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Thread: Debt solution?

  1. #1

    Debt solution?

    Hi all, I am struggling to find a solution to my problem with 2 loans so want to know if you have any ideas.
    My family went through a difficult 4-6 year period in which I basically sustained them all. My parents lost their house so don’t have that now as a back up. My salary wasn’t just enough for all of us and I think I got into too many stuff. Things are now ok but want to move forward and see how I can pay less monthly.
    I have 2 outstanding loans one I owe 15000 and the other around 25000. Between the 2 comes up to monthly payments near 1000. I have been managing this for over a year but would really want to reduce it.
    My salary is 43000 per year and was thinking in searching for a loan to cover both and the. Have only 1 monthly payment, I can easily afford a 600 monthly fee. I have no other debts, never missed payment or nothing like i. Not a home owner, rent with my partner.

  2. #2
    You won't get any significant further borrowing on that income.

    Look to overpay the most expensive debt and visit the DFW boards for advice on cutting costs.

    Try an eligibility checker to see if you have any chance of a money transfer card that you could could use to shift a small amount of the debt.

  3. #3
    What are the interest rates on the loans?

    Do you have any savings? Do you have anything you can sell? Can you earn more?

  4. #4
    If I had 40k debt and could afford 600 a month and no serious assets, I'd go bankrupt and be done with it within a year.


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