to consolidate or not to consolidate??

littlebeezz

hi people,
(i'll keep it short) i could really do with your advice im £4,410.57 in the sh£t and i need out!
loan 2,823.32 flexi loan
overdraft 567.95
CC 1,019.57 0% this can wait
mth income 928.98
out goings 695.98
should i consolidate with a cheap loan or try and pay them off as they stand?

hypno06

Hi there!

Consolidation is rarely the right thing to be doing in the opinion of most on these boards.

However, the first thing to do is to check out the sticky (above) by Southernscouser for first time posters, gather all your information and present an SOA.

This will give the great people of the DFW community the information that they need to give the best advice that they can!

Good luck, and look forward to seeing the SOA.

CLAPTON

withour knowing your APRs on the debts and what sort of APR you would get on a loan and without knowing the details of your income and spending it's impossible to give good advice.

why not post a full SOA and give some details about your situation then we will be better able to help.

littlebeezz

thank you and i will, but whats an SOA?

immoral_angeluk

Generally consolidation is a bad idea as it doesn't really get you to open your eyes as to why you got into debt in the first place, and many people on here will tell you how they consolidated only to run up debt again and be even worse off. Whereas if you work hard to pay them off as they stand you'll have a greater appreciation of how hard it is to get out of debt and it'll put you off getting in the same trouble again in the future.

Burlesque_Babe

An SOA is a statement of affairs. All your income and all your outgoings. List everything - all your utilities, bills, food, petrol etc.

I would advise against consolidating as someone with the 'been there more than once and done it stupidly' t-shirt.