Debt paying conumdrum

nunovalente

OK, I could do with some advice here as I don't want to mess up my credit rating any more than I already have done.

I owed over 25k two years ago and my ban agreed to a loan to pay it off, which I have been doing and have just under two years of it left. However, because I work abroad and my pay has to be transferred from where I am to my UK acocunt, I have been a couple of days late on payments. Anyway, I have a credit card bill and an overdraft too, in total owing 16k. I want to pay this off ASAP - i.e. over the next two years, as I will be earning enough to do this. However, I don't want to go through a credit check and find out the bank won't let agree to consolidating the lot (the debts are all with the same bank).

What would you do? What have people done in this situation? I would be grateful for any advice.

Alleycat

Have you had a chat with the bank about it? They could probably give you a rough idea of the possibility without having to do a credit check if you have most of your credit data to hand to advise them.

It sometimes helps to speak to a person highish up rather than relying on the normal procedures for applying for loans/credit cards if there are slightly exceptional circumstances and they can often have some power to do a manual credit check or 'override' the automated system. If you can provide facts and figures, proof of your current salary, copy of your contract of employment showing that you are as much of a 'safe bet' as possible, hopefully that woud help support any loan application you make.

Good luck!

crazyhazy

not sure I understand, are you looking to consolidate the credit card, overdraft and existing loan? If so, is there a particular reason for doing this cos surely it would make sense to just snowball and pay off your debts as they are. Especially with your existing loan the interest is likely to have been front loaded so you will have already paid the interest off so by taking a new loan you would effectively be paying the interest twice.

loubie_lou

That's a bit of a nasty typo ;-)