Please help me !!!

wrighty_3

Having gone through the forum I have seen some fantastic advice for people and thought maybe someone could help me. My details are below:

Income - £1164

Outgoings - Loan £300, Credit Cards x 3 £100, Internet £21, HP £21, Insurance £38, Mobile £45, Fuel £100, Keep £150
Total: £775

Total at the end please
Debts:
Loan - Egg 5.7% £9518,
Credit Cards - Egg Card 14.8% £729.90, Barclay Card 17.9% £1922.20, Natwest Card 16.9% £1870
Overdraft Natwest - £450
Hire Purchase Celtem - £350
Total £14839.20

The overdraft will be gone by 20th April!!!! So thats a good start!

Now there is a problem with my credit as I had a bad mark against my name due to orange who said i had not paid them for 36 months!! This was not true and I appealed to Orange to take it of my report as it was not true. They looked into it and it was taken off. Now my credit report is clean, the problem I have is that while the orange problem was on the report I was applying for loans and getting refused! I really need to get rid of the high rate credit cards!! But I dont know how to! its really getting to me now im only 23 and am in such a mess! please help!!!

lindaindigo

i'm no expert at this but i would think the first thing to do is transfer your credit card debts to credit cards that have 0% interest, HSBC have no fee and 0% interest for 9 months, Amazon is another... this site will know!! Also try citizens advice for help re orange etc, you can email them for advice. Or find a loan at a lower rate of interest than the cards and move them all to it?
sorry i can't be of moe use but the important thing is not to give up, you WILL sort this.
If you can't get new cards because your record is bad - though it shouldn't be now - what about going to your bank and asking for a loan from them, it would be at lower rate than cards? and transferring them all to it. i would ask citizens advice to help you with it all though. They have teams of people who can steer you through this.all the best

forsya

Hi Wrighty

Welldone you for wanting to sort it out and shame on Orange for causing you such mess!! It is good that you cleared it though.

Is there anyway you could increase you loan and transfer your credit card to the loan, but making sure you are not tempted to get another credit card or else the problem will get worse.

In the meantime, make sure you are paying off the highest interest Barclay card, you have approx 300 to throw at your debts. Is there anyway you could take on a second job to help pay towards those high interest debts, get rid of them asap.

I am sure others will be along to give you lots of good avice, your in the right place!

All the best to you, keep us informed of your progress.

xx

Alleycat

Hi,

When did you apply for the loans? If it was quite recent then you will probably (if not already) find that this has had a negative impact on your credit score. Too many applications (especially refusals) in a short space of time will not look good.

Have you contacted any of your credit card providers to ask them if they can reduce the apr? There have been a few people on here who have done that and been nicely surprised by the response. I think one of them was for Barclaycard as well!

What are your limits on your credit cards? I know there isn't a massive amount of difference in the APR's but it might help if you can shift some of the Natwest card to the Egg card.

At the moment you have what looks like £389 spare each month to chuck at your debts. That will clear Hire Purchase Celtem in one month and once your o/d is gone, you can really start hammering the other debts.

Have a look at this link (https://www.whatsthecost.com/snowball.aspx). It will give you an idea of what is achievable if you really set your mind to it.

southernscouser

First thing I would do is to order my credit report from both Experian and Equifax (the £2 ones) to make sure that the Orange problem has been removed!

How many credit applications did you make? Over how long? And how long ago?

Also check to see if you have any unused accounts that are still open despite having zero balances. This can have a negative affect on outcomes!

wrighty_3

Fantastic responses ! Im feeling better already!!

I have got my credit report and it has definitely been removed. I would say that i have applied for 20 odd loans over the past year with no luck. I am currently studying at night so an extra job is not really an option. My ideal option would be to consolodate everything into a reasonable rate over say 3 years. But im having trouble with my credit!

I dont really want to apply for more cards etc as my rating is bad enough as it is!!!

Never thought the credit card companys would lower the apr ill try that tomorrow. I am going to concentrate on the barclaycard first and fire as much as possible at that one then attack the natwest.

I will also sought citizens advice to see if anything could be done about my credit report as it is not my fault that i got so many refusals, it was the fact that orange stamped this burden on me without me even knowing!!!

Many thanks for all the positive advice. Ill be in touch!! Wish me luck!! :beer:

southernscouser

wrighty wrote:

Fantastic responses ! Im feeling better already!!

I have got my credit report and it has definitely been removed. I would say that i have applied for 20 odd loans over the past year with no luck. I am currently studying at night so an extra job is not really an option. My ideal option would be to consolodate everything into a reasonable rate over say 3 years. But im having trouble with my credit!

I dont really want to apply for more cards etc as my rating is bad enough as it is!!!

Never thought the credit card companys would lower the apr ill try that tomorrow. I am going to concentrate on the barclaycard first and fire as much as possible at that one then attack the natwest.

I will also sought citizens advice to see if anything could be done about my credit report as it is not my fault that i got so many refusals, it was the fact that orange stamped this burden on me without me even knowing!!!

Many thanks for all the positive advice. Ill be in touch!! Wish me luck!! :beer:

If you look at the report it will tell you how many searches are on there, who did the search and the dates on them.

Searches generally speaking stay on your file for 12 months.

You should try not to apply too many times as you know. Perhaps 1 a month is acceptable but it is quite a grey area to be honest!

Ceri_2

I'm not sure what it is called but you can have a note added to your credit file. One that you have written, just stating that the searches done in (insert years) were because of problems had with orange stating you had not paid. However this was sorted & orange have removed everything from my file.


This just basically tells anyone looking at your credit file that although your file looks bad, it's not as bad as it seems, and they should take this into consideration when assessing your application.

I used to work for a mail order company & we did equifax searches & I saw this kind of thing on occasion

Ceri

Alleycat

Wow, thats a lot of loans applied for!

I would definately suggest leaving it a good three months or so until you even attempt to apply for another one. You should also be aware that even if applying for a loan to consolidate existing debts, your likelihood of getting accepted will depend on your current amount of credit in comparison to your income. I don't know how they work it out, but maybe if you have a scoot around on this board, someone will have posted a similar query/answer.

In the meantime, clear as much as you can as fast as you can. If you are unable to take on a second job, how about downsizing to a smaller flat (studio/bedsit) or look at house sharing. You will not only cut the cost of rent, but also council tax, water, leccy etc. Even more to throw at your debts.

Chortle_2

Ceri wrote:

I'm not sure what it is called but you can have a note added to your credit file. One that you have written, just stating that the searches done in (insert years) were because of problems had with orange stating you had not paid. However this was sorted & orange have removed everything from my file.


This just basically tells anyone looking at your credit file that although your file looks bad, it's not as bad as it seems, and they should take this into consideration when assessing your application.

I used to work for a mail order company & we did equifax searches & I saw this kind of thing on occasion

Ceri

Can't remember where I saw it, but I read that adding manual notes actually harms your chances of getting more credit, simply because computers cannot read them, and therefore your application automatically needs manual intervention. Apparently humans are much more likely to say no than a computer...

Might just be easier to wait for a few of the searches to 'fall off' your report.

wrighty_3

My last loan i applied for was cahoot at 5.6%. Is it worth sending them my credit report and a covering letter to try to appeal against the decision? If they would loan me the money I could be paying £422 per month and be debt free in 3 years or less!! I wish it were that simple!!! :mad:

So glad I found this site!!! Didnt realise how bad a problem debt is!! The problem is that it is so easy to drawn in!!