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Debt consolidation - Wendy Norman 2019-07-19 20:26:23
I have just under £40k in debt, credit cards, all up to date but really struggling to make ends meet each month. I have 100k off equity at my home, could you suggest my best course of action. I’m paying £1000 just on c/c payments per month. Bcos I’m maxed out, no offers of 0% interest to transfer from other companies to reduce debt quicker. Help!

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Re: Debt consolidation - Jane 2019-07-23 16:00:23
Without a complete look at your financial position we cannot really advise.
You could perhaps look at a remortgage or secured loan - it is unlikely you will get unsecured consolidation at this level but it will depend on your disposable income and the total value of your home and whether it is in single or in joint names. Lenders have to check affordability and are very careful to do so with remortgaging.

Could you budget and pay more to the credit cards with the highest levels of interest to reduce the amount of interest long term? Or are you really struggling to make the payments each month and then using the credit cards again?

As you can see there are lots of permutations so I would recommend you seek advice from a non fee-charging debt advice agency such as PayPlan - the number is above or you can do things online - or contact your local Citizens Advice office.

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