Consolidation loan

Sidshell

I was hoping to get some advice on my financial situation. I was addicted to gambling from 2011 . I did loose a lot of money and have taken many loans , payday loans etc but have paid all back no. I am clean now. I work in a high pressured environment and earn around 2400 per month . However at the moment I have debt of 15000 on credit cards . Is there any place that I can get a loan for around 3 years . I am paying a higher interest to the cc companies but I have been unable to find a loan to consolidate all this debt due to a poor credit rating . I currently pay rent and although I don't waste any money I have to use my overdraft every month. I don't gamble anymore and Have made a fresh start after loosing my family etc. Before 2010 I had also taken a Barclays loan for 20000 which I paid on time without any issues. I don't want to take help from stepchange as I want to try and save for a mortgage .I know consolidation is not the best way but I am just tired of paying more and more every month to Credit card plus I have gone through so much and come out of all it on my own without anyone's help and so I don't want to ask for Any help from family or friends Please advice

-taff

COnsolidation loans don't work.

Go to the debt free wannabe baord for more advice. You'll be asked to fill out an SOA so they can hep with spending and where to cut it, and paying back advice.

PeacefulWaters

While you have an impaired credit rating, it's unlikely that you'll get a loan at a cheaper rate than you're paying on the credit cards.

Pay minimum payment plus £1 on all the cards. In addition, throw all spare cash at clearing the overdraft (then never use it again) and when that's been achieved throw it at the highest rate card.

Continue to pay the loan in full.

Ring the card companies and ask them if they have any customer loyalty rates they can switch you on to. Might not work, but worth a try.

As suggested above, get over to the DFW board and complete a SOA. This should identify spare cash.

The action above should gradually chip away at your debts, improve how lenders interpret your credit file and, in time, leave you well placed for a mortgage.

It's not quick though.

Dobbibill

I echo the above comments.....consolidation doesn't work, even with the best intentions.

There's no guarantee you would be accepted a)for a loan or b) at a cheaper rate than the credit cards.

Head over the DFW forum because the first thing you need to do is budget on a monthly basis so you don't need to use your overdraft.

If you are not using your credit card then you shouldn't be paying more and more, you should be paying less interest for every month that your debt reduces.

Complete a SOA, as suggested. If you don't feel ready to post it then at least fill it in for your own view. Writing everything down can be an eye-opener.

This isn't going to be an overnight fix so prepare yourself for a hard slog. You will get there, it will just take time and discipline.

foxy-stoat

You wont be able to get a loan for £15K to clear all the cards, you may be able to get a few balance transder cards and shuffle as much as you can onto 0% interest for a year and park these debts, then take out a loan for the rest and over pay as much as you can.

You will need to spend less though, if you dont you will be in twice as deep as you are now, that would be the time to seek help by DRO or IVA or BR.

Good lucks

Thrugelmir

Suggest you read the forum rules before advertising your services.