I have the answer but no one will help

stingey

Sorry, didn't want to read and run....

You may feel as though there are a few blunt replies here BUT the guys on this board know and have experienced this.

Gone are the days of the banks throwing money at you.

I'm in a similar situation currently with at £23k loan with 12% APR and a £6k loan at 13% we tried to consolidate, but we're turned down flat as the banks look as it as more debt. Before this we had multiple credit cards plus the loans.

The only choice we had was to completely re-look at our finances. We reduced our outgoings by changing mobile phones/stopping tv packages/ changing utilities, meal planning, shopping around etc, there is soo much you can do.

Snowballed the debt, started with the credit cards, once was paid off the monthly payment was added to the next. Now all the cards are gone and we're overpaying on the loans.

Everyone gets into debt for different reasons. Theres no judgement here. The smooth and easy road has been blocked off, but the bottom line is you need to repay the debt and this is going to come at completely reassessing your finances.

EssexHebridean

Some great advise on here Grazelgirl - and from a lot of folk who honestly do know what they're talking about, too. Sometimes it does take blunt words to make things clear I'm afraid!

I agree that at this moment in time, with £22k odd in debt, you don;t need both a car and a motorbike - especially as the two seem to be costing you more money every single month than they are worth between them - that's just not common sense and presumably you either took exceptionally long finance deals on them so they have depreciated below the level of the monthly payments or you drastically overpaid for both. Either way it's a situation that is easily sorted.

Allowing for that headline figure on debt why are you looking for a 24k loan, would be another big question in my mind?

Do you get value from the medical policy you're paying into? If not then maybe re-think that.

I would suggest you go back through the SOA really thinking about what you have paid out in the last year in each category as well - it currently says that you have £122 a month spare, but you say you're struggling for finding the money for your debt repayments - so where is that £1400 odd a year going? For context, if you found it, even if you just used it to OP the Santander loan, that would see that one gone well inside a year, wouldn't it.

JCS1

I suspect OP not going to come back, hope I'm wrong though.

Verityspinelli

JCS1 wrote: »

I suspect OP not going to come back, hope I'm wrong though.

People in debt will do one or two things there are those that realise what a mess they’re in, they will take on board any information people give them and do everything possible to get out of it, then there are those who suffer pangs of fear about their debts and frantically search for help, they don’t really want to listen to what people tell them because deep down this is a pattern they have seen before, they know they’re not yet ready to change they know their worries will subside and they'll stop seeking the answer and before long the fear returns and the cycle repeats itself.
I am not saying this because I am being dismissive of this situation but until people really want help they repeat the same pattern. Some people never willingly get out of debt they just get deeper into debt until they are forced into doing something.

My point is you could be right they may not be back just yet but they’ll be back again.