Debt consolidation

esgirl

Anyone know who I could go to for help with debt consolidation my partner really needs help so he has one payment a month, he will have bad credit as he has missed payments and one debt has gone to the court for a posible ccj. We really just need to get one loan to pay it off so he has one easy payment a month without having bad credit he could pay up to £500 per month.

Helppppppppppppp

IWantToBeFree_2

Consolidation is not always the answer, it doesn't address why you are in debt, and if anything, it just ends up costing you more.

What you would be better off doing is making a list of your income and expenditure and seeing where you can cut back, and then ensuring you have direct debits set up so you are meeting minimum payments.

From what you say, even if consolidation was the answer, it is unlikely that anyone would give your partner a loan at a reasonable interest rate given the fact he has missed paymets and could be taken to court.

GeorgeUK

Have you posted up a statement of affairs to see if it's possible to make the payments without getting a loan? Can you make savings in your expenditure?
https://www.makesenseofcards.com/soacalc.html

DarkConvict

As above, use the SOA calc and post up in MSE format.

Consolation is usually very bad, people make lower repayments over a long period so end up paying more interest and spend a longer time in debt. Furthermore take it from some regulars on there 4th consolidation loan, you feel better off with more surplus money per month so you buy more and more, the debt mounts and then you are left with loads more debt, high outgoings, low income and no source of credit. Avoid consolidation!

esgirl

Hi yes I have done the SOA, When I did it all the advice I got was to do with my pay and go phone talking about whether i should go to contract and spend £10 a month instead of £20 I don't think that would make much difference to our financial situation wasn't the best help considering it took a while to get the info together!!!!

DarkConvict

Looking at your SOA http://forums.moneysavingexpert.com/showthread.html?t=2168457&page=2

You had close on £600 spare every month, and that was after debt payments. Since one debt is going to a CCJ already and thus others are soon to default the odds of getting a 0% credit card or decent loan is very slim.

I would make the most amount of repayments as possible to the debt with the highest APR.