Consolidation...

[Frodo69]

I have been advised by a team of entirly bald men that getting a consolidation loan would be the best option in my current situation (not too different from a dung beetles) i.e I am in a pile of ****. My credit rating is fairly poor and I need to 'borrow' £8000. Has anyone done anything similar ? Will I be screwed as I've had my current job for one month ?

[Frodo69]

• bump*

[L4URA]

Bump after 2 mins!!!!????

[blindswelledrat]

Id be impatient if I were as fked as you too!!!

[Frodo69]

I need this to be the metaphorical cherry in order for the advice/slating to be plentiful (hopefully the former)

[rude-boy]

Hmm, only if done with a proper bank, not the sort that are one step removed from the Boyz wid Batz.

These bald men, are they IFAs? Make sure you get advice from those who will tell you what you need to know, not what will net them the biggest commission as you default 12 months later...

[Boozy]

you don't "need" to borrow more money do you? talk to the people you owe money to and settle the debts with a plan.

[john_p]

You have £8000 of debt on credit cards, store cards etc and need to turn this into an easily repayable loan?

or

You owe Big Ron £8000 and he'll break your legs unless you pay him tomorrow?


If the former then a loan will be lower APR and repayable over a longer term so hopefully will let you get back on your feet.

[Incorrigible]

Tonker will be writing his thoughts shortly

Don't worry it'll be worth the wait

[rude-boy]

Incorrigible said:

Tonker will be writing his thoughts shortly

Don't worry it'll be worth the wait

Well, for us at least

[Frodo69]

I owe 2 banks and a friend. Friend I can talk to but don't want to take the piss. I don't think the banks like my credit rating

[petrol_penelope]

Don't do consolidation it is the worst thing to do and you credit will be affected further more if you do go in to an IVA, consolidation any kind of debt managment as they will tell you to stop paying your creditors which will in turn really affect your credit rateing and you will not be able to get credit/Loan or finance for apprx 5years.
Unless you own your house and you could get a secured loan against the house and if you default on that you risk loosing the roof over your head.

Best thig to do is speak to ALL your creditors expalin your situation and they will send you out and income and expenditure form and will work out a payment plan from there that will NOT affect your rateings

[blindswelledrat]

Frodo69 said:

I owe 2 banks and a friend. Friend I can talk to but don't want to take the piss. I don't think the banks like my credit rating

How much do you owe and why?

[Incorrigible]

anonymous said:

[redacted]

Blimey, one bloke calls you a c and you come over all lovey dovey

Where's the bile man ?? Where's the lecture ?

Honestly I'm dissapointed

[Frodo69]

That was fair I have two loans £3000 loans. The first was 'stuff for new place' and I was just be being naive and impatient. The second was to get me out of the poo I was in after not being able to pay silly rent and loan payment. Slightly helped. Short of the debt waiting for me to catch up (5-6 months) I can't think of anything. Obviously I don't want another loan but (...and I know in most cases it turns sour) the prospect of lower monthly payments and being on top of debt is looking rosy.

[anonymous-user]

anonymous said:

[redacted]

[Boozy]

Frodo69 said:

That was fair I have two loans £3000 loans. The first was 'stuff for new place' and I was just be being naive and impatient. The second was to get me out of the poo I was in after not being able to pay silly rent and loan payment. Slightly helped. Short of the debt waiting for me to catch up (5-6 months) I can't think of anything. Obviously I don't want another loan but (...and I know in most cases it turns sour) the prospect of lower monthly payments and being on top of debt is looking rosy.

why can't you just pay the loans or am I missing something? you're pissing your money away?

[stuart-b]

Hmm, £6k of loans isn't a great deal monthly anyway, my friend manages with 4k of credit card debt on a part time job finishing his degree...

36 month 3 year loan term with 15% APR would only see that in at about 250 a month??

[Frodo69]

I get paid on the 8th (every 4 weeks so weird dates) but the problem is I don't get enough to pay loan payments that I haven't paid yet or mobile bill now that I think) I could manage if I could put everything back to 0 if thats makes any sense at all ?

[Frodo69]

If a company offered me that I would snap it up !