i am currently in a debting rut as all money i have is being used to pay off my debts i find i am therefore needing to borrow more money and so the spiral continues. all i want is a consolidation loan so i can clear my debts as this will give me a large proportion of my disposable income back. H ow do i go about getting this problem rectified?

-- john roylance (j.roylance@ntlworld.com), May 02, 2003

Answers

Don't- is the simple answer Consolidation loans are a sticking plaster for a bad wound You may feel better for a short while but the cause is still there, you have overspent your money, consolidation encourages you to get deeper in debt take control-ring your creditors, arrange terms for repayment, even argue interest rates- you've got them by the short and curlies ( you've got the money) Bring your finances under YOUR control, don't give them to someone else for the rest of time Good Luck C

-- cautious man (quetz@waitrose.com), May 02, 2003.

Find out if there is a credit union where you live (look at the Association of British Credit Unions Ltd website - www.abcul.org ). Credit unions have the flexibility to lend where others dare not tread, and will throw in free advice/money management training too. Good luck,

-- Melody (mbc109@york.ac.uk), May 06, 2003.

Don't, talk to an Insolvency Practitioner, I work for one and we help people on a regular basis do arrangements with there creditors where the interest is frozen and the portion of debt that you can't afford to pay off after a max term of five years is written off. Say you have a disposable income after living exps of £200 per month then that's all you'd pay - even if your debts amounted to twice that.

-- anon professional (notwillingtogiveit@com.com), August 22, 2003.