Help please if poss

Unionjack

Hi I know I was stupid but I got a few c c to tide me over totally stupid I have debt approx 3 grand ..I know I was stupid but am asking for advice please as am sick with worry..I am wanting to get a loan to pay off them all I know I can afford the monthly loans payments..had anyone had any experience with freedom finance as I have been approved..I jyst want to get rid and cut up the cards totally get a loan and pay it off asap 

Caz3121

Unionjack said:

had anyone had any experience with freedom finance as I have been approved..I jyst want to get rid and cut up the cards totally get a loan and pay it off asap 

what APR have you been accepted at and over how long is the loan? what are the APRs of the cards?

Unionjack

Hi thanks for the reply loan is 2 years for 3 grand whuch will pay them all off I know I sound stupid but I dint know apr for the cards they are low j know that. Have been diagnosed with depression so been hiding my head in the sand silly inknow  but if I can get this loan cut up cards dint get them again and get 5he loan paid off 

[Deleted User]

You need to find out the rates of all the debts, including the loan.  It sounds at the moment as if you're just going to dig yourself deeper into debt.

Forget about borrowing any more money for now and post on the DFW board so you can sort out the wider picture.

sourcrates

Borrowing more money to consolidate debt is never a good idea.

Lots of us have done it at various times in our lives, many more than once, lots are still carrying large amounts of debt because of it.

The main reason consolidation fails so often, is because of the time scales involved, usually a good few years, the APR charged, and the "want" culture.

Before our debts gets repaid, we see something else we may want, or even need, and bang it on the still open credit card account, thinking that just one item won`t hurt, trouble is it never is just one item, we do it once, then we do it again, and so starts the cycle over again.

We then wake up one day to find we have 3 times the debt we had before, and then need to look at possibly a formal debt solution to deal with it, its really not a good idea.

zx81 hits the nail on the head, in the post above, your next step should be a visit to the DFW board, were we can make more sensible suggestions on how your current debt can be tackled, getting interest stopped, and making smaller, more affordable repayments, all without any further borrowing.

Caz3121

saw this article yesterday which demonstrates how 'easy' it is to get into debt https://www.bbc.co.uk/news/uk-wales-58341915
understanding APRs is also key, Freedom Finance state - Lenders accessible on this site offer unsecured loans from £500 to £25,000 over terms between 1 and 7 years with APRs from 2.9% to 249.5%. (yikes!)
As above, you will get some good help on the DFW board on the best approach to current situation

MalMonroe

Unionjack said:

Hi I know I was stupid but I got a few c c to tide me over totally stupid I have debt approx 3 grand ..I know I was stupid but am asking for advice please as am sick with worry..I am wanting to get a loan to pay off them all I know I can afford the monthly loans payments..had anyone had any experience with freedom finance as I have been approved..I jyst want to get rid and cut up the cards totally get a loan and pay it off asap 

Hi, sounds a bit like you are panicking very much! But there's some good advice on here, above. And I agree with what people are saying, don't take on more debt to clear debt. 

If you can afford to pay off your debt without incurring any problems (you may incur interest but no major financial problems) and it sounds like you can, please do not panic. It may take a bit of time but you can do it.

If you need any help with debt though, or a bit of advice, you could ask the experts, that is the free debt help agencies such as StepChange (who I do always recommend, sorry to those who have seen this before!). They are friendly, helpful and non-judgemental. They helped me when I was in much more debt and trouble than you are.

Here is their link -

https://www.stepchange.org/

Many of us here have been in financial difficulty and are recovering. I realise now that I hid my head in the sand - I never opened statements or letters from my bank and just kept using my cards - I had three credit cards and four store cards. Looking back that seems really crazy! And it took years for me to claw my way out of the debt trap but I have done it. You can too. Especially as your debt doesn't seem to be too bad right now. The main thing I learned was that I had to change my attitude towards money, spending it and being responsible. I never used to budget at all but now I do - it was a case of having to - and it really has made such a difference.

You can do it! Either visit the DFW board or call StepChange, or both. You are not alone.