new here

lucyloo12

hi i have debt of £3,ooo. with 3 lenders at the min i have been put on a arragemnet of 50 a week to one credit card company which i will have 1k cleared by july. this i will find a struggle and i was wondering if it is a good idea to clear it? the other i pay 35 a month for a card with 500 quid on it and a personal loan was reduced to 38 pounds a month. in total i will be paying 270 a month for the 3 loans. i was contaced by dfh offering me a 144 total payment but after reading comments on the other section i have now gone off the idea. I was thinking of trying to get a consoadation loan for a smaller ammount but i have a bad credit histroy and may not get nay thing, what shoul i do ?

thank you in advance

GeorgieFTB

I'm sure other will be along, tell you to post an SOA etc.

With consolidation loans the biggest question you need to answer is will you cut up your cards and never use them again! There are many people on here that have consolidated several times and keepusing the cards, there are some who have the will power to cut them up, or freeze them in blocks of ice...

Welcome
Gx

lucyloo12

whats soa?

lucyloo12

GeorgieFTB wrote: »

I'm sure other will be along, tell you to post an SOA etc.

With consolidation loans the biggest question you need to answer is will you cut up your cards and never use them again! There are many people on here that have consolidated several times and keepusing the cards, there are some who have the will power to cut them up, or freeze them in blocks of ice...

Welcome
Gx

hi i have cards cut already

Rock_Cakes

Hi Lucyloo :wave:

I am sure there will be somebody more wise to come and give you a hand. But until then . . . .

The Statement of Affairs (SOA) helps you see where your money is going and if you post it the lovely people on this forum will give you help on how to reduce your outgoings. Its here: http://www.makesenseofcards.com/soacalc.html

After you have done that I would really recommend the snowball calculator, which helps you to work out what to pay first. It also gives you a Debt free date which I like cause I now have something to aim for.

I have no doubt you will get lots of help and support from the DFW.
xx

Tixy

Hi

By dfh I assume you mean debtfreehelpline? If so then don't use them, if it turns out you need a DMP make sure you only use one of the charities who won't charge you fees.
IMPORTANT - Where to seek professional impartial advice about your debts.

As others have suggested if you could complete and post up a statement of affairs it should help us see your finances in more detail and advise you on a way you can move forward.

From the sounds of things you won't get a consolidation loan and I certainly wouldn't try applying for anything yet until we have seen your SoA. Consolidation loans rarely solve the issues people think they will and often cost more in the long run that sticking with the debts you have and trying to repay them.