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Debt consolidation help

hi i currently have 8 creditors and i am wanting to consolidate all my creditors into one monthly payment. i do not have a good credit score so a bank loan is out of the question. i am looking for one bill to cover everything. i do not want a dmp as i can make monthly payments can someone please give me any advice if known thank you

Comments

  • 10past6
    10past6 Posts: 4,962 Forumite
    jonnym8083 wrote: »
    can someone please give me any advice
    It's never a good idea to enter further into debt to clear existing debt, in other words, a consolidation loan is never a good idea.
    Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.

    All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional
  • slig
    slig Posts: 400 Forumite
    Part of the Furniture Combo Breaker Debt-free and Proud!
    Hi Jonny. As 10past6 says, the general consensus here is that consolidation loans are not a good idea. It's all too easy to pay off the cards with the loan, then start spending on the cards again.

    If you are meeting the monthly payments, then I would suggest you snowball your debts: Pay the minimum on all of them except the one with the highest apr. Throw every penny you have at this one until it is gone. Then move onto the next highest. You'll probably want to get rid of the payday loans first, I suspect.

    Can you post an SOA using this link? http://www.makesenseofcards.com/soacalc.html Format it for MSE. It will enable people to see your financial situation more clearly and advise you on the best way forward.
    Debt at LBM (17/10/08) £5727.61 Debt free date 31/08/09
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