Good evening from a new member....

payingfornowt

Good evening all, I have been reading everybody's posts over the past few days and would like to join in! I had what seems to be described as a lightbulb moment around Christmas when I went for (yet another) consolidation loan and was refused. I have 12k worth of unsecured debt give or take, statement below.

RBS Loan £7112.00 £266.99pcm
RBS Overdraft £1000 Salary account, about £9 interest pcm.
HSBC Loan £182 £91pcm (almost gone!)
HSBC Overdraft £500 About £15 interest pcm.
Tesco Credit Card £3400 5% of balance min
I would love to be free of this, I live with my girlfriend in a rented house and we just about make ends meat, without these payments we could be so much better off and do the things that we have always wanted to.
I would like a bit of advice please.
I can just about keep up with the repayments on these and eventually snowball them in 3-4 years depending on car reliability etc, I will be skint but that’s nothing new. I have read a lot of people taking out Debt Management Plans/Agreements.
Could it be worthwhile negotiating with creditors for reduced sums in order to maybe freeze interest? If so what is the best way to go about this?
To be honest I am not that worried about my credit rating for the time being, it is pretty poor anyway (just moved house, job and missed loads of payments last year).
Anyway hello to you all, some of the stories on here a very inspiring and it is nice to know that there are a lot of people in the same boat….. Good luck!
Andy x

Numpty_Monkey

:hello: Hi

welcome to the most helpful and friendly place around, as daft as it might seem getting turned down for a consolidation loan was probably the best thing for you :j
Have a read of the stickys at top and these will help or click these links
newbie guide
http://forums.moneysavingexpert.com/showthread.html?t=562271
DFW dictonary
http://forums.moneysavingexpert.com/showthread.html?t=672601
if you post an soa on here all your income /outgoings ,all credit /loans balances, apr min payment, and the great people will be able to help you,

just wanted to say hello and welcome :j