Debt Consolidation

[2010gholland]

My ex got me into a lot of debt, i wish to pay all of this off, but as you can expect i have bad credit now, i need a loan and with no job the high street lenders will not touch me, can anyone recomend a company that do not take the p*#s out of you, and excepts people on benifits???? please someone help me

[BankFodder]

You'll be hard pressed. If you do find someone to consolidate, they will charge you a huge amount for it. You also pcae all the lower or liability for your present debts in the hands of one lender who then has the power to make a lot more trouble for you - as it becomes more worth their while.

Do you have your own home? If you do, much better to keep the loan fragmented.

 

It might be easier to start reducing your liabilities piecemeal s- that if you have one or two very smallish loand, you could make a special effort to get rid of them - thereby redusing the strain on the rest of your income.

 

If you have existing loans which are causing you problems then it might be better to try and negotiate reduced payments and freezing of interest on some of them or all of them.

If you start a new loan, it will be impossible then to approach the new lender immediately for reductions in the payments.

 

You haven't told us anything about your debts, but at base, it will be next to impossible to refinance them - and as I have tried to explain, it may not be your best idea.

[Conniff]

You really should take the advice above. There is no such thing as a consolidation loan but there is a much bigger debt than the ones you already have called consolidation.

 

If you can't afford the payments at present, then write to your creditors and tell them the circumstances and that you can only afford £xx until your circumstances change and will they please stop adding interest.

 

If you want help with what to say etc just come back and ask.