Consolidation advice

alona1

Hi,

I'm currently in about £16k's worth of debt and wanted a loan to consolidate to reduce my monthly payments but the highest I've been offered is £10k. Now I have most of that on credit cards so obviously that would save me the interest I'm paying but what I wanted to know is:

Can I offer the credit card companies a part payment to close the account or will they want the full amount?

MPH80

If you don't ask you don't get ... but most CC companies won't accept part payments until you have already fallen behind in payments (and hence ruined your credit rating).

lindens

Its not usually a good idea to consolidate, unless you are sure you have learned your lesson and wont spend on the cards again (speaking from someone who has consolidated several times and kept on spending)
If you goto Debtfree Wannabee board, you could instead get help to pay off your cards more successfully by doing a budget and cutting down on your other outgoings. They are very friendly over there.
just a thought.