Debt Consolidation

CANDYPANDY

Hi there,
I've seen many companies advertising debt consolidation 'wares' in the daily newspapers. Also companies online- one called moneyexpert.com -is this connected to this website?
Can anyone recommend any good trustworthy companies preferably ones you ,or someone close have good experience with.
I am looking to consolidate around £8,000 of debt.
Thank you for any help

tyllwyd

Hi!

As far as I know, moneyexpert has no connection with Martin Lewis.

But a debt consolidation loan is just a loan - and it may or may not be the best thing for you to do in the circumstances. Certainly, on the Debt Free Wannabee board there are lots of posters who have consolidated debt and lived to regret it later.

Before you go any further, why not do a budget (SOA) using the template on the makesenseofcards website, and see if you can snowball the debt payments on whatsthecost http://www.whatsthecost.com/snowball.aspx

If you are still in trouble, you could try the debt remedy on the CCCS website
https://www.cccs.co.uk/debtremedy/(S(yvaczbbl51u0qy55tmqzac45))/start.aspx?hp=105
and ask for advice on the Debt Free Wannabee board.

After all that, you will be in a much better position to decide about consolidation and whether that's the right option. Good luck!

rich_months

I agree.. talking to the people you owe money to and coming to an agreement to repay over a longer period of time (if you are reasonable they'll just be happy they're getting the money) and prioritising your debts will go a long way.

Consolidating could affect you for a long time!