Help 15k on credit cards can't get a loan

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What should I do, I have 15k on 5 credit cards,. I have already re-mortgaged to reduce my credit cards. This includes 2500 on a barclaycard life of balance card, which is the only 'good' debt solution i could get!! even the minimum repayments are crippling me.
What can I do?
Loan companied keep rejecting me, I have got my equifax report, which shows 4 late payments in last 3 years (or warnings as they put it).

Phil

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  • dmg24
    dmg24 Posts: 33,925 Forumite
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    What income do you have? Do you know your credit score?
    Gone ... or have I?
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    Before you can sort yourself out you need to find out why you are in so much debt.
    I will hazard a guess that you are not good with money and spend more than you earn.

    As you have already re mortgaged once I take it that this is no longer an option for you. Therefore pop over to the debt free wannabe board for useful advice.

    Forget loans for the time being and stop spending any more on the cards.
    From today make a list of all income and expenditure - every spare penny you have or save in the future should firstly go towards the card with the highest APR.

    Making more applications will make the situation worse.

    Good luck.
  • ICan'tStandIt
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    You could try writing to the credit card companies and ask for a lower APR or a temporary fixed payment arrangement (where you pay an amount lower than your current minimum payment and they reduce / freeze your interest for period of around 6 months).

    Are you still using credit cards ?

    The first thing you need to do is stop using credit and only use your income.
  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
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    You could try writing to the credit card companies and ask for ... a temporary fixed payment arrangement (where you pay an amount lower than your current minimum payment and they reduce/freeze your interest for period of around 6 months).

    I would avoid this route, if possible. It will be marked as "arrangement to pay" on your credit file and that would affect your ability to get credit for 6 years. While you're meeting the minimum payments, your credit rating remains unaffected.

    Have you tried asking each of your cc providers to reduce the interest rate? (You can do this over the phone.) You may be able to reduce your costs using credit cards you already hold. For details, see Martin's *Credit Card Shuffle*article

    http://www.moneysavingexpert.com/car...-card-interest

    Your post raises some other issues and you may want to post again on the *Debt-Free Wannabe* board. You'll get lots of advice and support there ;)

    http://forums.moneysavingexpert.com/forumdisplay.html?f=76
    People who don't know their rights, don't actually have those rights.
  • ICan'tStandIt
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    Moggles wrote: »
    I would avoid this route, if possible.

    I would appreciate it if you didn't quote my posts if you're going to edit them so that they say something different.

    I did suggest that kurgan try and get a lower APR BEFORE asking for a fixed payment arrangement.

    You're quite right about the effect on the credit rating, but the way you have altered my post makes it read as though my only suggestion was to ask for an arrangement.

    Most lenders wouldn't offer an arrangement anyway unless there has been a history of missed payments. They may lower the APR if his/her customer history warrants it - a history of regularly being able to pay off in full, always overpaying the minimum payment etc. Often customers can be caught between both points ie. a perfect payment history, but not seen as a good enough customer to warrant lowering the APR. Real rock and a hard place situation.
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