Loans consolidation

carleton_2

Hi, all
I have nearly lost sleep over my debts. It’s all started when I took my first loan from Norwich union to buy a new car. Everything was going fine until I was hospitalised because of a precarious disease. Once again, I took a loan from the Woolwich. Then, I took one more to resume my studies, which I had to left due to illness. Now, interest rates have piled up to great extent and I need another loan to pay off. I know it wouldn’t be possible for me to get rid of these loans until I consolidate all of them. However, I am very much worried about interest rates and other terms and conditions.

I am looking forward to get your valuable suggestions.

Someone Suggested me this Site Should i go for this?
www.adverse-credit-home-improvement-loans.co.uk

Thanks

C.Carl

nomoneytoday

My suggestion... Snowball not consolidate.

It hasn't worked before, what have you changed to make it work again? Don't answer me, but yourself.

AMILLIONDOLLARS

carleton

The general consensus is not to consolidate, as you'd build up a lot more trouble for the future, hop across the the debt free wannabe board list your debts, your income and outgoings and the good folks there will try to help you out. The route your suggesting is sheer madness, dont touch adverse credia with a barge pole whatever you do!!

Good luck, look forward to talking to you on DFW.

AMD

nbbradshaw

carleton

I agree with the posts so far, it's better to snowball than consolidate.

If you post your SOA on the "debt free wannabe" forum, you'll get plenty of good advice.

If you want to see the effect of snowballing, there's a spreadsheet at http://www.eggloan.com/multiloans.xls


Good Luck

mrcow

Firstly welcome to the boards.

I would stop you right where you are and urge you to take a quick read through this thread.

I hope that honory doesn't mind me using their thread as an example of what will happen to you if you go down this consolidation route but learning from someone else's mistake could save you a fortune (and potentially your house!).

You are spending way above your means and you need to stop and switch it into reverse, not borrow more over an even longer period of time and sign yourself away to even more debt. You are starting to have sleepness nights already, this is not going to get any better unless you fix the problem (and that doesn't mean sweeping it under the carpet).

You need to visit the Debt Free Wannabe boards and post your details there. Snowballing is the way to go with your debts, but you also need to address your spending issues, or you're going to be digging yourself even deeper.


BTW the site you've posted, typical secured loans at 10.9%......I wouldn't touch them with a bargepole!
Good luck.