Debt Consolidation

Lorne

Definitely post your debts and use whatsthecost.com to see if there is another option before consolidation. I'm also from the been there, done that and got in a right mess camp. This time I didn't consolidate and through hard work could be debt free just over 3 years from the start of my journey saving £19469 in interest rather than the 10 year consolidation option I was offered.

Please look at the other option firsts, it may save you a fortune. Definitely worth the effort of getting the figures together

neil101

Thanks everyone i am well more +ve. Gonna hit the sack now, and then ill be on tomorrow to see fi anyone else has more suggestions.

They key for me at the moment is to get everything into a managable chunk, and thus have regular payments, and the fingers crossed - hopefully get a mortgage, buy a house, and then remortgage that after a couple of years to get all the debt in there, and then fingers crossed remain debt free for the rest of my life... amen.... x

Bismarck

A very rough guide, without any figures, is that you pay a few grand extra interest for the convenience of making a lump sum every month....the messy way without consolidation takes a bit more effort, some phone calls and being on top of what debt is where...I admit you can't relax too much but then again I think it's worth putting the time in for the savings you can make...

I do understand about the consolidation thing.....it's always a tempter when I see I've been pre-approved for a huge amount BUT for the £20K I was offered, the repayments over 7 years would be £30K..that's at 12.9%.
...I'm giving the bank £10K...and that's not a bad rate!

tasismad

Don't do it they are a con they just scammed me for £49.99 as admin fee tell me i would have the money in the bank in three days - yes i believed them and guess what ---- it wasn't and i had committed another £100 to buy a car - now i have no money and £150 lighter in my pay packet this month so now i have no money for food - just because they led me to believe that money would be there!

Horace

Post your SOA when you can using this https://www.makesenseofcards.com/soacalc.html - follow the instructions on there for format it for MSE and copy and paste it here. I am sure that the folks on here will be able to help you without the need to take out consolidation loans which will make you get into even more debt.

Well done on the LBM and welcome to MSE.

KiKi

This thread is a year old - tasismad resurrected it.


KiKi