£14000 debt-what do i do

rosslad570

thanks everyone-can this post now be deleted.

southernscouser

Hi Ross, welcome to MSE.

Have a look at the thread below and then post all the details in a new thread in the "debt free wannabe" forum. You will get the best response for your problems there!

http://forums.moneysavingexpert.com/showthread.html?t=107280

black-saturn

Consolidation is not a good idea. It will only put you in more debt for a longer amount of time. Maybe you should post on the Debt Free Wanabee board for advice.

Reaper

You might also like to start by reading a couple of articles on the site such as...
What to start with problem debts
and, as you mention PPI, there is advice about it here.

Robert_Sterling_3

black-saturn wrote:

Consolidation is not a good idea.
It may or may not be a good idea

It will only put you in more debt.

Consolidating debts adds them together. It does not necessarily increase them. It may increase them if there are exit penalties for early repaymeny of debts.

for a longer amount of time.

If the debt is for a longer time then the repayments will be lower and as a result may well be manageable rather than unmanageable.

In my humble opinion.

Magentasue

The other problem with consolidation is that it can allow you to avoid addressing the overspending that caused the debt.

Hemel_David

black-saturn wrote:

Consolidation is not a good idea. It will only put you in more debt for a longer amount of time.

Debatable, depending on wether OP is scraping by on the minimum payments on their CC`s