Consolidate or Balance Transfer?

slellis · 20 January 2019 at 11:05PM

Hi all,

I’m looking to possibly consolidate £8k which is across 2 credit cards and 2 catalogues.
After a 7 years, things ended with my partner, we were slowly paying things off but not getting anywhere, and he was paying the minimums. All of the credit was taken out in my name as he has previous bad debt history, and now he’s left, I’m left to deal with it. Biggest mistake I ever made, but now needs sorting.

I’m a single working mum, and have been advised by my friend who works in the bank to get a consolidating loan to reduce monthly outgoings as I cannot afford the minimum payments on my own.

Any thoughts or advice would be welcomed!
I’ve been worried about applying for a loan due to the amount outstanding (I have two cars on finance, one my own and the other my exes though he is paying me each month for that), so I worry I won’t be accepted as my wages aren’t high and large amount outstanding.

Thanks for reading!

[Deleted User] · 20 January 2019 at 11:16PM

I doubt further borrowing is an option, or even desirable.

Visit the DFW boards for more rounded advice on cutting costs and paying down your debts faster.

enthusiasticsaver · 20 January 2019 at 11:48PM

No consolidating is not the answer and it is doubtful it will be approved.

Post an soa up here. http://www.stoozing.com/calculator/soa.php

fwor · 21 January 2019 at 12:07AM

slellis wrote: »

I have two cars on finance, one my own and the other my exes though he is paying me each month for that

This also needs to be resolved, one way or another, with your ex. Firstly it will look as though you can't afford your existing commitments - which will make any further credit very unlikely - and if he stops paying you will be in a really difficult position.

You may need to explore (with him, hopefully) what options you have - possibly to return his car and pay off the finance, or possibly for him to re-finance it himself. Otherwise you will just be left praying that he doesn't stop the payments to you.

macman · 21 January 2019 at 1:10PM

If the finance is in your name, then it's not your exe's car, it's yours, and your debt.
End the deal if possible without penalty-he can sort his own car out.
As above, what makes you think that consolidation will reduce your payments? 'One single convenient payment' doesn't mean less. Very poor advice from someone in banking.

DCFC79 · 21 January 2019 at 1:50PM

Consolidation isn't the solution, you need to look at your spending and cut back. If you consolidate you could end up in an even worse position if you take out more credit.

Consolidate or Balance Transfer?

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