Debt consolidation - serious advice needed

cpol

We have got £18500 worth of debt which we must do something with in order to survive.
A breakdown of the debts is :
halifax loan £8000 - £312 per month
Barclaycard £6000 - £140 per month
Barclaycard £2800 - £60 per month
Overdraft £1700 - £23 per month

We seriously need to reduce the monthly repayments.
Looked at remortgaging (northern rock) and got approved in principal however when they valued the house they changed their minds saying the house wasnt worth much ( they didnt reveal their valuation figure)
We have never defaulted on any of our repayments but have been turned down for loans by the likes of tesco bank, sainsburys and clydesdale in the past
Can anyone recommend a good loan company who would possibly take this on? Or any other suggestions?Feel free to reply on this thread or PM me
Any serious advice would be greatly appreciated

Dovah_diva

How much do you earn? To be honest, if your mortgage provider won't give you a secured loan (and it is insanity to turn unsecured debt into secured debt anyway) then I doubt you'll get a unsecured loan for £18.5k.

You need to drastically cut down on your outgoings and start throwing as much as you can at your debt. The only way you'll get rid of it is to pay it. Go to the Debt Free Wanabee board- they'll give you good advice.

fozmcfc

I would post over in the debt free wanabee section of the forum.

I would say it is highly unlikely unless you have an income of at least £70,000 to get any sort of consolidation loan. When looking at a loan, they have no guarantee you would pay off the debts, so would look at you having £37,000 of debt

You need at least £200 + extra to throw at the debt and/or to cut back on your outgoing substantially each month.

If you can do the above, then certainly you're looking at 3 - 5 years of cutbacks and determination to start to get yourselves sorted.

If you can't then a DMP or even going bankrupt, are likely to be the only options.

pauletruth

if you really cant afford the repayment a dmp would help however your credit will be shot for a long time.