Debt Consolidation

[ArmatageShanks]

Howsit guys

If you can offer me some advice, I would like to consolidate my current debt to enable me to get through December and to have a easier time in the coming year.

The issue is that even though my total debt is not very large (around R15 000) I have accumulated a bad credit score from failing to pay a short term loan, as a result I don't think that the banks would help me very much.

Are there any other options for me?

I have looked in to p2p lending but was unsuccessful.

I will appreciate any advice.

 

[Quintrix]

debt counselling?

 

[Toothless]

Howsit guys

If you can offer me some advice, I would like to consolidate my current debt to enable me to get through December and to have a easier time in the coming year.

The issue is that even though my total debt is not very large (around R15 000) I have accumulated a bad credit score from failing to pay a short term loan, as a result I don't think that the banks would help me very much.

Are there any other options for me?

I have looked in to p2p lending but was unsuccessful.

I will appreciate any advice.

Debt consolidation will place you under even more strain the moment you need to start repaying the new debt. If you struggled now, falling in arrears, debt consolidation may not be your answer. Not being funny, but if you are having problems repaying your current R15k debt, debt counseling may actually be the way to go for you.

 

[bchip]

The issue is that even though my total debt is not very large (around R15 000) I have accumulated a bad credit score from failing to pay a short term loan, as a result I don't think that the banks would help me very much.

Have you tried the banks?

At the end of the day the interest rate charged is your cost, the higher the rates the bigger the costs.
So you would need to get a low rate from a reputable organization.
P2P lending is a higher rate I believe, it shouldnt be a first option.

If you are struggling to come right with the banks the debt counsellors should be able to help you.
All in all though I agree with the other forumites, you either need to learn how to budget better
or if its not your skillset get someone who is good at it, like a debt counsellor.
(We arent all experts at everything, thats why we all rely on experts to help us -
Buffet, Branson, all these people do exactly that)