Poll - how many times have you consolidated before you had your LBM

Merlot

I am interested in knowing, how many times did you consolidate (either by loan or re-mortgage etc) before you have your true LBM or realised that consolidation rarely works.

Once
twice
Three
Four +

Merlot


Edited to say: if you have never consolidated and decided to repay your debts by reducing your outgoings and increasing your income, can you post and say why you chose that method.

immoral_angeluk

Once for me. Paid off my old citi card and dotty p's card onto my barclaycard and of course then ran up both again instead of cancelling. All 3 cards are history now though.

ciarasdreams

I consolidated four times but in all honesty I probably would have done it more often if anybody had been stupid enough to give me any more money. I think that I also deserve the prize for being the most stupid debtor ever if there is in fact one being offered because the debts were never actually mine in the first place but my ex boyfriends who in the end turned out to be married with children as well as being an apparently compulsive liar. :mad:

compulsivespender79

Once for me too. Consolidated two lots of car finance and my overdraft. NEVER AGAIN!!!!!

Sagaris

Well I was just about to - was seriously thinking of a nice £15k loan to clear a couple of cards and pay for our wedding - then I found this site (last April) and had my LBM - well only after reading about what happens when you consolidate! But if it hadn't been for finding this site by chance, I'd be ticking the first box..........

poorbabe

Hmm...... I've had debts for 20 years and am sure I've consolidated more than 4 times. Finally had my 'full on' LBM a year ago and am slowly, very slowly making better MS decisions.

Just over 3 years to go :T

IWantToBeFree_2

I consolidated a few cards into a loan & then ran up one of the cards again so took out another loan to pay that. And have since ran up £6k of credit card debt which won't be getting consolidated, just shifted around on 0% balance transfer cards.

My OH cleared just one credit card (with a huge balance) with a loan, the APR on the card was that high that a £300 a month payment was barely covering anything but interest.

mrsspendalot

I never consolidated. We were trying to get a loan to consolidate and it was getting refused that made us have our lightbulb moment.

Merlot

I am being cheeky in bumping this up.

Many thanks for your responses so far.

Merlot.x.