Debt consolidation loans.

Sweetloaf

Sweetloaf

Sweetloaf

Soldato
Joined
5 Mar 2004
Posts
6,399
Location
Southport
Can anyone recommend a decent company that will offer a long term loan/solution to debt?

Ideally it would be something flexible that I could overpay when I can.

The amount is about £23,000 and my main concern is the monthly minimum payment at the moment allowing me to knock chunks off if need be.

Any advice on how to do this without adding it to a mortgage or ruining my good credit rating?

Cheers.
 
im no expert, but from what i remember hearing, or reading, is that these Consolidation loans are not the way to go, i think they strech the debt over 20-30 years? like i said im sorry i carnt offer and real advice, but i'd steer clear m8.
 
No worries mate, I'm after advice as much as anything, I'm not sold on one of these TV advertised loans but maybe someone on here has had a good experience with a particular company.
 
Please do NOT go down the route of debt consolidation via a loan - you are in effect borrowing more money which you will need to pay back. My advice is to take professional advice, like the free National Debt helpine. There are lots of these companies now and some of them are charging for their advice - you want and are entitled to free advice.
 
I was in a similar situation and ended up coming to agreements with my creditors. Some i pay a token amount ( with interest frozen ) for set periods. In the meanwhile the amount im not paying them goes into paying the one with the highest interest off... start with the one thats costing you the most and pay it off as soon as you can.

Ive found that in the current climate most companies are quite happy to come to an agreement if they feel you are being pro active in attempting to sort your mess out.

We got into trouble while the mrs was getting an education, shes now a FE teacher on good money so we can now start to pay it all back and move on.
 
I wouldn't go down the consolidation route straight away, these companies are more concerned with selling you a loan or IVA, instead of really helping you.

Contact either the Consumer Credit Counselling Service or Payplan , they give you free and impartial advice.

I'm with Payplan, they got through all your income and debts and will come up with a solution that's suitable for you.
If you need to reduce your payments your creditors will be more likely to accept these if you've gone through Payplan or CCCS.
The only downside of this is that your credit rating could hit rock bottom.
 
+1 for Payplan.

Seeing as though your over the £15,000 mark, they will help. IIRC they charge no fees as they get their funds elsewhere. There is no consolidation loan, they pay all of your debts off with a monthly payment from you and fight to have all interest frozen.
 
The problem being that I can't afford to end up with a bad credit rating, it's largely not my debt and I will soon be needing a new place to live therefore need to maintain my good track record.


...........must....resist...relationship thread :)
 
Why not add the debt to your mortgage? It makes no sense to do anything else if you can do that without incurring large fees (i.e. having to remortage losing a low interest from a tracker mortgage). The interest rate on mortgages, are so much better than anything you could get via an uncollateralised loan.
 
Sweetloaf said:
The problem being that I can't afford to end up with a bad credit rating, it's largely not my debt and I will soon be needing a new place to live therefore need to maintain my good track record.


...........must....resist...relationship thread :)
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I dont quite understand the situation. If its not your debt ( ie not in your name ) then its not your problem to pay it. If it is in your name then it IS your debt regardless of wether you actually got to spend the money or not :p

Unless you pay off your creditors with normal min payments each month your credit rating WILL be affected. As soon as you enter agreements a mark is put on your file.

There are however varying level sof severity when it comes to getting things like mortgages. Assuming you have no marks for missed mortgage payments, or CCJ's and CCourt judgements its not THAT bad finding a mortgage anymore, leastwise it wasnt for us when we came to remortgage last year.
 
Sometimes things aren't as clear cut as: if its not your debt its not your problem.

I feel that this is the OP's situation, good on you fella on coming to a forum and admitting the level of debt that you really have, i very much doubt that many people who post here would do so.

I would recommend having a peek around here http://forums.moneysavingexpert.com/

That site has helped my family out immensely, the people are very friendly and in the main non-judgemental.
 
hiya, CAB is good as said by Lordsplodge, they will contact and arrange etc for you and will stop grief from some of the very scumy companies who buy the debt and hassle you.....
but if u intend getting any more credit it will break the agreement with the CAB working on your behalf
 
Sorry to hear of your predicament mate. I Can't offer any advice other than I wouldn't go down the debt consolidation route. I've heard quite a few nasty stories about those things.

Can't you get Red to balaclava up and do what a good Scouser is best at, and blag an armoured car or something?
 
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