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.

Using own banks help

Would you advise going to your current bank to help pay off all debt including debt that isn’t with your bank eg catalogue payments, loans from other places? 


  • Brie
    Brie Posts: 10,772 Forumite
    First Post Photogenic Name Dropper First Anniversary
    Do you mean advice on how to pay things off?  Or to try and get a consolidation loan?  

    If it's advice you need you could start with a statement of accounts (SOA) from the top stickies on this board and post it here for advice on tidying up your budget.  Alternatively NationalDebtLine or StepChange or CAP or CMA at some food banks have advisers that can help.  They'll need to construct an SOA of some sort so you can start the process for them.

    As for consolidation loans = I doubt you'll find anyone here that would recommend them.  If you have debt all this does is give you more.  And banks are reluctant to give you any kind of credit if you are already struggling to meet your current commitments even if you tell them that you'll use the loan to pay off the other loans, catalogues, CCs etc.

    "Never retract, never explain, never apologise; get things done and let them howl.”
  • Grumpelstiltskin
    You must remember banks are out to help themselves not their customers.

    No harm in talking to them but as soon as they start talking about a loan at xxx% you must say thank you and walk away.
    If you go down to the woods today you better not go alone.
  • sourcrates
    sourcrates Posts: 29,171 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    edited 23 July 2023 at 3:05PM
    ST88 said:
    Would you advise going to your current bank to help pay off all debt including debt that isn’t with your bank eg catalogue payments, loans from other places? 
    No, certainly not, for the same reason I would not advise going to your dentist for advice on birth control, your bank is not in the debt advice business, they would just refer you to the debt charities for advice on your whole situation.

    Charities such as Stepchange and PayPlan, National Debtline, all offer free and impartial advice on dealing with problem debts, as do we on this forum, and if its a consolidation loan you were thinking of, then as the poster above has said, they are not a good way to get out of debt, they are brilliant at keeping you in debt for years longer than is necessary, and for paying 1000`s over the odds in interest, but as a debt solution, they suck basically.

    If you want help paying off your current debt, complete your SOA and post it on here.

    This is the link -

    SOA Calculator (stoozing.com)
    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-letter
Meet your Ambassadors


  • All Categories
  • 12 Election 2024: The MSE Leaders' Debate
  • 344.2K Banking & Borrowing
  • 250.4K Reduce Debt & Boost Income
  • 450.1K Spending & Discounts
  • 236.3K Work, Benefits & Business
  • 609.7K Mortgages, Homes & Bills
  • 173.6K Life & Family
  • 248.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards