Any advice would be great

jes20

Hi there,

I have the following debts:

* IF Personal Loan - £2950
* Santander Loan - £6570
* Barclays Graduate Loan - £5590
* Overdraft - £2800

Whilst having the above debt is far from ideal (mainly because the monthly repayments for 3 unsecured loans adds up to over £550), payments on the above have always been made on time. However, I have been out of work for 3 months now and have totally run out of cash.

My problem is really that of cash flow, I'm down to my last £200 (of available overdraft) and whilst I hope to have a job and income stream asap I have no idea of how soon that will be.

My credit file seems to look ok (I could be reading it wrong) though as an interim solution I applied for a top up with 2 of the above loan providers around 3 months ago which were both declined.

I really want to avoid defaulting on any of the above payments and have no idea what my options are between now and getting a job. Even though the interest rate would be higher it would seem like a possible option to consolidate the above into 1 loan to reduce the monthly payments but I doubt I would be able to get a loan for such a large amount now, especially as I was turned down before. I'm reluctant to try and refinance as further declines could harm my credit file.

Sorry for rambling but any help or advice anyone could give me would be appreciated.

Thanks for your time.

jwil

Hi Jes,

Sorry I can't provide much advice, but it might be worth speaking to one of the debt charities listed in the sticky above. Do you have any income coming in at the moment at all? Have you checked you are receiving all of the benefits you are entitled to?

Hope you manage to get things sorted for yourself soon.

Best wishes
Jwil

jes20

Hi Jwil,

Thanks for the reply. I have very little income right now. I'm chasing a few clients that owe me around £500 but that's all on the horizon.

I'm 27 and single with no dependants so assume I'm not entitled to any benefits although I could be wrong.

I will check out the debt charities as you suggest.

Thanks again.
Jes

Numpty_Monkey

Hi jes

It isn't worth trying to a consolidation loan, as jwil says contact one of these Non-profit Debt Counsellors' List
You can't afford the repayments you already have and are going further into debt by using your overdraft.

Sorry to be blunt, but
You need to ask yourself the question do I want a defaults on my credit file
or have enough money to live ?

I am a nice guy honest:A
We will help you,

jes20

Thanks for the reply and link.
I'll give them a call asap and let you know how I get on

Numpty_Monkey

I hope you do:T

You probably won't get a reply from them at this time, but do try in the morning:D

One of the first major things they'll ask for is an SOA (list of Income and Outgoings)
the debt charities use a different version:eek: but thats for different reasons;)

If you want to. use this http://www.makesenseofcards.com/soacalc.html
and post the results, we'll try to piont things out and ways to make savings:cool:

PS
I thought I would be only unemployed for a few weeks:cool: 16 months latter still unemployed
this site and people on it have kept me nearly sane:T