I am considering the idea of consolidating some debts with Ocean Finance or First plus. Has anyone ever taken out a consolidation loan with any of these companies?. I am considering it as I have too many outgoings coming out from my wages. By doing this, I will be able to sort my finances out.
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November 9th, 2009 at 9:05 am
i know somebody who has done it and the advice is only do it as a last resort .
he had his mortgage to pay off along with lots of other debts and a year down the line the repayments are crippling him and he stands to loose his house if he is not very very careful
at the end of the day he is no better off if anything worse
this is all what he has told me and there is no way he would do it again
hope this helps
November 9th, 2009 at 9:05 am
consolidating debts don’t solve the problem. you are only moving it around and renaming it. you still have the debt and owe the money.
the answer is to get on a plan and pay the debt off and be done with borrowing.
follow the baby steps.
November 9th, 2009 at 9:05 am
Instead of consolidating your debts, talk to your existing lenders and try and negotiate lower payments. I know someone who was struggling financially. They had the debt stopped so that interest would not continue to accumulate and they have to pay a minimum amount off based on their income and other expenditure….including all their other debts. It has affected their credit rating, yes, just like it would be if consolidating, but at least they are not paying back tonnes of interest!