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Consolidation Loan Advice
Lemmy_1978
Posts: 1 Newbie
in Loans
I currently have £19k worth of debt which I've been shuffling around for a couple of years and currently paying out a monthly sum of around £450 in payments.
I'm looking to try and get this put into one manageable amount over 5/7 years but my Credit Rating is only average with the catch 22 being this debt is negatively affecting my chances of a decent APR.
Anyone on here know of a way to get this rounded up into one loan without being ripped off? I'm a home owner.
I'm looking to try and get this put into one manageable amount over 5/7 years but my Credit Rating is only average with the catch 22 being this debt is negatively affecting my chances of a decent APR.
Anyone on here know of a way to get this rounded up into one loan without being ripped off? I'm a home owner.
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Comments
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Advice
Don't, Moving debt doesn't clear it and its entirely likely youll run up the debt again and end up with double0 -
Your chances are very slim, due to the high debt.
Your best hope is too get any BT offer you can and chip away at it. Pay minimums on the 05 debt and as much as you can to the higher rate.
Forget about the whole 'one manageable loan' concept. It's a myth.0 -
Pay it down rather than move it around.
You'll only be able to do this by spending less than you earn, so work out ways of spending less and earning more. If you can't do this, you're going to have a pretty big problem sooner or later, so best tackle it now.0 -
Lemmy - don't consolidate! Listen to me! You're just staying in debt for much longer if you consolidate. It rarely works, only in a few cases. Try and work out where your money is going and start chipping off the debts
Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0 -
I will add my vote to the 'don't consolidate' party.
Head over to the Debt Free Wannabe board, and fill in a statement of affairs - and they will give you advice on managing your money.0 -
From personal experience (I did it, and refinanced it twice
), my advice isDON'T!!!0 -
From another person who consolidated and then ran up even more, my advice is the same as everyone else, don't it doesn't work. Come on over to the debt free wannabes you'll get lots of advice and support.
Reb0 -
As others have said consolidating debt does not work. I assume that you are paying interest on this £19k of debt and just making minimum payments so the debts are not going down too quickly?
Are you eligible for any 0% deals? The best way of reducing debt is to move as much as possible to 0% and cut expenses as far as possible and start by directing more payments to the most expensive debt you have. Post an soa on the DFW board and you will get some suggestions of the best way to proceed.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Save £12k in 2026 Challenge £12000/£2000
365 day 1p Challenge 2026 £667.95/£110
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php0 -
I agree wholeheartedly with the above.
Consolidation is just another step on the road to bankruptcy my friend !!I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
sourcrates - that reminds me, I need to do my end of month post on my thread! It'll be buried somewhere here!Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0
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