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Consolidation loans?

4 replies

TheOnlyLivingMumInNewCross · 08/04/2018 14:13

Has anyone got a recommendation of a good company who offer Consoldiation Loans which won't get me further into debt?
I have a few bils which have come out of nowhere. My DH and I had planned on moving down the country but have now decided to stay put, but due to circumstances with travelling down the country looking for properties to rent etc, bills have piled up.
I owe around £2000. At the minute I'm paying a daft amount per month on my overdraft and a loan plus we've had the mother of all energy bills (last quarter was £400, this quarter it's jumped to £1000). I plan on moving energy suppliers buy can't until this is paid off although I have asked the company to look at the amount but they've said until now it's been estimated (no idea how as we've had the metre reader round before this bill and always watched them read the metre).
I think the sensible option is to pay off the amounts and have one amount to pay a month for budgeting purposes. But there are so many out there and I don't want to take out a £2000 loan and end up paying an ever increasing amount which never disappears due to the APR.
Can anyone suggest one they've used?

OP posts:
TalkinPeece · 08/04/2018 14:18

))))))) Consolidation loans (((((((
Nasty smelly horrible things
Have a look at a Zopa Loan if you really need to - set it for a long term so that the compulsory payment are low
and then overpay it like fury (no penalties)

Utility bills : check the readings yourself - NEVER trust estimated NEVER trust their readers

TheOnlyLivingMumInNewCross · 08/04/2018 14:27

Well I know to now!
I did say to them that it's ridiculous to have people come into the house who don't take the readings and send them in. It's my fault though as I didn't notice it was Estimated (it was in tiny writing). I am asking for an investigation and a friend suggested speaking to the Ombudsman. The most the company would offer was us paying it back at £180 a month but I'm already paying my bank £65 a month and then there's other regular bills (rent and my broadband which is already on the lowest contract possible).
I just thought if I could pay back one smaller amount instead of possibly paying back over £200 it may make life easier but it sounds like I'd end up worse off.
I wonder if I may be better off speaking to the bank and seeing if I can lower my repayment to them instead?

OP posts:
TalkinPeece · 08/04/2018 14:41

DEFINITELY talk to the bank ....

19lottie82 · 08/04/2018 23:46

Consolidation loans rarely work in helping the applicant to clear their debts. Quite the opposite in fact.

Check out the “debt free wannabe” forum page on the money saving expert website. The posters there are fantastic and will advise you on the best way to clear your debts.

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