We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Really need to consolidate but with bad credit
Hi, I have stupidly got myself into quite a lot of debt, I could afford this but recently my hours have been cut at work. I could do with consolidating my debt which will cut my monthly bill but 50% but I can’t get accepted anywhere as I have a poor credit rating! I am not able to find a guarantor either!
What are my options? If any....
What are my options? If any....
0
Comments
-
lbm 11/06/12 dept total 11499.470
-
Fill this out:
http://www.stoozing.com/calculator/soa.php
And post here once you've done it:
https://forums.moneysavingexpert.com/forumdisplay.php?f=76I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
Not much apart from work more hours and overpay the highest interest debt first.
On the plus side, your "poor credit rating" doesn't mean anything so its not all bad.0 -
Hi, I have stupidly got myself into quite a lot of debt, I could afford this but recently my hours have been cut at work. I could do with consolidating my debt which will cut my monthly bill but 50% but I can’t get accepted anywhere as I have a poor credit rating! I am not able to find a guarantor either!
What are my options? If any....
Consolidation wont happen.
2 options either you cut your spending which means lose the luxuries, no buying lunch at work etc
Or you increase your income by finding a second job.
Your credit rating isn't I repeat isn't seen by lenders, your credit history is seen by lenders etc.0 -
Hi, I have stupidly got myself into quite a lot of debt, I could afford this but recently my hours have been cut at work. I could do with consolidating my debt which will cut my monthly bill but 50% but I can’t get accepted anywhere as I have a poor credit rating! I am not able to find a guarantor either!
What are my options? If any....
You need debt advice not another loan.
Follow advice to fill in an SOA in debt free wannabe and well take it from there.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 -
If you are hourly paid, it is unwise to rack up debt on the assumption that your income level is assured.
A couple of things to consider, firstly, consolidation loans rarely work and often just speed up the downward spiral. You cannot borrow your way out of debt. Secondly, guarantor loans are awful products. The interest rates are very high and your guarantor is the one effectively borrowing the money - so the lender is lending to someone with a good credit history but charging sub-prime interest rates. A very profitable business model but extremely poor value for you and a bad risk for your guarantor.
The DFW boards should be your next port of call. There you will receive great advice and support on dealing with your debt.0 -
I love it when people post a link to my sticky! Thanks pogg000Savings 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
-
Your options are to raise income by looking for a 2nd job, sell stuff etc etc. You also need to cut outgoings.
As others have said you need to do an soa to see if your budget can balance and maybe consider a DMP (debt management plan). If you are paying high rates of interest then this may help as they will usually freeze the interest. Worst case scenario bankruptcy but I would try the other options first.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/£7500
365 day 1p Challenge 2026 £667.95/£296.46
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 -
zippygeorgeandben wrote: »I love it when people post a link to my sticky! Thanks pogg000
I remember that thread zippy and you have done so well to get it almost cleared.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/£7500
365 day 1p Challenge 2026 £667.95/£296.46
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 -
Thanks enthusiastic saver!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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards