Consolidation Loan

furryboo

Hello one and all,
I have been thinking long and hard about putting a message up on here and have finally had the courage to do it!

Basically, until a year ago everything was going smoothly, everything was being paid and my family was managing ok! Then just less than a year ago we were forced to move house (a smaller house so I thought the cost would be less), changed jobs and put my son into Childcare! Well everything went pair shaped from there and I bascially lost all control over our finances. We are now bascially £640 worse of than last year! I have been using payday loans to try to cover all our bills and leave us with some disposable income but things are now spiralling out of control.

I haven't missed any payments but the costs for all these payday loans are increasing! Now the other side of all of this is that a relative has offered to get a loan so I can clear all my current debts and get myself back on the straight and narrow. The problem is this relative has a poor credit rating and I cannot find a loan provider that doesn't charge a massive APR.

Can anyone offer any help us to were to go to either get a loan or get some advice?

Thank you for any help. I am really greatful.

furryboo

DCFC79

1. Get over to the debt free board and post a Statement of affairs but be honest with what you enter in the SOA

2. cut your outgoings to bare minimum

3. sell anything you can on ebay

rising_from_the_ashes

Ditto what DCFC's said

fletch1981

Hi canny anyone give me some advice.
i am looking to consolidate debt worth around £6,000. i am also looking to buy a house and have my deposit saved.
should i first apply for a mortage and having to input on application my details of CCs and overdrafts? or apply for a loan first to tidy up my debt to one loan.?
will applying for the loan impact my mortgage negatively or should i wait til after i purchase a house and apply for a loan to consolidate my debt?
this may be trivial to many of you but i am really inexperienced at all this and as a first time buyer aged 31, i am desperate to get out from under my parents feet. any advice would be great. cheers

poppy10_2

fletch1981 wrote: »

i am looking to consolidate debt worth around £6,000. i am also looking to buy a house and have my deposit saved.

Pay off your debts with your deposit. Then start saving again until you build your deposit back up. The mortgage lenders will subtract the amount of your debt when calculating your available deposit anyway.