Debt consolidation

roxanne69

i have got myself into a bit of a pickle with payday loans. the vicious circle has begun. and i was wondering if anyone has ever consolidated their debts? i seen about this on the internet but am not entirely sure if its what i should do. any help or advice is welcome thankyou

Tixy

If you have a number of payday loans and are able to obtain a bank loan from your own bank or a high street lender this might well be a sensible idea. First you need to work out your finances in detail to see if you could afford such a loan,

But if you were using payday loans in the first place then it might be that you are not in a position to get a loan from any high street bank (either due to your credit history or current financial position), if that is the case I certainly wouldn't consider the myriad of dodgy loan brokers and subprime loans that are all over the internet.

If you are struggling to repay your debts then it might be worth popping on to the Debt Free Wannabe board for some advice on budgeting and other options that might suit you, such as getting advice from the debt advice charities.

paddyrg

The problem is going to be finding credit if you're already maxxing out on PDL :-(

roxanne69

thanks tixy and paddyrg, i know. my credit was good until i got these and coz im deferring them my credit is getting to be poor, just want to get rid of them to be honest but there doesnt seem an easy way out doesnt help that my hours were reduced in work which is why im in this situation anyway. ive been requesting my hours back and my manager is trying to sort it so hopefully if i get my hours back itll be easier. its just getting to the easy part