Major help needed

Dawn1203

I have debts of £9000 on credit cards. I can no longer get any more credit so can't swap to free balance transfers etc.
Does anyone know of a way I can consolidate all these together so I have 1 monthly payment - I am on Maternity Leave so can't prove I have an income.
This is really depressing me now, I want it sorted...

brummiebabe

Hi and welcome to MSE!!!

The regulars on here will ask you to post your SOA (Statement Of Affairs) in the first instance. This is EXACTLY what you owe (and at what APR etc) and all incomings/outgoings etc!! They'll then be able to give you advice!!!!

bonnie_2

i would strongly advise you not to go down that route as it only encourages you to get in more debt and will make the situation last for longer and cost you more.
the best thing you can do is a statement of your affairs and post it on here.
also how about going to cab etc to see if you can get your payments down whilst your not earning.

tomstickland

Consolidation doesn't make the debt any smaller, so the preferred route is to look at cutting expenditure and increasing income to pay off the debts. You start with a list of monthly outgoings and income.

magentadreamer

Consolidating the cards might well be a bad idea as you might end up with a loan with high interest rates etc. Another plan of action might be to try and target particular cards ie the one's with the highest APR's.

You might want to also look at freeing up money by reducing your out goings etc - hard I know when your on Mat Leave. I've recently changed insurers,got a discount on my broadband, cancelled things I hardly use like my DVd rental thingy and my gym membership and changed Gas and Elec suppliers. You might find a bit of extra money by looking at this kind of thing. If you do a SOA you'll get loads of helpful advise about how to cut back and get things at a better rate.