Debt consolidation ....is there any way to tackle my debt? Mainly credit card

[Masterplan2021]

I have about £10k total debt. Not sure if I have any options. As you can imagine the monthly cost is huge, with only the back loan actually decreasing significant (albeit still slowly).
Wondering how to approach. Are the debt consolidation schemes to decrease monthly repayments just a way of getting into more debt/repaying more over longer.
Are the formal type arrangement going to create a bad credit history?

If you have good credit and are absolutely sure you won’t run up further debt then consider a 5 year loan from Sainsbury’s bank or similar. The payments should only be a couple of hundred a month and will decrease.
Only do it this is you close the credit card or whatever they are accounts so you dint just end up with more debt

I did an online loan application from a link earlier and the only one offered was a high interest rate. All reasonable ones declined. The Experian rating can't be accurate. I figure I pay as much as I can and when current bank loan ends hopefully I can get another at a good rate to pay off the rest.

It’s a long while ago now but when I was in that situation CAB were a lifeline. They wrote to all my creditors & got them to freeze the interest so I was only paying the actual loans off. My credit rating was fucked for a long time but once everything was paid off it recovered.

Is there an option to move all the cards to a 0% interest credit card?

I would write to credit card companies suggesting paying an amount each month that you can afford to pay off the debt.

Interested in this too I have a car on PCP and a loan. It’s a lot together and I’m weighing up getting a loan to buy a cheaper car and paying off the loan. The loan finishes next year so I don’t know if should just swallow it. I’m going through separation and trying to cut monthly expenses to keep the house

Is it with one card of more? Look at snowballing

Contact a charity debt advice never a company for advice

The Money Saving Expert forums are particularly good for the ins and outs of that.

If you rent it might be worth looking at a Debt Relief Order.

Contact a charity debt advice never a company for advice.

^This

Companies often charge, sometimes huge fees and charities like Stepchange and Christians Against Poverty won't.

Bunny thanks, could think of the names of Christians against poverty etc

Helpful to follow up some of this. Having read everything I could following some links yesterday my feeling is to avoid anything drastic yet, try to chip away at it first.
But I'm going to contact one of the above organisations Monday to check the isn't a better way.

Stepchange?

I just took out a consolidation loan to pay off 10k credit card debt. I looked on money saving expert and tried their loan calculator which recommended an m&s loan. I got declined for that so I tried at my own bank (RBS) and was approved. Can you try your own bank first? If that doesn't work then definitely the advice for CAB or other debt help organisations that other posters have given you. Good luck!

Honestly the charities are brilliant. Contact them soon.

Register for Money Saving Expert's Credit Club to check your credit history for free. It is really user friendly and will give you indications of what you can do to improve your chances of getting accepted for loans and credit cards.

You then need to work out exactly what debt you have and the rates for each of them. This will enable you to pay them off in the right priority.

If you are eligable for a 0% balance transfer credit card or lower interest loan you could transfer some of the debt so that more of your repayments go to repay the capital rather than the interest.

Then set direct debits to pay off minimum payments and focus any extra cash you have on overpaying the highest interest debt (assuming that is a credit card and not a loan with early repayment penalties).

Do a budget and compare all your bills to see if you can make savings and increase your debt repayments. Think about whether you can earn extra money or reduce your outgoings to pay more off your debts.

£10k should be manageable without any formal arrangement that will affect your credit rating in future. But it is essential that you get your budget under control so that you aren't borrowing more.

I would really recommend posting a statement of account on the debt free wannabe section of the Money Saving Expert Forum as there is some brilliant support there.