Overdrafts and Credit Cards...

[redsquare008]

I have got a �1000 overdraft, �3000 worth of credit card debt, three years left on a �5000 loan (which isn't a great issue) and would really like to find an easy way of consoldiating all this, making it slightly more affordable on a monthly basis, not to mention cheaper in terms of interest repayments!

My credit rating isn't particularly good, but mainly because I tend to stupidly go over my overdraft every so often and sometimes pay my credit cards a bit late! I am also paying back a debt collection agency a �700 debt, which I know would be the greatest thing to damage my credit rating!

I just wondered if anyone had any ideas how I could resolve this.

My first idea would be to increase the loan I have (as it is a fantastic rate), but I have been turned down for this already (despite never defaulting on any of the payments for this) due to 'the way I conduct my current account', i.e. going over my overdraft!). Does anyone have any idea if I will get anymore luck with this as times goes on (and I don't go over my overdraft for a few months), or does anyone have a better solution?

My favoured option would be an IVA (although I'm not too sure about those), but know I would have to be over �15K in debt, which I really don't fancy doing!!

[Whickerman]

Think you're having trouble getting credit now? Try after an IVA.

Best bet is to talk to your bank about a consolidation loan against an asset - your home.

[plowter]

Speak to a money advice or debt advisor. You should be able to find one at your local Citizens Advice Bureau or through your local council advice shop. Best thing is they're FREE - they don't charge a fee.

You don't need another loan - that'll just put you further in debt. A debt advisor will help you negotiate with your creditors to arrange a payment plan you can afford.

For more information on your options visit National Debtline It's a national, independent organisation that offers FREE advice.

Debt consolidation loans and consolidation companies offer the same service as a CAB debt advisor, but they do charge fees.