Consolidation Help

sourcrates

Slure wrote: »

Also, they aren't going to be paying a penny are they, simply getting the money on my behalf to allow me to make inroads in to my debt without a crippling APR. It's logical.

I think your parents are most likely reluctant to sign up as guarantors to a loan they might one day have to pay.

These type of loans are notorious for debtors defaulting on them, this forum has seen many "siblings" unable to pay back there guarantor loan, and the poor parents, who simply don't have the money either, have been pursued for the balance.

I think it shows a total lack of understanding of what your asking them to do, you have got in a mess with money once, further borrowing is just a rinse and repeat job and usually only ends one way.

Stop borrowing your way out of debt, it does not work, start looking at debt solutions instead, you have to know where to draw the line.

Gambler101

OP just use any salary increase to overpay the highest interest loan by as much as you possibly can.

And look at any other ways to save money.

Do not ask anyone to be your guarantor or borrow money off friends or family, that is morally wrong and selfish. There are many reasons why you may not be able to repay them such as ill health, loss of job etc

Pixie5740

Your mother and step-farther don't think your debt is their problem because it's not their problem it's your issue to deal with. You got yourself into debt because you are a gambling addict. Is it any wonder they don't want to borrow money to give to you when you have an addiction like that?

You're not going to be able to consolidate so forget that idea. Focus on snowballing your debts and then perhaps in time you'll be able to shift your debts to better rates.

BrassicWoman

George Banco gives loans to people with poorer credit. That looks to be your most recent loan; so whatever your credit score says, you are close to the bottom of the barrel. Your debt is £20k? so well over half your income, an informal "max" for many lenders; guessing that is why your most recent loan was non mainstream.

Get a room to rent, not a flat, and pay the extra £300 a month to your debts.

£600 month after rent is a huge amount. Old style board can help it go further, as can DFW,

Have you paid off the extra loans you had in July when you total were...

RBS Loan x 2 = £470 p/m (£11,000 owed)
Santander Loan = £172 p/m (£4,000 owed)
George Banco Loan = £245 p/m (£6,000 owed)
Bamboo Loan = £250 p/m (£5,000 owed)
MBNA Credit Card = £80 p/m (£1,500 owed)
MyJar Loan = £288 p/m (£1,700 owed)
Satsuma Loan = £200 p/m (£1,200 owed)
H&T Pawnbrokers = £145 p/m (£1,000 owed)

Gambler101

Pixie5740 wrote: »

Your mother and step-farther don't think your debt is their problem because it's not their problem it's your issue to deal with. You got yourself into debt because you are a gambling addict. Is it any wonder they don't want to borrow money to give to you when you have an addiction like that?

You're not going to be able to consolidate so forget that idea. Focus on snowballing your debts and then perhaps in time you'll be able to shift your debts to better rates.

Again OP dont want to be rude but if you've built up your debts by gambling losses, your parents would be insane to even think about lending you money.

Addictions are horrible and you need to get proper professional help to never gamble again, and work hard on repaying your debts as quickly as you possibly can.

If you manage to do that then in a few short years you and your finances will be in such a better place and I wish you the best in succeeding.

BrassicWoman

This post, on your other thread, looks really helpful to me. Maybe look again?

http://forums.moneysavingexpert.com/showpost.php?p=72917578&postcount=17

enthusiasticsaver

As others have said you are heavily overcommitted. Maybe if you have shown poor money management in the past your parents have had second thoughts about signing up to a loan for you.

I would suggest you up your payments to the most expensive debts to clear them quicker. Eventually as the debt reduces better deals will become available

Kidder81

The most constructive advice I can come up with us this:

Forget about loans of any type. Loans appear to have been your answer to money issues before and it appears to have got you into a mess.

Sell anything you have of value which you don't NEED. Live like a pauper for a couple of years and pay as much off your loans as possible.

You need to get yourself out of this debt/loan cycle you're in. Only overhauling your spending and behaviour completely will do this.

Butch1985

You need to get help with your gambling addiction first and foremost. The debts you have are yours to sort out. Your parents are just right for not bailing you out, there is no garantee they will get the money back despite all your best intentions. Have a look at your management of finances and be honest - would you lend to someone with that track record? This forum is littered with stories of family lending family money and not receiving it all, if any back.


As I said get real life help with your gambling addiction. Gamlers Anonymous (GA) would be a great start. As for your finances there is no quick fix - bite the bullet and pay it back yourself even if it takes 10 years regardless if you think the interest is unfair, after all you agreed to the interest rates when asking for the money!

System

Slure wrote: »

and my Mum/Step Dad won't help me despite having a 999 credit rating. I was in tears and they said 'don't worry we will sort it' but have done precisely nothing since that day in July.

Because you've amply demonstrated you are incapable of controlling your spending and living within your means given you are now currently effectively living hand to mouth.

Also, they aren't going to be paying a penny are they, simply getting the money on my behalf to allow me to make inroads in to my debt without a crippling APR. It's logical.

But you are asking them to risk the entirety of the amount of the loan you want them to get on your behalf. They are 100% liable for the entirety of the loan as it is in their name so if for whatever reason you can't pay them then they'll end up being saddled paying for your debts and if they can't afford to pay it then they'll be the ones having bailiffs knocking at the door, having stuff repossessed, having their credit records trashed. I suspect that you have a history with your parents of borrowing money and never repaying it.

You are crap with money as clearly demonstrated by the fact you think that them getting a loan for you is a no risk deal for them.