Impossible????

amandaben

I need some good advise please!

Debts total around £10k (not a million miles away from my yearly salary-just for some perspective).

I give up-i have 4 credit cards and an o/d and i'm paying off minimum payments of around £200 per month. Interest charges around £100 per month.

What i want ed to do was get a loan, consolidate, and manage it at around £230 per month payments and a more realistic interest rate. problem is, i can't get a reasonable interest rate on a loan. credit cards are refusing me. i have no way out of this ridiculous situation. i'm that despondent at the moment and i can't see any light.

Please someone tell me there's another way!

Bestthingsinlifearefree

Hi Amandaben,

Welcome to the group.

First step is to post a SOA (statement of affairs) i.e all your incomings e.g salary,benefits and all your out goings rent / mortgage, mobile,food, car etc etc and all your debts amount,interest rate,term.

In as much detail as possible. Then people can advise you.


Generally consolidating debt is not a good idea. As you are not dealing with the real problem ie spending more than you are earning.

Good Luck.

Best things in life are free.

Bestthingsinlifearefree

This is a good starting point.

http://forums.moneysavingexpert.com/showthread.html?t=107280

**purpleprincess**

amandaben wrote:

I give up-i have 4 credit cards and an o/d and i'm paying off minimum payments of around £200 per month. Interest charges around £100 per month.

What i want ed to do was get a loan, consolidate, and manage it at around £230 per month payments and a more realistic interest rate. problem is, i can't get a reasonable interest rate on a loan. credit cards are refusing me. i have no way out of this ridiculous situation. i'm that despondent at the moment and i can't see any light.

Please someone tell me there's another way!

Ah ha!!!:p There is another way hun!!! It's called snowballing!!! See the post that bestthingsinlifearefree has posted. It's all about posting your SOA and gives the website for snowballing too.

Don't whatever you do get a loan and consolidate!! I consolidated twice and ended up racking up the cards again!!!:p

Hey ho!!! At least you're in the right place!:D