Please help me.

pelirocco

4xmummy wrote: »

I dont care about the rates tbh, I just want to get as much paid off as quickly as I can. We have 4 small children and the fear of being overwhelmed it getting too much for me :-(

If the rates are higher then you are paying now , you wont be paying it off much quicker , it will be like plugging a very large hole with a sticking plaster, it will just be a temporary relief .

Monkeyballs

I think the OP was objecting to the suggestion of getting close to any relatives who are near death... Not the advice being offered

OP, my advice is DO NOT BORROW MORE TO GET OUT OF DEBT. Go check out the Debt Free Wannabe forum as suggested above Your best bet is to contact a debt charity such as Step Change to look into options such as a Debt Management Plan (DMP) which allows you to pay what you can afford and no more... Sleep filled nights will soon follow I can assure you

Good luck!

MB x

DCFC79

(Text removed by MSE Forum Team)

Looks like you need to contact a debt management company like stepchange and get it sorted.

19lottie82

4xmummy wrote: »

I dont care about the rates tbh, I just want to get as much paid off as quickly as I can. We have 4 small children and the fear of being overwhelmed it getting too much for me :-(

OP...... I'm sorry people aren't giving you the answers you would like, but they are entirely correct.

There is a rule of the thumb formula for borrowing.

Take your 50% of your current annual income then deduct your existing debt. This is usually how much commercial lenders will offer you. IF you have a blemish free credit history (no missed/ late payments, or defaults)

So based on your existing debt and the loan you're looking for you would need an annual income of £118,000.

I understand you're panicking and stressed, but realistically, you have 2 options here.

1) Increase your income / reduce your outgoings and slowly plug away at reducing your debts (I know it seems like it now but another loan is NOT the answer and will just make things worse, honestly!)

2) Enter a Debt Management Plan. This isn't as scary as it sounds, and is often the best solution if you're struggling to meet minimum payments and feel like you can't see the light at the end of the tunnel.
Please call Stepchange on 0800 138 1111 and speak to them for some advice. This is a debt charity who don't profit from DMPs. beware of other companies who do, they can often make things worse.

ampersand

mummyx4 - you are a newbie, so first of all - WELCOME TO MSE and well done for coming here and posting.

It takes courage and you have taken that first brave, but necessary step.

You see straight away that plenty of people are here, ready to offer help and suggestions. In fact, we've all piled in! - and this may well feel overwhelming, too.

As I write this, your green light's still on, so I hope you are reading with an open mind and letting belief and hope creep in. One phone call can spark that essential attitude transplant, but you have to want things to change and be prepared to make it happen.

Your 1st post is for a magic wand.

Finally, you really need to be working at this together with OH - again for your children's sakes and a memory bank experience of strong family life.



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19lottie82

I have a horrible feeling the OP won't be back, but I really hope I'm wrong!

bargainbetty

People who have been in similar situations are offering genuine advice on how to improve your situation. Your initial suggestion would genuinely make matters worse, and people are trying to help you see that.

Honestly, look at alternative ways to do this. Trying to take on higher interest debts will not improve this, it will make it worse. Really, I've done it! It doesn't help, and you'll be kicking yourself in a few weeks, if not sooner.

The other boards will help you and the advice to rethink your options is the best you will get. It might not be want you want to hear, but it is the truth.

I wish you luck, but you have to recognise that you need to change your ways to sort this, doing more of the same and expecting different results is the textbook definition of crazy.

pelirocco

OP you are panicking at the moment , take a deep breath , read through other peoples debt diaries / posts .
Your prioties are roof over your head and food , any debt can be dealt with so dont worry , you will get through it

National_Debtline

Hi OP

There is one further, very significant, reason that mainstream lenders won't offer you a £25K loan here.

They would calculate the cost of repaying it in addition to repayments on your existing debts, not instead of them, as they have no guarantee that you would use the cash to pay off said debts. That is their rationale, whether we agree with it or not.

I sincerely hope you get some good, free and independent advice to help you move forward.

Dennis
@natdebtline

[Deleted User]

4xmummy wrote: »

I don't care about the rates tbh, I just want to get as much paid off as quickly as I can.

With respect, you need to care about the rates.

There'd no point in taking out a loan, at a higher rate than the current debts.