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.
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
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.
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
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.
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
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.
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