Advice Please

Nottoobadyet

Consolidation loans (as suggested by Rich) are usually a bad idea for people that havent yet solved their debt problems - most people clear the cards then just run them back up, and have to pay back the loan as well. proceed with caution if going that way.

Diplomat365

I was working no the assumption that if the consolidation load was used credit cards would not be used any longer. It really is important to do a full budget reflecting all spending going out etc...

nmh1980

thank you all for the helpful comments.

after having a lengthy discussion with my parents, they have given me some money (£1000 to be precise) to pay off my Wonga and my Pounds To Pocket loans. This is on the understanding that I will pay them back eventually, which of course I will.

cottonhead

Thats a nice ending. Glad you felt able to talk to your parents and they are in a position to help. Sorry you learned the hard way - so have I and I can tell you ite batter to make mistake when you are young at home than when you have a family to support.

Diplomat365

Great news that you could talk it through with them and good luck going forward. Hope you can find a way to make things balance better from here on in

hampsterpoo

nmh1980 wrote: »

thank you all for the helpful comments.

after having a lengthy discussion with my parents, they have given me some money (£1000 to be precise) to pay off my Wonga and my Pounds To Pocket loans. This is on the understanding that I will pay them back eventually, which of course I will.

Thats good news for you , you do however need to sort out the APR on the cards to see what you really owe and to see if you can get anything lowered. Once you know what they are you can use the snowball and get a much better understanding of your debts. And where to throw you money first to help bring it down faster.

Also I would suggest setting up a standing order to start paying back your parents , this will show them that you are making the effort to pay them back and stick to it , start with a small amount each month and then as things get paid off you can increase it as time goes by.