Help Required with Personal Loan + Credit Card

MyLastFiver

Put the CTF contributions on hold for the time being - you can't afford them. Similarly satellite TV is looking like a big luxury at the moment.

With these savings you would be able to meet your monthly outgoings plus start to overpay your most expensive debt - the one to HSBC. Once you have that out of the way things start to look rosier.

You might want to try asking on the "loans" board but in my view it's very unlikely that you would get a consolidation loan at a reasonable rate. However for most people, consolidation is not the best answer anyway.

gonzo127

to be totally honest i really would stay away from debt consolidation it really does not work in 95% of case (and most people on these forums will agree with that as we have all been there and done that) and you still have some savings that you can make on your SOA which should mean things will become easier.

now for extra advise

you state you mobiles are sitll in contract, have you phoned them up to see if you can drop to a lower tarrif? in the greater scheme on things the WORST they can do is say no, quite a few people however do manage to get their tarrif dropped, even if its only £5 a month per tarrif thats still a saving!

landline, TV, broadband - these are massivly expensive check out the following website http://www.samknows.com/old/broadband/checker2.php and pop in your phone number and postcode and either post the result up here or PM me with them - rememeber to take out any identifiable information!!! ALSO try to put in any extra information for your requirements such as who/when/where do you call, how much usage do you actually NEED for your broadband etc

MyLastFiver

I should add - with a budget as tight as yours, a DMP might be the way to go. This basically means you tell your lenders you can't meet their min payments and offer them a lower payment instead. HSBC and Barclays will almost certainly stop interest - I don't know about Santander because I've never dealt with them, but they probably will too. Once you are no longer paying interest monthly, you will pay off the capital much quicker. The downside to this is you will probably get defaults on your credit file, which will stay there for six years from date of entry, so no more credit for that period.

If you go down this route you don't have to deal with the creditors yourself - there are two organisations that will manage your DMP on your behalf: CCCS and Payplan. THEY DON'T CHARGE A FEE for this service and you should never use a fee-paying company. Google one of them and give them a ring. I think you'll be surprised what they can do for you.

Tixy

No I don't think you'll get a consolidation loan based on that income and existing level of debt.

As others have said I also don't think its a good idea. It doesn't address the issue of spending more than you have coming in, and whilst the APR may be lower than some of your existing debts because you spread the debt out over a longer period you can still often pay as much, or more in interest. Also it is very very common to consolidate and then start to gradually run the card or overdraft back up (with what feel like emergencies) and end up in a worse position.

I really think you need to work on making a few more cutbacks (things like getting a cheaper telecoms/media deal will save you money but have virtually no impact on your life) and pay a little bit more towards your debts each month.

This will also buy you some leeway if interest rates do rise.

Perhaps you could also see whether you have any assets etc that you could sell to start putting towards your debts, either on ebay or via carboot sales or gumtree etc.