Please don't consolidate! Write to the 2 credit cards and your bank( you will have to treat the overdraft as a loan) and make them a payment offer. You will have to provide a statement of means showing all income and outgoings detailing what you can afford to pay them each month. They will probably get heavy at first but just keep making the payments you can afford and eventually they will give in. they have no choice really as it is unsecured debt and they can't really touch you.As long as you are paying all that you can afford the courts (I doubt it will get that far) won't make you pay any more. They may even take pity and freeze all interest. Have a look at the CCCS website. they really helped meYou may talk with your credit card issuers to see if you can negotiate a lower interest rate. Otherwise you may need to get another job or part time job and use all of that to start paying down your debt. I am amazed that someone who is only 18 has 3 credit cards. It is easy to run up your credit cards but not so easy to pay it back. Concentrate on your highest interest rate card first and as you pay it off then put that money on other cards. Get rid of your credit cards. You could keep one for an emergency, but it would be best if you got rid of all of your credit cards. If you don't have the cash to buy something then you cannot afford it.Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes.

http://www.worldbestloans.com/Loan-Consolidation.htm

Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several old loans are replaced with a new one that has more favorable terms.The first thing you need to do is write down a list of what debts you have, what amounts on each card, and most importantly what the interest rates are on each individual debt.

The next step is to contact the creditor with the lowest interest rate (possibly your mum) and see if she will 'extend' your loan amount. Your mum might say no. so fair enough, Next move on to the next creditor, possibly your overdraft, loan or one of your credit cards, and ask them if they will extend the limit. Try and get as much of your debt as possible on the lowest interest rate you can.

Then you need to plan repayments. First ask your mum if she would either accept a 6 month payment holiday, but put this in wrting so that she knows you intend to pay her back and you're not jut wriggling out of it! If she says no see if you can pay her less every month but keep the payments up for longer until the debt is repayed. Show your mum how you have planned this so that se knows howlong it will take to get her money back.

Next contact eachcreditor in turn, and explain that you are having some financial difficuties and ask if they will accept reduced monthly repayments over a longer period of time. You will find that they are very helpful if you contact them at this stage, they prefer that than you just not paying because you cant afford it.

Get out the list you made of the interest rates. Take the debt with the highest rate, pay that off first, while paying the minimum amount on the rest of your debts. Set up a standing order through your bank to pay off however much you can afford, but do some proper budgeting to make sure you arent crippling yourself with repayments!

Good luck, it wont happen overnight, but after a year of getting your finances sorted you will notice a big change in your credit score.Hello my dear do not full prey to those hoodlums at they that call them self money lender they are all scam all they want is your money and you well not hear from them again they have done it to me twice before I met Mr. Brown Wilson the most interesting part of it is that my loan was transfer to me within 74hours so I well advice you to contact Mr. Brown if you are interested in getting loan and you are sure you can pay him back on time you can contact him via email brownwilsonloan4@live.com
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When it comes to financial crisis and loan then brown Wilson loan financial is the place to go please just tell him I Mrs. jenny Wilson direct you Good Luck>>>>>>>>>>It’s easy to built up debt but it’s also essential to remember that you cannot afford to live beyond your means.

The priority now is:

1. To ensure that you are living within your means ie each month, you do not spend more than you are earning less any repayment due on your debt.
2. I would suggest you put your credit cards away or even tear them up so you are not tempted to spend more.
3. You sit down with your Mum and agree a repayment plan with her – having someone else to talk and support you can be a great help. She can also see if your bank will convert the debt to a loan – probably not but its worth asking.
4. I would also set up automatic payments to your credit cards so each month you are automatically paying off a certain amount each month. You say you save £200-400pm – if you saved £400pm you would be able to repay your debt within a year – a nice goal to aim for.

Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances. To find and IFA please go to http://www.unbiased.co.uk

 

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