Advice needed

callywally

have never done this before but after reading posts on this site for a while have plucked up courage to ask for advice.
I have been struggling for a while with debts paying off one cc with another.
am overdrawn and realise i need help. im single and after family problems and berevements etc it has been a difficult few years. I live in rented property and have not added up debts yet but its high. I work full time and need my car to get to work. my bank is suggesting consoladating debts but im not sure thats the right thing to do. I have a overdraft and loan with bank. Would I be best to switch currant accounts? am I allowed to do that while I have a overdraft? if so which bank is best? am starting to do a soa and thinking about going to one of the debt charaties after reading other posts. I am really worried and need advice please. Have not missed any payments yet but am getting more in debt every month and I can not go on like this.
would be grateful for any advice please.

tealady

Hi. The 1st thing is for you to put up your SOA then the lovely people on here can give you advice on what might be the best way to go. Consolidating is not really a good idea.

crazyaboutsaving

Yes, don't consolidate. You'll end up paying out more for much longer. You can switch accounts when you're in overdraft, check out the best bank accounts section of the site. Don't worry! You'll be fine! And, you've come to the right place!

alwaysonthego_2

Do not consolidate your loans. Open a new bank account and get your wages paid in to that to prevent the bank taking your money (cab advise).

Do a SOA and see how much money you have left over once you have paid your prioritys etc. Make a offer to the bank sending them the SOA. The cab have self help debt booklets that contain useful info aswell as template letters.

poorandindenial

Hi there - I just wanted to say that I am sorry you have been going through a rough time, I hope things start to get better. From a debt perspective they definitely will improve once you are back in control of your finances.

Well done for posting, you are doing exactly the right thing but putting together a SOA and finding out the extent of the problem. Please do come back and give us more info and there will be some great advice coming along. I second/third what others have said please DON'T CONSOLIDATE (sorry to shout but that is what got me into my little mess - which I am now happily in control of with the fantastic support and advice here on this site)

If you want specialist advice then absolutley contact one of the charities that are in the DFW resource bar link, they all have a great press on here and loads of people have managed to really sort things out by using them.

I look forward to seeing how you get on, all the best

callywally

Thanks for advice. am trying to start to sort things out.It does help to know that there are lots of other people in the same sort of situation. thinking about opening new bank account. thanks again.