Loan help

LeeR

Hello this is my first post here,

Looking to get out of a bit of trouble financially - I am looking to "consolidate" my store credit and credit cards by taking out a loan to cover them and hopefully reduce the monthly payments.

Let me state, my credit rating is very bad.

I was wondering if anybody has any advice or companies that might be able to help me?

jonesMUFCforever

If your credit rating is bad forget the whole idea of getting a consolidation loan - it will not happen - period.

What you need to do is pop over to the debt free wanabe board - compile a statement of affairs and start snowballing,

This will be explained more fully on that board but basically you pay the most each month on the highest charging card/loan etc and the minimum on the rest until the highest one is paid off then you do the same for the second highest etc.

This requires discipline and assumes that you do not borrow any more.

iolanthe07

The fact is that no reputable lender is going to lend to someone whose credit rating is 'very bad'. Even at above normal interest rates, it just isn't worth the hassle and risk of not being repaid. Good advice from Jones above.

DCFC79

LeeR wrote: »

Hello this is my first post here,

Looking to get out of a bit of trouble financially - I am looking to "consolidate" my store credit and credit cards by taking out a loan to cover them and hopefully reduce the monthly payments.

Let me state, my credit rating is very bad.

I was wondering if anybody has any advice or companies that might be able to help me?

Cant say anything that hasn't already been said.

I also suggest going over to the DFW board.

Ilona

First you need to look at your spending. To get rid of your debt you have to consider your priorities, make extra payments towards the debt, or carry on spending. As above, do a statement of affairs and people will help you to shave a few pounds off your day to day living expenses. Stop going out for a while, stop buying things you don't need, and throw every penny you have at your debts. It's like going on a spending diet.
Ilona