Debt review vs consolidation loan ??

[mordy613]

I urgently need some advise, thanx peeps

 

[HavocXphere]

We know nothing about your situation & thus can't give appropriate advice. You are thus fated to receive advice that is quite possibly flawed, vague or just straight up horsesht.

Personally I wouldn't touch a debt review with a 10 foot barge pole - but thats just my personal preference. Who knows - maybe its right for you.

 

[P924]

If you go for debt review, you can forget about ever getting a loan except from a loan shark.

If you can save yourself by consolidating your debt into one loan that you can afford, that is a completely different story, and WAAAY better option.

 

[MKFrost]

Best bet is to consolidate if you can get the loan.

You will then have a better record with all creditors as you will be able to settle all your debt with them.

Just do not go and make any further debt until that loan is settled in full. That is where most screw up. They consolidate things and think they are in the clear and add on more debt until they are unable to pay the loan and the new debt... back to square one with even more debt.

 

[visrot]

If you go for debt review, you can forget about ever getting a loan except from a loan shark.

If you can save yourself by consolidating your debt into one loan that you can afford, that is a completely different story, and WAAAY better option.

Best bet is to consolidate if you can get the loan.

You will then have a better record with all creditors as you will be able to settle all your debt with them.

Just do not go and make any further debt until that loan is settled in full. That is where most screw up. They consolidate things and think they are in the clear and add on more debt until they are unable to pay the loan and the new debt... back to square one with even more debt.

This is the only advice you need.

/close thread

 

[mordy613]

Thanks for the comments.
Sorry for the little info.
Here is the story:

My wife and myself where retrenched about 4 years ago, i then defaulted on a couple off accounts as i could not repay them. Sitting with them on itc now, and looking for a way to clear all my debt. I do have a loan with african bank, that i am paying monthly, plus a personal loan totaling around R2000 a month, but i am not paying all my debt yet. I have approached a couple of places regarding a consolidation loan, but due to the accounts that i am unable to pay at this stage i cant get a loan. If i could get a consolidation loan, pay off everything that is owed and pay that 2k a month on that loan over a 60 month period. Everyone would be sorted. All the responds i get is that i am over indebted and need to go onto debt review. An option that i am considering as i want to settle all my accounts, and get my name clear. I owe the money and i want to settle it. I do not know a lot about the debt review process apart from that you pay all your creditors reducing your payback amount and extending the period over which you pay. Which is fine as i can pay double the proposed installment. I just don't know all the negative implications regarding debt review, i.e. what happens after I've paid off everything? Will my name really be clear or will i have that black spot of debt review on my name till death? Leaving me in a worse off situation than what i am now? I really need some advise or someone that will lend me the money over a 5 year period