Debt Consolidation Loans

Screamadelica_2

Hi - I'm sure this has been done to death but this forum's huge

My partner and I are c 17k in debt. I'm considering taking out a debt consolidation loan.

With our debts, it's put loads of pressure on our relationship and we've been at each others necks for, well ages now. Most of the debts in her name and she has a crap credit rating (so unlikely to get a loan) - the house is in my name. So, if we were to break up etc I'd be left with 17k debt and a house I was unable to pay on my own.

Ideally we'd apply for a joint loan but I'm concerned about bein intrinsically linked to her credit rating. Will it harm me to apply for a loan in a joint name to see what happens? Or will this blacken my credit rating as well? Any other tips?

Thanks all - you're so helpful on here. :T

beverleyhills

Not before you have explored other avenues.
Use this link to work out your financial affairs. http://www.makesenseofcards.com/soacalc.html and post here.
This will give us more information to offer an opinion.
Contact CAB or one of the free debt counselling agencies, links at the top of the page.

Horace

A consolidation loan will only compound the debt and they are so loaded at the start to make them seem attractive..you will only be compounding your woes if you take one out. Do what another poster has suggested and post up your statement of affairs and then the folks on here can advice where to cutback and cutout to free up money to chuck at the debts.

Numpty_Monkey

A consoliadation loan very rarely works until you address the things that have got youu into debt in the first place, ther are many posters on here who started with £10,000 on various cards loans whatevers
they got a consolidiation loan, and a few years later the debt was £40,000, because they hadn't at the time addressed why and how they were in debt.

beverleyhills post the link to the SOA calc it does help the clever and good people

As you say "your so helpfull on here":T:A