Recommend Debt Consolidation company?

creditcardnewbie

Hello everyone,

I apologise if this is posted elsewhere but I could not find a post relevant to it.

I currently have 4 small loans, 3 small credit card balances (with same bank) and a small overdraft and I would like to consolidate the debt if possible.

I have been searching the web for any kind of reputable firm that would offer one (been turned down by my own bank for a loan and cards are with same bank - no deals available and been turned down by a few others).

Can anyone advise of any companies that they have used for this purpose and would recommend?

Many thanks in advance,

creditcardnewbie :beer:

Ilona

creditcardnewbie wrote: »

I have been searching the web for any kind of reputable firm that would offer one (been turned down by my own bank for a loan and cards are with same bank - no deals available and been turned down by a few others).

Hello OP. Turned down several times? Then give up. Would you lend to someone who is already in debt? Consolidation rarely works, who is to say you will pay off your existing debts with a loan, all you would do is double the amount you owe, not a good idea.

Best thing you can do is post up a Statement of Affairs, listing all your incomings and outgoings, and how much you owe with interest rates. Then the good people on here can advise where you might make cuts in your spending, or increase your money coming in, so you have more to throw at your debts. It's a simple as that. No need to get yourself stuck further into the mire. Give it a go.
http://www.stoozing.com/calculator/soa.php

Ilona

Former_MSE_Andrea

Hi creditcardnewbie

Have you read our Debt Problems guide? Check that out then see what others have to say.

Andrea

sourcrates

So you've been turned down a few times, I think that is likely to continue, I would give up now, as consolidation is often a big mistake and the more credit applications you make, the more desperate you will seem to lenders.

Advice above is good, I suggest you run with that first.