I can't consolidate....

Ash2219

Hi everybody, just thought I'd stick this post up as I would like some advice for consolidating my loans. (not sure if it's in the right place)

I currently have 2 loans and 2 credit cards totalling £10,064, which I'm paying off at £634 a month. I also have a mortgage for £114,000 at £750 pm, my house is worth £106,000. Dam recession! I send £200 to my mother and £300 to my wife. Thankfully I earn £2100 after bills etc so have it covered.

I would like to go on holiday, or at least have some savings so thought if I consolidated my loans and credit cards into one I could free up some cash. Company's like tescos say that I could get a loan from them for £10,000 @ £210 pm, which would be a great improvement on £634, but nobody will issue it as I have "to many credit agreements" and will not give me another one and put me in more debt. I know this is because they don't know what I'll do once I get the money, pay off debts like I told them or run off to Vegas for the weekend, haha.

So to finally get to the point, does anyone have any help/advice on company's that would help me out, without going into debt management?

I'm not struggling to pay my debt, I have not missed payments for over 2 years now.

Thanks in advance,

Ash

DCFC79

Just cut back on your spending and then you have more to throw at the cards and loans.

CLAPTON

post up the details of each debt
-amount, apr, minimum monthly payment, number of payments left(for the loans)

[Deleted User]

Ash2219 wrote: »

I would like to go on holiday, or at least have some savings so thought if I consolidated my loans and credit cards into one I could free up some cash.

Borrowing money for a holiday is borderline madness, but borrowing to have savings is clinically insane.

Ash2219

Deleted_User wrote: »

Borrowing money for a holiday is borderline madness, but borrowing to have savings is clinically insane.

Maybe I didn't make myself clear, I'm not borrowing for a holiday or for savings, I'm borrowing to lower my monthly outgoings so I have more free cash so I can save up for a holiday or to put into savings

Apples2

No matter what happens you are 10,064 quid away from having one penny in savings.

Curb spending and throw more at the debt is the most sensible option. Clear debt, save up and use savings for a properly well deserved holiday.
I bet though when that day comes you won't want to spend all your savings on a holiday.

Edit: if you do manage to reduce your outgoings and have more in your pocket, don't waste the extra on a holiday. Throw as much as possible at the debt, overpay until it has gone

Ash2219

Can't remember exact figures but the loans are;

Aof2 moorgate, used to be with MBNA, £256 pm and about £3500 left to pay
Halifax, £179 pm with about £5000 left to pay

Credit cards;
Halifax, around £450, paying £100 pm, minimum payment about £19

Virgen, about £900, paying £100 pm, minimum payment about £45

I can get more accurate figures after work

As for just spending less, DCFC79, if I tighten my belt much more ill be a size zero. I could lower the cash I give my mother who had her hours cut and is struggling with her mortgage, or my wife who lost everything and still owes the bank money, but I can afford to support them till there back on there feet, as I promised them.

This is simply about freeing up some cash month to month, not paying it off as soon as possible

CLAPTON

you don't give APRs but pay aas much as possible on the debts with the highest APR and just a little more that the minimum on the others

obviously you are paying more than the minimum on the CCs so the main point of refinancing would presumbaly to reduce interest rather than your monthly total.


you may consider trying for 0% BT credit cards and reduce the APRs that way.

Apples2

Moorgate?
Have you defaulted?

If you have any black marks in the last 6yrs you really need to forget any ideas of a loan.

You are making great progress on the credit cards, in just 4 months you will have an extra 100 to throw at the other. Once the other has gone you have an extra 200 to throw at the rest.

You are doing great, it is a slog but you are getting there,

Good luck