Unsecured loans £25K - Where to go????

HelpMePLease

Hi

I'm currently worrying myself sick about the money I owe. I've had a string of really bad luck over the past year and unfortunately I have worked up £25k in debts.

This time last year I only owed about £5k.

There's nothing un-toward about the borrowings I currently have but I am paying out almost £1000 per month with £300 of that going on a credit card then I take it straight off again due to commuting & family commitments.

Ideally I'd like to consolidate these debts to have 1 affordable monthly repayment. Unfortunately I am council tenant and have no collateral. My partner and I are currently expecting our 3rd child and I fear we could get into a sticky situation financially.

Can anyone suggest a legitimate loan company who can help me?

I also have nobody to stand as guarantor. My credit rating is about average however this is only due to the amount of money I owe. I've never missed a payment either.

I'm earning £28k at present but have a 30 mile commute to work. therefore it costs a fortune whether its by train or car!!!!!

Please, can somebody help me?

Yours hopefully

R :-)

[Deleted User]

You need to speak to CAB, and look at your outgoings. You won't be getting another loan in your situation. Not from anyone who doesn't want a limb as collateral.

Tixy

No chance of another loan or more credit in your situation. You already owe far too much compared to your salary to be considered for any more credit.

I'd suggest speaking to one of the debt advice charities - a debt management plan might be a suitable option for you to manage your debts. IMPORTANT - Where to seek professional impartial advice about your debts.

Might also want to post of the debt free wannabe section, perhaps post up a statement of affairs for people to be able to offer practical advice on your situation.

CHR15

HelpMePLease wrote: »

I'd like to consolidate these debts to have 1 affordable monthly repayment.

There's the big alarm bell right there.
It means it has gone too far, you cannot buy your way out any longer.
I agree with the above, appreciate time is short with a baby on the way but you need to focus your efforts.
Don't pay minimum payments, they know if you do. Make £1 more than minimum, it will reflect better for you in the long run.

You only have 1.5yrs left on one CC which is much less than you would be paying a loan for. That frees up £250 a month to throw at the others (concentrate on the higher APR debts first).
As you clear them the remainder will reduce at an accelerating rate.

To get over the immediate hiccup, as above, into the DFW board with an SOA/Spending diaries the whole shamoly.
You will have safety in numbers (support) with others inexactly the same position.

Trying to buy your way out never works, it just pushes the inevitible right but it comes back with a much bigger bang.

Good luck to you.

DCFC79

Be realistic when making decisions about wjhat to cut down on and stck to it.