BIG Debt - Enough disposable Income - No help!!

tyllwyd

One thing to think about - at the moment you have the option of looking at a DMP or an IVA. If you consolidate all your debt into one place you are effectively saying that you are ruling out those options. From what you've said, I don't think that is an issue for you but it is worth thinking about before you take out a loan.

johnnybb2000

Thanks tyllwyd. I just want to pay if off without ruining my credit rating because, I guess, at moment I am paid well and see it as an easy problem that just needs managing. Basically, if I attempt to manage the debt and interest rate challenge... If I start a mission of reducing all interest rates to be mega efficient OR... use a gov funded debt agency to "freeze and pay" I *believe* I would irrecoverably damage my credit rating for (I don't know how many) years, when, if I think about it, the thought of paying everything off... destroying any potential temptation to get in the same predicament (not likely) and paying off a loan as best I can, sounds like a pretty responsible and reasonable propersition?

Thoughts?

J

Hazel673

Been a long long time since i been on here so a bit rusty. Well on the way to clearing my debts now though so just thought i'd mention the snowball calculator. Have you tried it? Can't do a link but plenty of info on it around the site. Its a fantastic tool that allows you to see where is the best place to pay any extra money in order to pay of debt quicker. I know i was amazed at how quickly i could pay off if i did it in the right order!! And please please think hard before consolidating. I consolidated so many times and ended up back at square one every time. It looks and sounds good but unless you tackle the basic issue of how you ran up the debt in the first place you really won't be any better off (I mean 'you' in general btw not you personally)

All the best. x

EDIT: Ignore my sig. totally out of date just noticed. x

johnnybb2000

Thanks very much... I will look at the "Snowball calc" before I do anything else and appreciate your kind reply.

Regards,

J