Stuck in a corner, naked.

0writer

Evening,

Just had some bad news and I am rabbit eyed as to what to do next. I have £20,000 worth of debt which I have to consolidate as the interest is killing me. The debt is spread over 4 credit cards and interest alone each month is £470. I was told my best bet would be to consolidate and either try my bank or mortgage lender. I have just finished on the phone with Halifax after applying for a Futher Advance loan and apparently between me and my partner we do not have enough income to cover the "affordability".

I know for sure that it would be less than the £470 that I am currently paying each month and although it is really hard the amount is being paid.

I'm shocked that not even my mortgage lender couldn't help so what are my changes with any other tom, !!!!!! or harry lender.

Any advice appriciated.

Willsnarf1983

whoever told u consolidating was the correct way was obviously silly!

post a SOA by looking at Southern Scousers sticky above and people will help u and show u ways of cutting back coz thats what your gonna have to do now

1) earn more money
2) cut back on the expenditure


HTH

Will

System

Don't consolidate. Post all the details of your debt - commonly referred to as an SOA - and we'll help you make the right choice.

Lenny

jenchin66

http://forums.moneysavingexpert.com/showthread.html?t=107280 heres the link to SOA details

SunderlandBlackCat

I agree with those who said that consolidating is wrong. I did it twice before I actually got a handle on things but if I'd tackled things head on instead of when I first consolidated I'd have been debt free for over a year.

The people who want you to consolidate mostly are doing it out of ignorance of the facts or their own profit.

The first thing you need to do is tackle the root cause of the debts.

Baggiebird1nil

Look at all the options before you go bankrupt. CCS, Payplan, IVA whatever. Don't make a rash decision. They cannot take what you haven't got. There are some fantastic people on here who can give you really good advice so hold on, don't panic and take all the advice in then make you decision.