Help/advice

Ranger1912

HI id just like a little advice. Im looking to consolidate some debts. The problem is i was a bit silly when i turned 18 getting over drafts and phone contracts i couldn't afford. This has left me with a awful credit rating leaving me with little option for loans. Ive found a half decent one through credit expert site but still big intrest . Ive not missed any payments or got in serious debt for a long time and trying to improve my credit score as im lookin to buy a house in the next 3 years. I am self employed and have just got back from a few months traveling i have been home 2 months now and i can't get a wage to stick after rent and bills to pay anything off. Basically im wondering if thie loan is my bedt best way?? Thanks

PeacefulWaters

It sounds like a dramatically bad idea.

dealer_wins

Best bet is to post a full statement of income/debts/outgoings on the "Debt Free Wannabe" board, you will get lots of useful advise on how to tackle your debts and get mortgage ready as soon as is possible.

19lottie82

A consolidation loan is almost always a bad idea and in your situation it definitely is, sorry.

Firstly because the borrower usually runs up the debt again and ends up back to square one, if not in a worst situation, despite and original mindset that that will never happen.

Secondly to really break this debt cycle you need to snap out of the borrowing mindset. Another loan won't make things better.

As someone has said, pop along to the debt free wannabe pry of the board. You can post a statement of affairs where people can advise how you an cut back and get your debts paid back in the most efficient / quickest / cheapest way possible.

I hope you'll take this advice on board, no one over there will judge or patronise so give it a try!

DCFC79

1. Don't focus too much on your credit score, its your credit history that's important.

2. Definitely follow the other advice already posted.