Where do I turn??

alwaysbroke_2

Not quite at desperation levels yet....but!!

Am looking to consolidate my debt (Loan bal approx 5k, C/Cards approx 5k), but have been refused credit. I dont meet the criteria!!

Had an issue with a previous credit card company over a change of address and missed a couple of payments, matter was sorted as soon as i knew about it! Occasionally go over my overdraft limit by a few quid!

I have applied for my credit rating from experian, but what will this tell me? ANd more importantly, what can i do to rectify any negativaty??
I am payin the minimum off my cards each month and not seeing my balance reduce at all, I cant afford to pay more!

Help me moneysavers??

Andy

lynzpower

Andy, welcome to mse!

Firstly i think its best to post your SOA on here for us to see how we can help.

Are your cards on 0% interest rateS?

Lynz
x

pixie1

Welcome

Consolidation loans are not always the best answer, if you post your incomings and outgoings the people here may well be able to help you in saving some hard earned cash.

Good luck

Pixie

queenofthedump

we were fine after our first consilidation loan but every couple of years we kept doing it again and again as we did not do anything about why we needed the first one - our biggest mistake was then having 2 consolidation loans one each and still not changing our habits and the second one is the one that is crippling us and we can not do anything about it but get on with it, thanks to all the help and advice we have received from all the MSE on here we are mending our ways and sorting it out but our biggest regret is that 2nd loan- hindsight a wonderful thing

If i could do it over I would never have done it.

So my advice is to think very very very carefully about consolidating. Do all the maths before you decide.

Good Luck

roswell

Post a state of affairs, All incomings all out goings and im sure we can help somewhere.

Old_iron_balls

I think most of us on here may have fallen into the consolidation trap at some point or other

Think carefully before you go any further.
Maybe do a search under 'consolidation' - theres loads of backposts full of peoples experiences .

Good luck

Alleycat

I think if you have been refused a loan to consolidate, you may be able to take it as a blessing in disguise. However, that isn't to say that consolidation is always bad. It is something me and my OH did last year, to clear my rather hefty overdraft (£2850) and a painfully high interest credit card. It reduced our payments, but still meant we were actually paying off the debt, rather than letting it continue to stagnate. You just need to make sure you have definately had your lightbulb moment.

We consolidated once before and it was a mistake as we did not alter our spending habits enough, but this time we have been sensible enough to realise that we needed to change our ways and we have! A baby took care of that, realising that we wanted to do things with our lives, like have proper holidays with her (not just visiting the relatives all the time), buy her nice things etc and have a decent standard of living.

ceegee

Andy......if you ain't managing to reduce that debt on your present income (whatever that may be) then you will have to think about increasing your income. Could you get a second job?

List all of your incomings and outgoings here so that people can see if you could do better by budgeting etc. But I expect that your best bet would be to increase your income. I'm not saying that saving a few pounds here and there in any budget is not a good idea, but I think a wholehearted attack is required when it comes to getting out of debt, rather than a bit of tinkering at the edges.

harrie_2

marieb wrote:

we were fine after our first consilidation loan but every couple of years we kept doing it again and again as we did not do anything about why we needed the first one - our biggest mistake was then having 2 consolidation loans one each and still not changing our habits and the second one is the one that is crippling us and we can not do anything about it but get on with it, thanks to all the help and advice we have received from all the MSE on here we are mending our ways and sorting it out but our biggest regret is that 2nd loan- hindsight a wonderful thing

If i could do it over I would never have done it.

So my advice is to think very very very carefully about consolidating. Do all the maths before you decide.

Good Luck

i got into trouble when my husband got sick we had no insurance on loans or credit cards my debt ia 32k we managed ok as hubby had good wage our income dropped 160pound a week i get dla in my own rite went 2 cab they helped me never be debt free but they managed 2 hold the interest and reduce payments i got consiladation loans from my bank when he was employed i dont if this is in the rite forum as i am new 2 this site they dont just help unemployed shirley