'Consolidate your Credit' - are these for real?

phoebe04

I thought I would search for debt management via a debt consolidation loan and google came up with this site - 'Consolidate Your Credit' and it says it is part of the Churchwood Financial Group. They claim to issue debt consolidation loans with no credit checks and for those with a bad credit record.
Are these people for real? Or are they loan sharks?
Does anyone have any experience of dealing with them?
Thanks

Tixy

Hi Phoebe

Not heard of these people specifically but they may well be prepared to lend money to conslidate your debts, they will probably charge a very high interest rate and may want to secure the debt on your house (if you have one).

Would never recommend a large consolidation loan as although the monthly repayments might be less you will be paying the debt for a much longer time, probably at a higher interest rate and will pay a huge amount in interest over the time.

If you are struggling to meet your monthly repayments you would usually be better to try to negoitate with your current creditors. I'd advise you to talk to a free debt charity for impartial advice, e.g. CCCS, Citizens Advice, National Debtline or Payplan (the last one isn't a charity but does give free advice).

Any of these will talk through your current position and options to find the best way forward.

Edit: Just seen from your previous post you are thinking of using Gregory Pennington for a DMP, they will charge you an upfront fee and a fee out of every months payment. If you go with one of the charity organisations they will do the same service for free, which potentially would reduce the length of your DMP by years.

fermi

Just search the board for "Churchwood".

Virtually all complete horror stories. :eek::eek::eek:

Avoid like the plague. Don't touch with a 100 ft bargepole. Nuff said.