Urgent Debt advice

ruppert

Morning, I have never been good with money as the following will demonstrate. I was hoping someone could advise me on what to do as I'm really worried about the position I've gotten myself into.

I am single, in my late twenties and over the past few years managed to get myself in to an unhealthy state of debt.

In total I have short term loans (incl. credit cards and personal loans) totalling about 60k! How I don't know. Started on low salary, took out loans etc. stupidly, then as payments/ loans increased had less to live on so borrowed more. Vicious circle that I really want to put an end to.

I am now on a decent salary (approx. 60k) but over half of this goes towards repayments each month so as for the past few years I'm struggling to live on what remains.

Are there lenders who may consolidate these loans over a longer term? Is this a bad idea? Otherwise what should I do?

Thanks,

Ruppert

Hitchhiker's Guide to...

Very easy to solve this - go to MABS (the money advice bureau service). Their number will be in the phone book.

They are a government funded money advice service, and are consistently rated as giving excellent advice.

They are also free to use.

silverharp

In general try to consolidate with a lower interest loan, however there maybe penalties for getting out of fixed term loans. In the meantime clear any creditcards as they will be costing you the most. If you do manage to consolidate try not to extend the term as you may get into bad habits again.
Do try to learn from this, it does amaze me how people have a blind spot when it comes to their finances.

stipey

Are you sure the people the money came from actually want it to be repaid?

You may find that when you offer to repay the money they will refuse and say they don't want it. This should get you out of a spot of bother for somewhere around the 13 year mark.


Sorry I know that doesn't help you but grrrrrrr! As the Roundtower2 suggested go to MABS.

hmmm

Yeah talk to MABs. They'll show you how to budget and may give you some strategies. Focus on clearing the loans that have the highest rates first (e.g. credit card). I don't know your circumstances in detail obviously, but a strategy that works for many people is that instead of dripping money into all loans which will seem like you'll never clear them, focus on one debt at a time (usually highest interest) and put as much as you can against it and pay the minimum on all other loans. Eventually you'll have cleared one loan, then do the same for the next.

On a single persons 60k salary, you should be able to clear 60k of loans within max 4 years if you really sort out your finances and budget, so deal with the problem but don't get overly stressed.

mpeople

Hi all,

Just wondering if any of you know any money lenders who offer high rate lows with no questions asked. I need to borrow €6000 asap. Don't ask why dont you go to a bank or credit union because i know all the obvious places where i can go.

I really don't care what the cost of this loan will be i just need to get the money asap. Have a steady job with good salary so repayments aren't an issue.

Really greatful of any help in aquiring this!!

jor el

Don't be ridiculous, the only people offering no questions loans are illegal. Everywhere legal will ask for proof of wage and banking history, and do a credit check.

If you have a good wage then borrowing from the bank should not be a problem and may be approved on the spot. I've had a loan for over €10,0000 approved immediately and had the money in my account before leaving the bank.