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Did consolidation work for you..?
Comments
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wow this news is worrying! I m new to this sight...
I brought a flat last year and managed to spend 5.5k in the space of a year. I paniced because I thought myh finances were getting out of control and have just taken out a personal loan for 5.5k to consolidate my overdrafts and credit card bill.
What advice would you give to someone who takes out there first consolidation loan?MF 2016: Sept 200,000:
Baby Savings 2016:Sept 130:
Xmas Pot 2017: Dec 0:0 -
Cut up your credit cards.
Post your SOA to make sure your expenses all make sense.0 -
If consolidation had worked for me I wouldn't be here.
I have consoildated 3 times. and each time I have just borrowed more money.
I cannot explain how determined I am to NEVER do that again.
Missrich - its not a bad ideas so long as you only borrow what you need and stop using your credit cards etc and live within your means.
xxNevertheless she persisted.0 -
Many thanks for the advice I have just cut up the one ccard I have left!Buffythedebtslayer wrote: »If consolidation had worked for me I wouldn't be here.
I have consoildated 3 times. and each time I have just borrowed more money.
I cannot explain how determined I am to NEVER do that again.
Missrich - its not a bad ideas so long as you only borrow what you need and stop using your credit cards etc and live within your means.
xx
I have also done a strict budget which I ask some moneysavers to critic. I may even reduce my budget further in the hopes of clearing it up earlier. Good luck with the Consolidation Ban xxMF 2016: Sept 200,000:
Baby Savings 2016:Sept 130:
Xmas Pot 2017: Dec 0:0 -
In short, no, it didn't work..... Luckily for me I didn't get too far into debt, but I'm convinced that if I hadn't been introduced to this site, I would be in £20k+ debt now!'We are all in the gutter, but some of us are looking at the stars' - Oscar Wilde0
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No it didn't work for me either, many loans, turned into other loans, that just got bigger as still spending on cards, eventually added £28k to the mortgage ( We could move now, if we hadn't ) then as I hadn't got to the root of the problem - overspending & because we were so stretched by the mortgage, we ran up another £20k !! this has been paid off the hard way & it has definately clicked something in my head, I will never be in debt again.
Consolidation is the "easy " option IMO - you just don't learn from your mistakes this way & just do it over & over.Comping again - wins so far : 2 V festival tix, 2 NFL tix, 6 bottles of wine, personalised hand soap, Aussie miracle conditioner :beer:
Married my best friend 15/4/16
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Didn't work here either, we are paying a high rate on a secured loan (over twice the mortgage rate! :eek:) then the next consolidation was two £15k loans, then a £13k loan and guess what.... there's still more debt!
If your SOA/budget doesn't balance to start with, consolidation will never workNo longer using this account for new posts from 20130
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