has anyone ever consolodated their debts? - HotUKDeals
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has anyone ever consolodated their debts?

michelle2207 Avatar
6y, 9m agoPosted 6 years, 9 months ago
just wondering if anyone has and if they thought it was the right thing to do or wished they hadnt? i know everyone is in different situations so there were will be many diff answers.
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michelle2207 Avatar
6y, 9m agoPosted 6 years, 9 months ago
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#2
I think i would use credit card balance transfers for a cheaper APR.
#3
Never done it myself by was told by my consumer protection lecturer to be very wary of those ads which claim to consolidate your debts etc. If you choose to go down that route check they are registered and have a licenceand you are adequately protected.
#4
It's individual to the person I guess...........for some it can make it easier but for a lot it can make it worse.

Although all debts will be in one payment etc, it can cost you a lot more as it's a fresh loan, new full term, new interest. There is also the problem that if it's a lot of cc debt that you clear, then the risk is you are tempteed to run it back up again, the only fool proof way would be to pay the cards and CANCEL the actual account..

Speak to a debt charity, or CAB.
#5
Just become unemployed, and they write your debt off apparently.
#6
moob
Just become unemployed, and they write your debt off apparently.


huh....debts get written off if your unemployed.....where did you get that from:?
#7
Used to work in a bank and a lot of people would ring up to consolidate their debts, it ended up costing customers more sometimes because (although the APR was less) they did not factor in that they had already paid the majority of the interest off the debts they were consolidating, and the settlement figures included penalties for settling early.
banned#8
hi i know some who went to this place sorry forgot what place .they spoke to a solicitor and the solicitor spoke it through what all the things that they can do. i recommend you just call up or visit one one these debt help places
suspended#9
moob
Just become unemployed, and they write your debt off apparently.


, i had protection on my card and was out of work for 18 months claimed and they paid it for 12 months then cleared it, only because i had been paying for the protection but they also close the account so u cannot use it, they didnt clear all debts tho
banned#10
moob
Just become unemployed, and they write your debt off apparently.


what rubbish

OP it really depends on your circumstances, and what you mean?
If you mean take a new loan out and pay all your debts off then if the apr is lower then you will be probably be better off doing it.
If you mean paying a company to manage the debts then no, although there are some charitys will do it free.
#11
If your considering consolodating, Its worth going to your CAB and they will give you advice and contact your debters to see if they could change your terms etc.
banned#12
colinsunderland
what rubbish

OP it really depends on your circumstances, and what you mean?
If you mean take a new loan out and pay all your debts off then if the apr is lower then you will be probably be better off doing it.
If you mean paying a company to manage the debts then no, although there are some charitys will do it free.


what colin said, you see it so many times where people end up further into debt, be very careful, cab is a great starting place, pm me if you want a sounding board sometimes things arent as bad as you think, and there is alot you can do to help yourself, good luck in sorting yourself out x
#13
nessynoo01
, i had protection on my card and was out of work for 18 months claimed and they paid it for 12 months then cleared it, only because i had been paying for the protection but they also close the account so u cannot use it, they didnt clear all debts tho


I used to sell that protection, it was usually the people who needed it who wouldn't have it because they'd 'never lose their job', I do wonder how many of them could have actually done with that protection now.
#14
thanks guys. CAB it is then. x

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