InvisibleMan

I have a friend who has got himself in a mess with debt.
He has several debts with different companies & a large 3yr plan with a car company which he has just brought the car from. He now decides that he cant afford it & wants to change/lower the payments. The company wont allow him???

Anyway, i think that the best option is to go for one of these consolidation firms that manage it into one sum.

Is this the best option? Is there anyone out there that is in the business or know more about them.

Any helpful advice would be appreciated ta

MarkO

'A friend' eh?

mj

good idea that debt consolidation,
get rid of all your niggling little debts, with one great overwhelming burden.

Stefanie

yep, not me

He has been refused loans from banks so needs to look else where.

InvisibleMan

neither have i

but by doing that, any common sence will tell, it lowers the payments so its gotta be better



[Edited by InvisibleMan - 7/18/2002 4:28:21 PM]

ScoobyJawa

Those consolidation places are a rip off [img]images/smilies/mad.gif[/img]

Kippax

dont consolidate or it will just get worse

InvisibleMan

reasons? high APR? over a millenium? fees? transfer problems?

i need some evidence, names, something positive so it can be sorted out

sillysi

Line taken from the small print of a TV advert for one of these firms -

"THIS IS NOT A SHORT TERM SOLUTION, YOUR DEBT WILL BE GREATLY INCREASED".

Sort of says it all really.

Bakerman

Put the loans/debts in order of interest rate and aim to pay the higher ones first. Agree with the loan cos to pay a low amount each much - if you goto them with a plan laid out they are far more likely to help, after all they want the cash back.

Talk to CAB ?

Kippax

if your mate is the type to get into more debt than he can afford then consolidation is just prolonging the burden he feels so uncomfortable with. what says he wont borrow more when the consolidation loans makes him feel financially stable again.

forget about apr and all that sh!te. pay it off as intended and work out a way to earn more cash in the future.