Can't consolidate

lilfil

I'm trying to become debt free, and wish to consolidate , I want to geta loan for 12,000 to consolidate all debts into one, however no one is lending to me , so I can just paying interest, this is extremely depressing.


what can I do

sourcrates

lilfil wrote: »

I'm trying to become debt free, and wish to consolidate , I want to geta loan for 12,000 to consolidate all debts into one, however no one is lending to me , so I can just paying interest, this is extremely depressing.


what can I do

Probably a blessing in disguise, have a read of this thread to see why consolidation is nearly always a bad idea:

https://forums.moneysavingexpert.com/discussion/5233290

andyfromotley

Hi lilfil, and welcome.

Well if no one else will lend to you then you will have to tackle your debt as it stands. The good news is that you are in the right place. Tell us what the problem is and let us se if we can help you.

shoe*diva79

I found this so I called my creditors which were charging interest (2 credit cards and a store card) and offered them a set amount each month and asked them to freeze interest and not apply any charges to my account. Pleased to say that despite me being frightened to call them, they were all great and agreed to my requests - two for 6 months and one for 11 months! This gives me breathing space to be able to get finances in order.

Give them a call, you might be surprised!

tania12

try stepchange.com , its a free debt management plan through charity. all costs go to your debts rather than a percentage going to them for fees.

dancingfairy

Firstly you can't consolidate (as you've been turned down) and secondly I'd be a incredibly rich if I had a £1 for every person that had consolidated and it had gone wrong. Some people consolidate twice, or more, each time vowing never to get into debt again, then something breaks or they feel flush with all this 'spare' money and start spending again. It's a really horrible spiral. The answer to debt is not more debt or spreading it over a longer period of time.
Give one of the debt charities a call such as National Debtline, Stepchange or pop into your local CAB.
df

rising_from_the_ashes

I think you actually want to say a big 'thank you' to the lender(s) who have turned you down!

As others have said, consolidation is generally the worst thing for a lot of people as it usually leads to more debt ......

Post up a SOA (available in the sticky thread at the top of the board) and I bet we can find some savings to let you pay a bit more to the debts & get them cleared

rockm87

http://www.stoozing.com/calculator/soa.php

National_Debtline

Hi lilfil


Hard to argue with any of the above replies - being rejected for a consolidation loan is one of the surest signs that you would benefit from free, impartial debt advice, and that you may need to accept that your credit file gets worse before it can get better.


I hope you are able to get that advice, either here or elsewhere. There are plenty on this forum who will have been in the same boat and who can share their experience with you.


Dennis
@natdebtline