Loans to pay off Debts

Chrismojam

piratess wrote:

Good Idea or not .. i have posted in the Loans bit but no luck .... my Partner suggested taking out a loan to pay the debts off at once and then just make the one repayment a month ... is this a good idea or not ??
opinions please ?

thanks again xx

In my experience, not a good idea...I didn't specifically get a loan to pay off other debts.........it was more a case of I'm getting a loan for 'this' so I may aswell pay these debts off as well.

Needless to say, the visa bills et al stack up again, and I can assure you I am no big spender....of my partnership...I am the sensible one!!

Better to try the snowball!!

piratess

Thankyou for all your replies but dont think we are going to go down that route .. and as for my driving lessons yes im still having them but am cutting down to one 2 hour a month and 3 one hour ones which would be £72.00 a month instead of £144 a month so can use the extra on the debt ...

thanks for your help ! and honesty

fatbelly

Do you have a ccj? SWW are always quite quick to issue them. If so, you can wrap all these debts in an Administration Order.