Advice

georgiasmum

Please don't shout at me but I need some advice.

I have really wittled down my debt from over £30000 to under £8000 and would like a small consolidation loan to have just one payment. I have a default which is 5.5 years old and is being repaid, I have a mortgage also. I'd like an unsecured loan of about £7500 to clear this and have 1 payment each month. I can't get a loan with a high street lender (too many footprints I suspect and the default).

Will anyone touch me if I wait another 6 months or should I just plough on with my debt snowball??

lynzpower

I dont think anyone else will touch you.

Why isnt the snowball working? Whats the point of consolidating again? Do you have high APRS on your CCS?

southernscouser

£30,000 to just £8,000 is bloody brilliant! :T

Why do you need a loan? Your doing so well you don't look like you need one!

georgiasmum

Thanks scouser. Just gerring !!!!ed off with the debt repayment plan that's all!:beer:

Mrs_Sparkle

No shouting here but why do you need a consolidation loan? You've done really well to get down to the amount you have- would it not be better to just stick with your repayments until this last lot is gone?

southernscouser

georgiasmum wrote:

Thanks scouser. Just gerring !!!!ed off with the debt repayment plan that's all!:beer:

Who are you with and how long have you got to go? :think:

severussnape

hi
as ss said 30000 to 8000 is brill

is there no way you can continue without a loan.

please let us know how you did it

moozie_2

Hello and welcome

I can understand how the length of time must be wearing you down but the important thing to remember is that you have achieved so much!!! :T :T :T

You are at the last leg of your journey, keep at it and you will feel so satisfied/proud/liberated when you do become debt free!

Congratulations for doing so well already and if you feel like it, maybe post your SOA and we can try and help a bit with some ideas/new perspective.

georgiasmum

Thanks everyone. I owe 1216 to barclayloan, and 7000 to barclaycard!!! I calculate that I will debt free by Oct 2007 or a little earlier if I try hard!

rog2

georgiasmum wrote:

Please don't shout at me but I need some advice.

I have really wittled down my debt from over £30000 to under £8000 and would like a small consolidation loan to have just one payment. I have a default which is 5.5 years old and is being repaid, I have a mortgage also. I'd like an unsecured loan of about £7500 to clear this and have 1 payment each month. I can't get a loan with a high street lender (too many footprints I suspect and the default).

Will anyone touch me if I wait another 6 months or should I just plough on with my debt snowball??

Of course you will be able to get a loan, but your credit rating will be affected by your default and the type of lender that you will attract is most likely to be one that charges the higher end interest rates, and makes it difficult for you to 'overpay' or settle the loan without high penalties.
These companies make their loans sound attractive by promising lower monthly payments, but over much longer periods, meaning that you end up, generally, paying much more in the long run. They will, also, try to 'secure' the loan against your property, thereby not only gaining the 'extra interest' because of your situation, but also gaining for them the minimal risk as the loan is secured against your house.
That said, a consolidation loan could be a possibility for you, if you are very careful. You say that the High Street Lending Organisations (Banks/Building Societies) will probably not give you a loan. Have you tried? Certainly they would not give you the best interest rate but they are unlikely to be as high, or as punitive, as some of the 'off-street' lenders. Even if they do want to secure the loan against the house, this could be preferable.
Finally, whilst appreciating where you are coming from, maybe there are other options, such as a DMP, which would allow you to reduce your monthly payments, and share the repayments equally o your creditors.
Why not post a Statement of Affairs and let's see what alternatives are open to you.

southernscouser

georgiasmum wrote:

Thanks everyone. I owe 1216 to barclayloan, and 7000 to barclaycard!!! I calculate that I will debt free by Oct 2007 or a little earlier if I try hard!

Thats only another 12 payments then! :T

Are you in a position to perhaps offer reduced amounts for full and final settlements?