No Choice But To Consolidate ?

DJP_2

Ok here go's ...

I've been on this site before and got some helpful and sensible advice , to cut it short , due to a failed business venture i'm in £17,000 of debt which consists of :

LOAN1 = £4000 OUTSTANDING @ £106 PER MONTH (5YRS LEFT)

LOAN2 = £5000 OUTSTANDING @ £93 PER MONTH (7 YRS LEFT)

CREDITCARD1 = £5000 OUTSTANDING @ £100 MIN PAYMENT

CREDITCARD2 = £3000 OUTSTANDING @ £65 MIN PAYMENT

MY PROBLEM IS , I'M NOW WORKING AGAIN BUT I SIMPLY CAN NOT AFFORD ALL THESE REPAYMENTS , I NEED TO CONSOLIDATE EITHER ALL OR SOME OF THE ABOVE.
I'M OPEN TO SUGGESTIONS AS TO WHAT IS THE MOST SENSIBLE AND/OR BEST WAY TO DO THIS.

MANY THANKS IN ADVANCE.

Magentasue

Hmm, can you lower the interest - what are the APRs? Do you have a good credit rating, could you get some 0% credit?

Could you get the interest frozen, even for a while on the loans?

Can you reduce your outgoings so that you can afford the repayments - if you post details, people will make helpful suggestions. These tend to be along the lines of:

1) Get rid of luxuries such as Sky, Mobiles, broadband
2) cut down on socialising, going out
3) Get best deal on landline phone, minimise calls
4) Cook at home. No takeaways, take lunch to work
5) Shop cannily

Above all, don't use any more credit - only spend what you earn, work out a budget and stick to it.

Consolidation means you'll be in debt longer - obviously to be avoided if you can. Have you tried CAB, CCCS or National Debtline - check their websites, they have self help packs you can download to get started.

It's all depressing at the beginning but as you see the debt clearing it makes it worth it - sooner you start, sooner you get there! It's not forever.

Willsnarf1983

DJP wrote:

Ok here go's ...

I've been on this site before and got some helpful and sensible advice , to cut it short , due to a failed business venture i'm in £17,000 of debt which consists of :

LOAN1 = £4000 OUTSTANDING @ £106 PER MONTH (5YRS LEFT)

LOAN2 = £5000 OUTSTANDING @ £93 PER MONTH (7 YRS LEFT)

CREDITCARD1 = £5000 OUTSTANDING @ £100 MIN PAYMENT

CREDITCARD2 = £3000 OUTSTANDING @ £65 MIN PAYMENT

MY PROBLEM IS , I'M NOW WORKING AGAIN BUT I SIMPLY CAN NOT AFFORD ALL THESE REPAYMENTS , I NEED TO CONSOLIDATE EITHER ALL OR SOME OF THE ABOVE.
I'M OPEN TO SUGGESTIONS AS TO WHAT IS THE MOST SENSIBLE AND/OR BEST WAY TO DO THIS.

MANY THANKS IN ADVANCE.

Why would consolidating make this any better, it looks to me as if u have consolidated already and just ran up the debts. i wud go with the above post


Will

Robert_Sterling_3

Willsnarf1983 wrote:

Why would consolidating make this any better, it looks to me as if u have consolidated already and just ran up the debts. i wud go with the above post
Will

It might and it might not.
We do not know the present interest rates nor the Consolidation loan interest rate.

fatbelly

You're going to need to run details of your income and expenditure past someone - CCCS, National debtline, CAB. If you post details here, we can give you a better idea of the way forward