Debt coming out of our ears!

christina1612 · Jan 24th, 2013, 07:03 AM

Hi ladies

Please don't judge me based in this but I really need some advice!

My and my OH are in tons of debt for various things and we are considering contacting a debt consolidation company to merge it all together, but we do not know anyone who has ever used one.

Does anyone in the UK have experience with this?

Rainbow82 · Jan 24th, 2013, 07:54 AM

I don't personally have any experience but my OH does. I think initially the consolidation loan helped but the repayments were quite high because of the level of debt and a financial emergency meant not being able to afford repayments for a few months. OH did finance management then whuch was apparently helpful, OH had been on it 18 months when we met, and tge company set up a couple accounts, one was for wages etc to go into then the second was what spending money after bills had been paid went into, thus really worked for OH. Guess what I'm saying I'd if you go for consolidation loan make sure you can afford the repayments but if you can't get approved for a loan for any reason don't be sfraid to look into the alternatives.

RubyLouise · Jan 24th, 2013, 14:33 PM

Contact a charity called stepchange. Its a uk registered charity. I found all the details on the money saving expert forum. I've entered a debt management program. I pay a monthly amount to them ( no extra fee because they are charity) and life has been so much better since xx

Pandora11 · Jan 25th, 2013, 11:29 AM

You know there's a debt forum on moneysaving expert where people seem very helpful, you should try there.

leelee · Jan 25th, 2013, 11:52 AM

www.moneysavingexpert.com should be your first port of call. There are organisations like the one mentioned above that don't charge so don't pick one that does. You will get great support on that forum.

suzib76 · Jan 26th, 2013, 06:11 AM

Don't do it, consolidation is a bad idea. Taking on more debt is the last thing you want to do. Get in touch with some impartial free debt advice people and they will help you move forward, but definiltely don't borrow more money

aimee-lou · Jan 26th, 2013, 06:24 AM

CCCS
http://www.stepchange.org/

These are the best people to speak to.

christina1612 · Jan 26th, 2013, 13:03 PM

Thanks ladies, no we weren't planning on taking any loans on, we were looking at the companies that merge all your debt together so you can make one payment and wipe all the interest. Ill definitely look into the money saving expert forum and stepchange.

buttons1 · Jan 28th, 2013, 08:35 AM

I wouldn't consolidate if you can help it as they add on soooo much interest and yo will be repaying for a long time. You would be better off sitting down writing to all the companies you owe to and setting up payment plans for what you can afford. You could also speak o citizen advice as there is some legislation that states you can have some debt written off if you can't afford to pay so might qualify for something like that

Flowers Jasmn · Jan 29th, 2013, 23:43 PM

Debt consolidation works because it gives a common approach to all the debts. You no longer have to worry about receiving phone calls from so many debtors. More so the debtors will be forced to deal with the debt consolidation company . This removes pressure from you and allows you to map out strategies that can help you pay the debts comfortably. It is also possible for the debt company to renegotiate the interest payable depending on how heavy you are in debts. This may reduce the final a mount of money you pay.

Jan 24th, 2013, 07:03 AM	#1
christina1612 Mum (Mom) Active BnB Member Join Date: Nov 2011 Location: Brixham Posts: 151	Debt coming out of our ears! Hi ladies Please don't judge me based in this but I really need some advice! My and my OH are in tons of debt for various things and we are considering contacting a debt consolidation company to merge it all together, but we do not know anyone who has ever used one. Does anyone in the UK have experience with this?

Status: Offline

Jan 24th, 2013, 07:54 AM	#2
Rainbow82 Trying to conceive (TTC) Active BnB Member Join Date: Jul 2012 Location: UK Posts: 199	I don't personally have any experience but my OH does. I think initially the consolidation loan helped but the repayments were quite high because of the level of debt and a financial emergency meant not being able to afford repayments for a few months. OH did finance management then whuch was apparently helpful, OH had been on it 18 months when we met, and tge company set up a couple accounts, one was for wages etc to go into then the second was what spending money after bills had been paid went into, thus really worked for OH. Guess what I'm saying I'd if you go for consolidation loan make sure you can afford the repayments but if you can't get approved for a loan for any reason don't be sfraid to look into the alternatives.

Status: Offline

Jan 24th, 2013, 14:33 PM	#3
RubyLouise Mum (Mom) Active BnB Member Join Date: Jan 2012 Posts: 786	Contact a charity called stepchange. Its a uk registered charity. I found all the details on the money saving expert forum. I've entered a debt management program. I pay a monthly amount to them ( no extra fee because they are charity) and life has been so much better since xx

Status: Offline

Jan 25th, 2013, 11:29 AM	#4
Pandora11 Waiting To Try (WTT) Active BnB Member Join Date: Sep 2011 Posts: 307	You know there's a debt forum on moneysaving expert where people seem very helpful, you should try there.

Status: Offline

Jan 25th, 2013, 11:52 AM	#5
leelee Mum (Mom) BnB Addict Join Date: Nov 2008 Posts: 6,886	www.moneysavingexpert.com should be your first port of call. There are organisations like the one mentioned above that don't charge so don't pick one that does. You will get great support on that forum.

Status: Offline

Jan 26th, 2013, 06:11 AM	#6
suzib76 Mum (Mom) BnB Addict Join Date: Oct 2009 Location: x scotland x Posts: 6,707	Don't do it, consolidation is a bad idea. Taking on more debt is the last thing you want to do. Get in touch with some impartial free debt advice people and they will help you move forward, but definiltely don't borrow more money

Status: Online

Jan 26th, 2013, 06:24 AM	#7
aimee-lou Mum (Mom) BnB Addict Join Date: Dec 2008 Location: Norfolk - UK Posts: 8,939	CCCS http://www.stepchange.org/ These are the best people to speak to.

Status: Offline

Jan 26th, 2013, 13:03 PM	#8
christina1612 Mum (Mom) Active BnB Member Join Date: Nov 2011 Location: Brixham Posts: 151	Thanks ladies, no we weren't planning on taking any loans on, we were looking at the companies that merge all your debt together so you can make one payment and wipe all the interest. Ill definitely look into the money saving expert forum and stepchange.

Status: Offline

Jan 28th, 2013, 08:35 AM	#9
buttons1 Mum (Mom) BnB Addict Join Date: May 2009 Posts: 6,060	I wouldn't consolidate if you can help it as they add on soooo much interest and yo will be repaying for a long time. You would be better off sitting down writing to all the companies you owe to and setting up payment plans for what you can afford. You could also speak o citizen advice as there is some legislation that states you can have some debt written off if you can't afford to pay so might qualify for something like that

Status: Offline

Jan 29th, 2013, 23:43 PM	#10
Flowers Jasmn Mum (Mom) Inactive Join Date: Jan 2013 Posts: 44	Debt consolidation works because it gives a common approach to all the debts. You no longer have to worry about receiving phone calls from so many debtors. More so the debtors will be forced to deal with the debt consolidation company . This removes pressure from you and allows you to map out strategies that can help you pay the debts comfortably. It is also possible for the debt company to renegotiate the interest payable depending on how heavy you are in debts. This may reduce the final a mount of money you pay.

Status: Offline

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