need help

meer53

Why, if you're in debt, would you pay someone to help you if you can get professional help for free ? Doesn't make sense to me !

revolu

Consolidation never works, pay them off

michael1983l

revolu wrote: »

Consolidation never works, pay them off

Been there, done that, got the t-shirt. What revolu says is 100% true, all you end up doing is increasing your debt by prolonging it due to interest added. It is easy to stagnate too because you may find yourself (like I did) borrowing at much the same rate as you were paying off too.I am just about to go bankrupt, I only wish I took real advice on my debts the first time instead of going through 3 stages of consolidation before the penny finally dropped.

RuthnJasper

peteydj83,

I don't want to get into a debate about the choices anyone has made. But I don't think it's necessarily always true that a firm will give you the best service just because you're paying them. Some IVA/debt-help providers are there (and there are some out there) because their genuine remit is to provide help and support to desperate folk, not to line their own pockets at their clients' expense.

Good luck to you in any case - I'm glad that you found a solution to your problems that was helpful. x

RuthnJasper

michael1983l wrote: »

Been there, done that, got the t-shirt. What revolu says is 100% true, all you end up doing is increasing your debt by prolonging it due to interest added. It is easy to stagnate too because you may find yourself (like I did) borrowing at much the same rate as you were paying off too.I am just about to go bankrupt, I only wish I took real advice on my debts the first time instead of going through 3 stages of consolidation before the penny finally dropped.

Similar tale for me too. Sometimes consolidation does work - but only if you have superhuman willpower! I see it a bit like fighting a fire by merely closing the door to the burning room. One can say "Phew! That's THAT dealt with!" and wander off for a bit, whilst the fire rages on unchecked.

At least you are nipping off the problem at the route NOW, rather than going on for more and more years of procrastination. Good luck to you Michael, hope all turns out well for you - you're on the right path now. xx

dtsazza

RuthnJasper wrote: »

Similar tale for me too. Sometimes consolidation does work - but only if you have superhuman willpower!

And of course, the simple fact is that those who are able to handle large credit lines successfully wouldn't need a consolidation loan to start with.

Just like payday loans, if you need one it almost certainly implies that you shouldn't get one.

RuthnJasper

dtsazza wrote: »

And of course, the simple fact is that those who are able to handle large credit lines successfully wouldn't need a consolidation loan to start with.

Just like payday loans, if you need one it almost certainly implies that you shouldn't get one.

That's true. However, I do know of people who have been helped by a consolidation loan - but they had acknowledged that they had a problem and that consolidating their debt was only a part of the solution.

The problem, I think, lies in getting a consolidation loan and NOT recognising that a spending mindset and lack of willpower (and therefore that issues have to be addressed) has led one to needing a CL.

I do agree though, that consolidation loans should come as a wake-up call. Alas, however, I can only see this now with the benefit of hindsight after several years...

dtsazza

RuthnJasper wrote: »

That's true. However, I do know of people who have been helped by a consolidation loan - but they had acknowledged that they had a problem and that consolidating their debt was only a part of the solution.

That's true - if people have had their "lightbulb moment" then you're right that they probably are going to be quite responsible in future, so a consolidation loan would be a way to potentially reduce monthly outgoings and get the debt paid off quicker.

Otherwise, the risk-reward ratio is not even worth considering.