Debt consolidation help please!

[iloveruby]

I'm hoping for some advice about debt consolidation - currently I have 3 loans which cost me approximately £650 a month.

I've been making payments, not missed any, but it isnt leaving me with much left to live on.

In an ideal world I'd want to get one loanwith lower monthly payments that I could use to pay off the existing loans.

I'm in full time employment and earn a good salary but have really bad credit rating!

Does anyone know of any way that I would be able to do this? If I just applied for a loan online I would probably get turned down so would need a lender who would be prepared to look at my current spending / loan outgoings to demonstrate affordability.

Any suggestions or comments would be gratefully received as it is making me extremely anxious.

Have you thought about trying a credit union if there is one in your area?

I’d go and seek help from CAB

How much interest are you paying on each loan?

How long have you got to run on each loan?

How long have you been with your bank? Can you chat through with them?

Definitely have an appointment with your bank to discuss. You can tell them you want to do consolidation- whereas online application you can't explain anything. The petson in bank can speak to lending department and argue on your behalf if needs be. I did this and the one loan saved me over £300 a month as one loan had a very high interest rate.

Have you looked at Pay Plan? They have mixed reviews but we have found them to be amazing and very helpful. We have £14k of debt and spent a silly amount each month just covering interest. They try their best to freeze interest with the promise of payment although they don't guarantee it. No set up fees or admin charges and 100% of what you pay in goes on your debts. We now pay one monthly payment which is the same as what we were but now it goes towards our debt not our interest, its such a good feeling that in 25 months we will be debt free - Good luck! x