Debt solution?

Vicande

Hi all, I am struggling to find a solution to my problem with 2 loans so want to know if you have any ideas.
My family went through a difficult 4-6 year period in which I basically sustained them all. My parents lost their house so don’t have that now as a back up. My salary wasn’t just enough for all of us and I think I got into too many stuff. Things are now ok but want to move forward and see how I can pay less monthly.
I have 2 outstanding loans one I owe £ 15000 and the other around £25000. Between the 2 comes up to monthly payments near £1000. I have been managing this for over a year but would really want to reduce it.
My salary is £43000 per year and was thinking in searching for a loan to cover both and the. Have only 1 monthly payment, I can easily afford a £600 monthly fee. I have no other debts, never missed payment or nothing like i. Not a home owner, rent with my partner.

Any ideas would be appreciated,
Thanks!!!!

[Deleted User]

You won't get any significant further borrowing on that income.

Look to overpay the most expensive debt and visit the DFW boards for advice on cutting costs.

Try an eligibility checker to see if you have any chance of a money transfer card that you could could use to shift a small amount of the debt.

ViolaLass

What are the interest rates on the loans?

Do you have any savings? Do you have anything you can sell? Can you earn more?

BrassicWoman

If I had £40k debt and could afford £600 a month and no serious assets, I'd go bankrupt and be done with it within a year.

Vicande

Have little saving not enough to cover any loan. Nothing to sell. I could make maybe 200-400 more a month but not much more

Vicande

So basically BrassiCWoman you think I will go bankrupt and that’s it?

enthusiasticsaver

There will be no advantage to you in consolidating unless you can get a significantly lower interest rate than you are paying. What rate are the loans?

Are your parents not helping you repay the loans?

DCFC79

No way will you get another loan, it just wont happen. Not sure if making savings will help much, maybe bankruptcy is your best option, give 1 of the free debt charities a call and discuss it with them.

BrassicWoman

Vicande wrote: »

So basically BrassiCWoman you think I will go bankrupt and that’s it?

It's never "it" but it's worth psting on the bankruptcy board to see if that is your best option.

Vicande

Do you have the details of the free debt charities?
I am not sure how bankruptcy works either.
My parents now sustain themselves but have no money extra or savings o anything to sale to pay the debts.

DCFC79

Vicande wrote: »

Do you have the details of the free debt charities?
I am not sure how bankruptcy works either.
My parents now sustain themselves but have no money extra or savings o anything to sale to pay the debts.

step change is 1,

Google free debt charities.