Advice Needed

velvetnightsky

Hi, I'm hoping someone can give me some help and advice. I've got a small amount of debt (under £1k), from 3 separate sources. I've been analysing my budget and I simply can't cope with my monthly bills and food budget any longer in addition to the debts I need to pay off. I live alone and am not entitled to any benefits to help me. I was looking into getting a small unsecured loan to consolidate the 3 existing debts so I would only have one payment per month rather than 3, in hopes that I will be able to cope a little better each month. I went to my bank (Abbey) to speak to a financial advisor. I was declined a loan and given a contact number for UCC PLC who would be able to help me. I rang them yesterday and they told me I could get a loan with Quick Decision loans and I'd be charged £55 admin fee. However, I'm concerned now as I discovered that UCC are the same lenders as Yes loans, and having read forum posts they are not a good company to lend with. I'm wondering that as nothing has been sent out to me and no money taken from my account, should I be ok to cancel my application via telephone before they take any money out or am I bound to the agreement? Are there any other options for me? My credit rating isn't great due to missed payments on amounts I owe, but I really don't want to be stuck with a company that could fleece me for every penny I have (and I don't have that much to begin with!) Any advice would be very welcome.

Dabooka

Hi there,

You need to get over to the Debt Free board, and post in there. Debt consolidation isn't the way forward, and it'll probably be cheaper and easier to chip away at your debt.

They'll ask you to post a SOA; ask on there and it'll be answered in no time.

Good luck!

flutterbyuk25

I agree with Dabooka, post your SOA (startement of affairs) on the Deft FreeWannabee board.

You'll get loads of helpful advice on what you could possible reduce in your budget.

x