Help im in debt

Emma_Debt

I owe in total just over £4000 comprising of a loan, credit card and catalogue. I wanted to get a loan to consolidate them all together but no one will fgive me one (dont blame them!!!) I decided to go through a financial advisor but they also take a chunk of the payment so that hasnt helped.

How do i deal with it or do i contact the companies myself? Why is it all so confusing?
:eek:

tryhard_2

hi emma
welcome to mse. if you post your SOA here people can offer useful tips. depending on your income and outgoings there may be other ways to overcome your problems

will post link for SOA in a mo

tryhard_2

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1089226742,17582,#planner

LydiaSophia

In my opinion being refused further credit has been a complete blessing in disguise. It probably doesn't seem so but it is. I got myself deeper and deeper in trouble by consolidation - worst mistake I ever made and I am paying for it now.

4K may seem alot of money but believe me you will be able to pay that off quite quickly if you follow the advice of the kind people on this site!

James&Shell

Have You Tried Payplan Or CCCS

They will help you and they are free

Storm

Hi Emma,

I would hold off on a consolidation loan - if you've been turned down recently these will show as 'footprints' on your credit report, so it's highly unlikely anyone else will give you one.

If you post your SoA then we'll be able to see where you can save money to clear the debts faster (see SouthernScousers sticky) and if you go to https://www.whatsthecost.com you can 'snowball' to see how long it will take you to become debt free based on what you can afford to pay off each month.

THE_LONE_RANGER_4

dont consolidate and if your not getting credit its for the best you cant get further in debt so take a step back work out an affordable repayment programme and stick to it you will need to contact creditors and arrange lower repayments do it now before it gets any worse , you will soon dig yourself out of this one just be positive and focused

Kevicho

First of all ditch the advisor, that money is better off paying your debts as opposed to lining their pockets,

The next thing to do is write up an SOA (there is a thread at the top of the DFW board telling you how to do this)

Also write out a list of your debts in the following format

Debt name / amount owed / interest rate / minimum payment

Once you have done that overpay as much as you can on the highest interest rate debt.

Also it may help to look at ways of raising a bit of spare cash, such as selling un needed items on ebay, doing overtime/extra work, mystery shopping.