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  • FIRST POST
    • Vivgilv81
    • By Vivgilv81 13th Jun 19, 11:20 AM
    • 2Posts
    • 0Thanks
    Vivgilv81
    Debt Consolidation Help!!
    • #1
    • 13th Jun 19, 11:20 AM
    Debt Consolidation Help!! 13th Jun 19 at 11:20 AM
    Hey,

    I am looking into clearing my debts and I am wondering if consolidation is the best way to go?

    I have around 6000 and want to get it cleared. I am not wanting to go down the bankruptcy/liquidation routes as I want to boost my credit score as opposed to a blacker mark against it.

    I need help!!!!!
Page 1
    • Willing2Learn
    • By Willing2Learn 13th Jun 19, 11:29 AM
    • 4,398 Posts
    • 3,946 Thanks
    Willing2Learn
    • #2
    • 13th Jun 19, 11:29 AM
    • #2
    • 13th Jun 19, 11:29 AM
    Debt consolidation is rarely successful if the borrower has not identified and addressed the weaknesses in their budgeting methodology. It often leads to the borrower doubling their debt and increasing their financial difficulties.

    It would be helpful if you could post up your SOA (Statement of Affairs) so that we can advise correctly.

    And welcome to the forum
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Sncjw
    • By Sncjw 13th Jun 19, 11:30 AM
    • 2,235 Posts
    • 1,360 Thanks
    Sncjw
    • #3
    • 13th Jun 19, 11:30 AM
    • #3
    • 13th Jun 19, 11:30 AM
    You do know consolidation is doubling your debt and there’s no garuntee you will pay it back. Also many people come on here have done the same thing and get further into debt.

    You need to address why you have got into debt.

    Get yourself on the debtfree wannabe page and post a statement of affairs. Pekple will be able to see what’s going on and work out a plan to help you.
    • EssexHebridean
    • By EssexHebridean 13th Jun 19, 12:07 PM
    • 9,510 Posts
    • 48,990 Thanks
    EssexHebridean
    • #4
    • 13th Jun 19, 12:07 PM
    • #4
    • 13th Jun 19, 12:07 PM
    As W2L correctly says, first step is to get your SOA completed and posted and we can take a look - it's unlikely that consolidation will be the right step forwards for you but once we've seen the SOA there will be further questions that will clarify the situation on that, so don't make any hasty decisions or assumptions.

    Are you still using any forms of credit - cards, overdrafts, etc currently? Is the debt increasing at this point in time?
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): Stoozing.com SOA Calculator
    • MEM62
    • By MEM62 13th Jun 19, 12:30 PM
    • 2,898 Posts
    • 2,573 Thanks
    MEM62
    • #5
    • 13th Jun 19, 12:30 PM
    • #5
    • 13th Jun 19, 12:30 PM
    Hey,

    I am looking into clearing my debts and I am wondering if consolidation is the best way to go?

    No, it isn't. You cannot borrow your way out of debt.

    I have around 6000 and want to get it cleared. I am not wanting to go down the bankruptcy/liquidation routes as I want to boost my credit score as opposed to a blacker mark against it.

    You don't have a credit 'score' (other than the ones that the CRA's generate for amusement purposes only) You have a credit history and that will detail how you have handled credit.

    I need help!!!!!
    Originally posted by Vivgilv81
    The first step is to post up an SOA so that the good people can give you informed advice. Forget debt consolidation - it doesn't work.
    • Vivgilv81
    • By Vivgilv81 14th Jun 19, 5:02 PM
    • 2 Posts
    • 0 Thanks
    Vivgilv81
    • #6
    • 14th Jun 19, 5:02 PM
    • #6
    • 14th Jun 19, 5:02 PM
    Thank you everyone for replying.

    I am in debt because unfortunately my relationship broke up and I was left with some household debt.

    I will go into the wannabe forum and have a look.

    Thanks
    • EssexHebridean
    • By EssexHebridean 14th Jun 19, 10:24 PM
    • 9,510 Posts
    • 48,990 Thanks
    EssexHebridean
    • #7
    • 14th Jun 19, 10:24 PM
    • #7
    • 14th Jun 19, 10:24 PM
    You are in the right area of the forum to post - follow the advice to prep and post your SOA and we can take it from there.
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): Stoozing.com SOA Calculator
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