Which debt consolidation company ?

Medic999

message deleted

antonic

First of all you need to complete this :

http://www.makesenseofcards.com/soacalc.html

and then we can give suggestions on getting your budget under control.

Personally I wouldnt recommend taking on any further debt as your struggling now ! - and if you did take a loan with the PDL`s you have you will get one at an extortionate rate of APR, even if anyone would lend to you.

bargainbetty

Given your recent credit history you are unlikely to find anyone to lend you money at a reasonable rate. You have a substantial amount of outstanding debt, and the type of debt won't help you either. Unless you can show that you can service all your debt and the full repayment, lots of places won't touch you.

There is no guarantee in the lenders mind that you will use it to settle your debt, nor is there a contract that can legally require you to do so. The chance of you paying the debt and running up more is entirely plausible to them, so why would they lend it?

Use the budget calculator, sell your unwanted stuff on ebay/amazon, take a second job, do whatever you have to do to get a little more money in to start paying them off one at a time at the same time as living within your means.

Good luck

Medic999

message deleted

Grumpelstiltskin

Medic999 wrote: »

I take home between £ 2.100, and 2.500, a month so I'm happy to have just 1 loan with higher payments just to get the total interest down.

I emailed this one debt company who said they can sort it all into one payment and no hassle from my creditors but they told me to stop paying them all which will wreck my credit file won't it? I don't have any defaults or anything on there now and would like to keep it that way.

Please make sure they are not trying to sell you a debt management plan.
If they are don't touch them with a barge pole. One of the debt charities can set up a plan for you at no cost.

Please be very sure you know exactly what they are offering you, don't whatever you do give then your card details. They will promise the earth but ask for everything in writing and come back here when you have it.

Medic999

message deleted

plum44_2

Nooooooo dont do it- Contact CCCS TODAY they are a charity and will do this for free (you can start the ball rolling online today).
I have been with them for 16 months, they got interest frozen, I didn't have to meet anyone (spooky) and I didn't stop paying my creditors. I have paid off 17k with no grief or hassle and not one penny in fees or charges.

Grumpelstiltskin

Medic999 wrote: »

The company is called w w w moneysavingessex co uk and this was his reply :

Thank you for contacting me, yes you really have a situation on your hands with such high interest, on your own you will never clear it, I can certainly help you, I will negotiate to get the interest frozen, and arrange to pay the balance off by one monthly payment per month, all letter you receive will come to us, and we will deal with your creditors for you without the stress you are going through now, I am at present away in Turkey and will be returning on 28th, please forward me your name, address, and contact telephone numbers, and I will arrange a time and date to meet with you to go over your situation, I would imagine I can come and see you on the Tuesday 2nd May if that is good for you, in the meantime I would suggest you stop paying your creditors, until we have sat down together. Our company has been operating successfully since 1996 and we have a fantastic relationship with all of the creditors.

OK That's a debt management programme they are offering. So see them if you want but as I said don't give them your card details and the first question you need to ask is what are your fees?

They will probably tell you all the interest will be stopped - they can't promise that it's up to the individual companies who will decide that.

Your credit rating will be trashed as you will default on your payments, that will happen anyway whoever you go with, you won't be able to get any more credit, but do you want more?

If you go with one of the debt charities the whole amount you pay them every month will go to your debts, with this compnay they will be syphoning money off every month to line their pockets.

Oh and by the way if you mention the debt charities to them they will tell you anything they can to try and convince you not to deal with them but to use their 'fantastic' services.

Please go into this with your eyes wide open.

Medic999

message deleted

bargainbetty

This is a Debt Management Plan or DMP. DMPs restrict you from getting further credit from anywhere for the duration of the agreement, and generally tank your credit rating for 6 years.

As noted above, you will not guarantee frozen interest payments, and this company will take your money for maying your creditors each month. If you have not defaulted on any of the loans, then taking a DMP would be a bit difficult. You can afford to pay it, so why would a lender reduce your costs? (effectively what a DMP asks them to do)

Honestly, post up your statement of affairs and people will be able to advise you on where to start saving money and how to pay these back.

Going against the grain a bit, but do you have a family member or friend you could borrow enough to clear one of the payday loans off? If you did that, paying them back £50 per month, you would free up enough to throw at your other debts and reduce them too - one bit at a time.

Good luck

ampafc

I don't think I could trust someone that writes an 11-line sentence...