Bridging loan?

gracias17

This is my first post on here. Let me preface it by saying that yes, I am a fool. However, I hope this thread may still lead to me finding the useful advice I dont deserve.

I am in the fortunate position of owning my flat outright. Zero mortgage. Its valued at approx £80,000.

I owe £8,000 in overdraft and credit card debt which im struggling to service. This was built up while trying to make a business plan work. It didnt work out.

I would like to start over again. And to do this my intention is to sell the flat.

While my flat is on the market, I would like to take out a loan to pay off all my outstanding debt. I would then pay back the loan in full once the flat has been sold.

Bearing in mind that my credit is bad, is a "bridging loan" the ideal product to search for in these circumstances?

Any advice gratefully received before I start approaching loan companies.

[Deleted User]

A bridging loan is when to want to buy a second home before selling the first.

You want a consolidation loan which are generally expensive, hard to get and a bad idea.

Look at cutting costs and paying off the debt in rate order.