Consolidation Loan Advice

samo8076

Hi guys,

Recently myself and my girlfriend have broken up, she moved out of my house where she was paying half the rent and half the bills which have now gone up due to energy providers and us using twice as much water before she moved in.

I also have 2 loans outstanding and with me now having to cover her rent and share of the bills its left me with no money at all. Literally all my monthly wage is now going out on bills, im really rock bottom here.

A breakdown of my loans:

£2600 outstanding loan with Natwest
£700 overdraft with Natwest
£3400 catalogue debt with Very.co.uk

i tried to get a loan of £7000 with the Post Office the other day but got turned down due to credit even though i said it was a consolidation loan.

I could go to the Natwest seeing as thats who i have my loan and current account with but iv read nothing but bad things recently and plus their rates are pretty rubbish compared to most. I dont want to keep submitting applications to various loan companies if im going to be keep getting turned down and getting a credit score against me. Also i used the expirian free trial years ago so i cant even do that. My parents cant help either in the long term, so im pretty screwed.

Any ideas what i can do?

Thanks in advance.

maginot

If you have 2 loans and are struggling to pay these back, unfortunately very few lending organisations are going to give you money.

You are effectively doubling your debt because organisations do not know you are going to consolidate your debt. Even if there was a system in place to ensure the cheque was paid to cover your debt, you could just go out again and rack up more credit card bills again etc.

Your best course of action is to put up a SOA and see if there are any ways to save money elsewhere. Also I recommend snowballing your debt to try and pay off one debt as quick as possible, this then frees up money to increase payments to another debt. You will be amazed how quickly debt can go down this way!

samo8076

Thanks for the reply, but i cant snowball at all without increasing other debts etc, i have no spare money at all, this month i havnt even got any money to get to work....its that bad.

DCFC79

Well rent the other room out if you have 1,

samo8076

nope only a one bedroom bungalow on shared ownership so cant even rent the place out.

davetrousers

You need to post up an SOA (Statement of Affairs)

chalkie99

£3400 of catalogue debt suggests there must have been some tangible goods purchased as opposed to just blowing it all on entertainment so is there anything you can sell to raise funds in the short term?

If so get them on EBay now!

Tixy

Hi

I'd suggest you pop over to the debt free wannabe section and post up a statement of affairs, where it is likely the people there will be able to suggest some areas you can save money/get things cheaper.
Aside from that have you anything you can sell to put towards paying off the debts? Whatever was bought on the catalogue?

You might also need to get it touch with one of the debt charities and consider whether defaulting on the loans and entering a DMP might be a solution, or whether you could sell sell the hosue and rent somewhere cheaper and near enough to work to be able to walk.

samo8076

just done one...according to the one iv just done i have surpless payments of £36pm to me which doesnt seem right.

samo8076

actually scrap my last one i forgotten something on the list..im needing an extra £144 pm to break even after everything.

samo8076

just read the other replies...i have nothing i can sell really apart from the usual dvds, games etc which i already have listed on ebay and other places...with regards to the catalogue purchases i have sold them in the past to fund other need things such as a car/xmas presents etc etc.