£50 000 in debt

android_2

i currently am in debt all accumulated over last 6-18 months to the amount of £50000 .i have an income of £42000,my wife has an income of £18000,we have mortgage of £57000 and house worth £235 000 can you help been turned down by first plus today for a home consolidation loan dont know why any opinions please

micheleen

A consolidation loan may not be the best option. Perhaps if this was moved to the Debt Free forum you'd be given more options and advice.

tattooed_lady

Hiya,

Have you checked copies of your credit files to see why you might have been turned down? Have you defaulted on any of your debts or been late with any payments? These might all contribute to why First Plus refused you. To be honest, count it as a blessing as most people haven't had a good experience with them.

Is your current debt secured or non-secured? If it is non-secured you would be better off speaking to one of the free debt help organisations such as CCCS or Payplan. Have a look over on the Debt Free Wanabee board for some more advice about them and click on the link for 'problem debts' above.

Thefunkygibbons

Pop into debt free board and we will be able to help

There are lots of options and frequently the consolidation loan is not the best option

skippy64

I don't have any answers as to why you have been turned down but in your £50,000 accumulated debt do you have any tangible assets/purchases you have made that you could sell/return to help reduce your overall liabilities ?
Also is it worth considering that the total amounts of mortgage & debt compared to the value of your house that would it be at all possible for you & your wife to consider selling your house & downsize for a short period of time & possibly live debt free for a while. :think:

jobbingmusician

I agree with micheleen and funkygibbons, you will get lots of positive suggestions on the debt board from people with very good personal experience of managing debt.

android_2

i got accepted at first then when it went to legal department they have refused i have to write a letter to them and they will tell me by post

android_2

how do i link it across to other forum?

jobbingmusician

Ask a moderator to move it - I expect there will be one along in a minute. (You'll know when they come back, because all those awful racist posts about white supremacy will disappear :T )