Advice needed about debt consolidation loans

Chriswoodcock92

Good afternoon , this is my first post so I’m pretty new to all of this , I am after some structure advice . Basically I have gathered quite a large amount of debt falling into the pay day loans and credit cards . My total debt is around £12,000 , £5000 of which is credit card which I have agreed with my bank to pay low interest and £100 pound back each month . As my credit rating is very poor , 1. Will I get accepted for a consolidation loan and is it worth it and 2. Any ideas of who to go with ? I am at the stage now we’re I can Not afford the monthly payment of all of them so this seems the only option . I own my own house and plan on selling my property next year and will use the profits to clear all my debt so will only need this loan for around 1 year . However will getting a consolidation loan affect me selling my property? All advice and feedback is greatly appreciated

MovingForwards

It's doubtful you will get a consolidation loan due to having payday loans.

Have you considered contacting step change to discuss a debt management plan or IVA?

Chriswoodcock92

I have not contacted them yet I’m not too sure what step change is ? And if I got a IVA would that not thing my chances in the future of selling or buying a property ? Like I said it’s literally just for a year I’m due to make around £35000 profit from my home so can pay it off it’s just the situation I’m in now due to all the pay day loans and credit card

DCFC79

Chriswoodcock92 wrote: »

I have not contacted them yet I’m not too sure what step change is ? And if I got a IVA would that not thing my chances in the future of selling or buying a property ? Like I said it’s literally just for a year I’m due to make around £35000 profit from my home so can pay it off it’s just the situation I’m in now due to all the pay day loans and credit card

Have you had a look at what or who stepchange are ?

An IVA wouldnt affect selling a property (at least I don't think so), you could google for an answer.