cant get a loan to consolidate my payments

Clive_Woody

momo2015 wrote: »

earn about 24k a year
4k to a freind (his credit card)
3k to family
1k to payday
3k personal loan

Any missed/late payments, CCJs or other issues on your credit file?

Candyapple

If you earn £24k, your take home salary is just over £1.6k per month.

I would suggest you make a budget, write down all your outgoings etc. and then with whatever is left over you need to distribute it to your debtors equally.

You should cut back to the bare minimum on whatever you can. I know if it was me I would rather eat baked beans / pasta for a long time than take advantage of the good nature of friends/family who have helped me out financially.

DCFC79

williamjack555 wrote: »

If you have a number of debts, you may wish to merge them all into one loan. This is called a debt consolidation loan. There may be a number of reasons why you would wish to do this. Below are the most common reasons:

Simplify your finances by only having one monthly payment rather than many
Use the consolidation loan to pay off higher interest debts so that you are left with one loan at a lower interest rate
How to consolidate credit card debts and loans in Canada.To consolidate all of your debts, your first option would typically be to approach your bank or credit union and see if they can help you.

Debt consolidation doesn't always work.

Mentioning debt consolidation in Canada is irrelevant as this is a UK forum.

macman

How many times do we hear this? Getting a consolidation loan does not 'pay off all your debts', it simply replaces 4 smaller debts with one big one, which may or may not cost you more to service. You are presumably only paying interest on the payday loan and personal loan, so concentrate on clearing the highest interest loans first. The others, if interest free, are low priority.
It's too late now to worry about upsetting friends or family you have borrowed from.