I need some advice please

Geoffers05

Hi, after breakdown of my marriage I spent 18months paying mortgage and rent, I was also helping my daughter with university stuff shopping etc. This has led me to take out some loans and credit card to total value of £20000, so far I have managed to keep on top of payments, but during pandemic I lost significant income and started struggling, I managed to get some holidays from paying them but now am back at work playing catch up with overdrafts etc. I have asked my bank of 25yrs to help with consolidating loans but they wouldn’t because of a pay day loan. I need some advice please on how to consolidate with now having bad credit. Thank you 

[Deleted User]

It's very unlikely you'll be able to, with your current debt and borrowing history.

Get to the DFW boards and post an SoA.  They'll give you advice on cutting costs and managing the debt.

DCFC79

Deleted_User said:

It's very unlikely you'll be able to, with your current debt and borrowing history.

Get to the DFW boards and post an SoA.  They'll give you advice on cutting costs and managing the debt.

Oddly enough the OP posted on another thread before starting this 1, the post they created has now got its own thread.

MallyGirl

The concept of a 'consolidation loan' as a product really doesn't exist (anymore). The bank would just see it as additional borrowing, having to assume that you wouldn't use it to pay back the older debt. Since you have managed to keep on top of everything then addressing it in smaller chunks is going to be the way forward and the Debt Free Wannabe board on here is the place to get help with the approach.

MEM62

Sorry to hear of your difficulties.  The payday loan will be a red flag to many mainstream lenders and is likely to cut-off and lending from the mainstream sector.  However, from you post I am thinking that affordability rules out mainstream lenders anyway.  As advised, the DFW boards have lots of advice and support to offer.      

coachman12

I can think of nothing of any help. I'm so sorry to hear the sad story during which you gave preference to family above all else. Please DO go to MallyGirl's DFW Forum as suggested.
Good luck and do not despair----all WILL be OK; keep remembering that fact. And come back anytime if you need to talk or ask any specific questions about events as they unfold. 

Geoffers05

Hi all Thank you for your help, really appreciate it as it’s starting to get me down. Mallygirl can you help with next steps to get on your forum to start this process Please.?

MovingForwards

Geoffers05 said:

Hi all Thank you for your help, really appreciate it as it’s starting to get me down. Mallygirl can you help with next steps to get on your forum to start this process Please.?

Click on forum home at the top of the page.
Scroll down until you find the debt free wannabe section.
Post up a statement of affairs and people will guide you.

DCFC79

Geoffers05 said:

Hi all Thank you for your help, really appreciate it as it’s starting to get me down. Mallygirl can you help with next steps to get on your forum to start this process Please.?

As I said earlier, a post you made on another thread has now been given its own thread.
You can find it here so no need to start another thread
 https://forums.moneysavingexpert.com/discussion/comment/77387529#Comment_77387529