Debt consolidation loan - Shall I?
Discussion
It sounds like you're on the right track already, but there's always the option of speaking to one of the debt charities. We did that about 4/5 years ago when everything had spiralled out of control and one of the first things the advisor did was write to the creditors and ask that the interest be frozen - this meant that we were paying off capital rather than interest.
You need to weigh this against having a debt management program on your credit record, so for the money involved may be best avoided - and the creditors will likely argue that you should just sell one of your cars (or both and buy something cheaper, much like people here have suggested)
You need to weigh this against having a debt management program on your credit record, so for the money involved may be best avoided - and the creditors will likely argue that you should just sell one of your cars (or both and buy something cheaper, much like people here have suggested)
I wasn't aware that the profit thing was gambling. Didn't get a chance to check the link haha.
As for debt management. While I do feel I am a little buggered in this case, I think it is still at a manageable level. I have avoided dealing with it for a few years under the idea that "I'll deal with it another time". Well that time has come.
As for selling both cars, I should give a bit of background. I work for Ford and spoke to a local dealer this morning for financing a cheap PCP diesel fiesta and giving him both my cars (clearing any finance with difference as cash back).
So currently waiting on hearing back from him and it might just be something I may do. Better to suck up that ego for a few years and take this weight off my shoulders
As for debt management. While I do feel I am a little buggered in this case, I think it is still at a manageable level. I have avoided dealing with it for a few years under the idea that "I'll deal with it another time". Well that time has come.
As for selling both cars, I should give a bit of background. I work for Ford and spoke to a local dealer this morning for financing a cheap PCP diesel fiesta and giving him both my cars (clearing any finance with difference as cash back).
So currently waiting on hearing back from him and it might just be something I may do. Better to suck up that ego for a few years and take this weight off my shoulders
BGARK said:
All the good advice on here and you are going to consider gambling, game over!
Aye... Don't ever follow this route ever to pay off debt... Im doing it out of an interest in the tech and for a laugh.But I don't have money worries so If I lose £500-£1k its not going to send me over the edge, I will just kick my own arse for being dumb and risking it.
Nah never that!
Like I said, this looks like I blew the severity of my debt a little out of proportion to myself. It is bad but it's not life ending bad. If I change my lifestyle in different places and live a little more introvertly I'll manage to clear this off within two years.
Can I just say a massive thank you to all that have contributed in this. This issue was ruining my mindset up until I opened this topic and it's been a massive help and taken a lot of stress away.
Like I said, this looks like I blew the severity of my debt a little out of proportion to myself. It is bad but it's not life ending bad. If I change my lifestyle in different places and live a little more introvertly I'll manage to clear this off within two years.
Can I just say a massive thank you to all that have contributed in this. This issue was ruining my mindset up until I opened this topic and it's been a massive help and taken a lot of stress away.
Gassing Station | Finance | Top of Page | What's New | My Stuff