa-a-a--ay less stressful than having this hanging over you all the time.

I think it's pretty unlikely that you will be able to get a consolidation loan at all - and definitely not at an interest rate that you can manage. (and it's rarely a good solution.)

However there's stil loads that you can do. ( DMP, IVA, Bankruptcy to name just three.)

First of all Ring CCCS for free advice

http://www.cccs.co.uk/contact/contact.aspx

Tell them a little about your situation and they will book a time to call you back to go through it all in detail.

Then, get all the info together.

How much you owe, at what interest rate, to whom, and what's the state of play, regarding payments and court etc.

If you post it all up here we'll suggest ways to proceed and then CCCS will definitely need all that info so they can give you the right advice.

After a while honey you'll start to feel better cos it's the not doing anything about it helplessness that eats away at you.

Love Jacks xxx

tawecdl

Thanks for all your advise. I will go through every debt I have and get figures tonight. I'll call them all up and tell them I am seeking help. While on the phone I will get confirmation of balances and interest rates so I can show you my SOA.

Thanks again guys an gals.

GeorgeUK

Have you had any late payments or defaults yet?

If not you may be able to get some 0% cards to transfer the balance to. This would save alot on interest over a year.

welshpaula

liken jacksxxx says above there is a simple solution and do it now .... ring CCCS for advice ,honest you will feel so much better after talking to them and they are so helpful ,good luck paula x

BlueFleur

I went through a similar debate. Personally I've gone for the juggling option Although some of the consolidation loans etc did seem good, they all had interest. It is always something I can look at again in the future. If you do consolidate the 0% card does seem like one of the best plans. Good luck what ever you pick!