Lack of options for salesmen/women

youngmoney_2

I am in a little (but manageable) bit of debt at the moment and I am trying to get everything in one lump so I can just pay it off at once.

My problem is that I work in a sales environment. Whilst my take home pay with commission is usually £2000-2500, my BASIC is only £1100 a month, which after tax obviously works out below £1000.

Because of this (and probably my age (19)) I ALWAYS get rejected for things like loans credit cards etc.

Asides from taking a joint loan application, is there anything that is geared up to handle salespeople looking to borrow?????

mountainofdebt

Personally I would advise against getting a loan to consolidate your present debt - in my experience this can only lead to a bigger hole being dug.

What sort of debt have you got - credit cards, loans what?

To help yourself I would stop trying to get further credit as each time you apply a search goes against your record and too many searches make you look desparate for credit and this unnerves credit card/loan companies.

If the debt is credit cards/store cards I would reduce the limits on your existing cards - this is so that you reduce your available credit - too high available credit also unnerves credit card/loan companies. As my balances decrease I've been decreasing my limits so hopefully one day I will once again become attractive to credit card companies - I was recently refused a credit card simply because they felt my existing limits were high enough.

Also to decrease your balances further are you throwing as much of your available income at your debt or are you paying just the minimum payments. See Martin's article about the dangers of just paying the minimum payment. (I also read in on a credit card application form that if you just paid the minimum payment it would take you 20 years (yes you read that right!) to pay only £1500 borrowed on it.)

Throw every available penny at the debt with the highest APR first - this is known as snowballing and if you go to https://www.whatsthecost.com/snowball.aspx there is a calculator which will work out what order the debts need to be paid to minimise the interest paid overall.

If the debts are in the form of loans,and no extra payments are allowed, then I would save any additional money and once you can pay off the entire balance outstanding (which will be decreasing each month anyway because of the monthly payments) you can then pay it off.

I don't know if this is what you wanted to hear but I hope it helps.

youngmoney_2

fantastic thanks for that that should sort it nicely!!