Trying to get a loan/back on track

47111

Hi, all, newbie here...

Bit of background - I'm 25 with a good secure job, live with partner in rented house. Own my own vehicle with no outstanding finance.

I've always been a bit crap with money and now I'm struggling to work out what to do.

My main debts are a RBS Mastercard (£1900), an old loan from Welcome which is nearly finished (£300-odd left) and an overdraft/charges owed on a old Lloyds TSB account (around £2k)

My credit history is bad with plenty of DD's missed when I was in my previous employment and not earning much. I like to think things have improved a little in the past two years although I have recently defaulted on the Mastercard DD (which wasn't my fault - I was waiting for work expenses to come back and they didn't in time. Obviously this doesn't matter a jot to lenders)

What I would like to do is get a loan to pay off the card, Welcome loan and settle the debt with Lloyds. However no-one seems to want to know - I guess if I've defaulted before, they think I will again.

What would you do?

talana

47111 wrote: »

What I would like to do is get a loan to pay off the card, Welcome loan and settle the debt with Lloyds. However no-one seems to want to know - I guess if I've defaulted before, they think I will again.
What would you do?

I wouldn't be looking to consolidate. Even if you do manage to find someone to offer you a loan, with a bad credit history the rate offered won't be good. I'd be looking to free up a bit of cash from my regular monthly outgoings to pay the debts off double-quick.

I've always been a bit crap with money and now I'm struggling to work out what to do.

Make sure you're not crap with money from now on!
Go across to the debt-free wannabe board, post up on soa, and you'll get some advice on how to become debt-free. With a bit of planning, you could achieve that in no time I'm sure.

~Brock~

I agree with talana.

Also, you could clear off the Welcome loan double quick (it is probably the highest interest rate anyway) and give you more each month to throw at the others.

Short term pain = long term gain.