Should I look to consolidate

kensterscott

Hi everyone,

My credit is terrible - bold statement but true and I want yo make it better.

I currently have on my credit file :

1 ccj to come of my file in January

1 statutte barred debt due off next march

1 telecoms @ 135
1 bank overdraft @ 634
1 payday loan @ 500
1 council tax arrears @ 218

So this comes to 1487

I know I would struggle greatly to get a loan, but would its be worthwhile and who could I use.

I'm in a better situation than I was when I ran into my troubles some time ago (ex left me, and lost job)

Any advise would've greatly appreciated.

CLAPTON

usually the purpose of a consolidation loan is to reduce the interest rate and/or to reuce the monthly payments by extending the term of the debts.


what are the APRs of the loan
how much are you repaying each month
what is your income

kensterscott

They are all in default with the exception of one that I pay 10 per month too.

I clear 1100 per month with 560 for bills and then 160 travel costs and a further 100 for food. Not including lunch or other costs.

But I could afford approx 60 per month to pay a loan or would itbe better to pay that directly to the debts? It would take roughly 2 1/2 years to do that?

geoffky

You have no chance of consolidation unless you want to lose your legs to the local loanshark....keep paying off and paying down the highest interest rate first...look up snowballing debts

Apples2

A loan isn't going to happen.

Anyone promising you a loan is going to scam you.