How to consolidate

richard83_2

Hi Tix,

No chance, they are fairly to the T&Cs.

I already contacted both Lloyds and HFC about repayment holidays and the answer was no.. HFC loan is due to end next february 2010.

Unfortunately Neither of my parents are in a position to lend money, one because of medical retirement the other because they are of a completely different work ethic to myself and dont have any savings..

My situation is fairly difficult.. I think if I could find £2000 right now, then my situation is cured. That way I could clear work and the halifax card. My halifax card is actually cancelled im purely just clearing the outstanding balance so I cant use the odd 200 on the limit thats left.

i'm just panicking that if I don't clear the work card then i'm never going to get out of this situation and I fear I could lose my very good job...

Tixy wrote: »

Thats going to be more difficult Rich. No chance of asking them for 2months to pay?
Not something I'd usually advise but you could ask Lloyds loan/and or HFC loan for a payment holiday (some will do this, others won't, I think the minimum is sometimes a 3month holiday but as things are desperate). What is the limit on your Halifax CC?
Again another not usual advice but could/would your parents loan you £500 to help if you could pay them back within the next 2months?

Tixy

Do understand about the job, you are earning good money and don't want to jepodise that, how quickly do you need the money for them, is it literally like Monday or before the end of September? Because even if you got a consolidation loan it would be likely to take some time before the cash is in your bank.

Another option could be to try a credit union (but again the timing could be an issue). Credit unions look at affordability not credit scores and their APRs whilst not the best but do help people out when they are stuck (one thing many credit unions is loan to people who have loan shark/payday loan chasing them, I know its not the same but they may class your situation as similar). And if you repaid over 3-4 months it wouldn't cost too much interest.

To get a credit union loan you usually have to start a small savings account at the same time (but that is probably no bad thing, savings are always handy).

I can't guarantee they would loan to you or how long it would take but it might be worth a look. However I would only borrow what you really need which I think is about £700 (as you should already have £300 to repay towards the work card). You don't need £2000, once this work card is gone you should be in a good position to pay some bigger amounts off your debt.

Anyway might be worth a look at credit unions - find a local one using this - http://www.abcul.org/page/members.cfm

Don't give up -there will be a way round this, I'll post back tomorrow in the hope I have thought of other solutions or better still that someone else has posted one already.

richard83_2

Hi Tixy,

I need to pay it before the end of September.

I will check out the credit unions thing, but I think I looked at this before and it meant me having a credit block for the next 5 years? However, once i've cleared my debt I am going to want to get my driving license and also look towards buying a house when I have saved enough.

Is this the case?

Yours faithfully

Rich

Tixy wrote: »

Do understand about the job, you are earning good money and don't want to jepodise that, how quickly do you need the money for them, is it literally like Monday or before the end of September? Because even if you got a consolidation loan it would be likely to take some time before the cash is in your bank.

Another option could be to try a credit union (but again the timing could be an issue). Credit unions look at affordability not credit scores and their APRs whilst not the best but do help people out when they are stuck (one thing many credit unions is loan to people who have loan shark/payday loan chasing them, I know its not the same but they may class your situation as similar). And if you repaid over 3-4 months it wouldn't cost too much interest.

To get a credit union loan you usually have to start a small savings account at the same time (but that is probably no bad thing, savings are always handy).

I can't guarantee they would loan to you or how long it would take but it might be worth a look. However I would only borrow what you really need which I think is about £700 (as you should already have £300 to repay towards the work card). You don't need £2000, once this work card is gone you should be in a good position to pay some bigger amounts off your debt.

Anyway might be worth a look at credit unions - find a local one using this -

Don't give up -there will be a way round this, I'll post back tomorrow in the hope I have thought of other solutions or better still that someone else has posted one already.

gfplux

Hello richard83.

Take a deep breath.
OK
Have you redone your SOA with the changes you have already mentioned.
If not you should do it and post it here.
Then you should be able to see EXACTLY what you have spare to pay your work C/C.
Normally company's take a very, very dim view of misuse of the card. This in some peoples view is on the edge of fraud. In my opinion you need to clear this by the time allowed (end of September) This should take top priority as if you lose your job your problems will only get worse.
When that is done you MUST live within your income.
Even if this means every night on the couch for 6 months.
You are now in that place that does not allow you any further choices.
It is up to you we can only offer advise
good luck

dancingfairy

Hi Rich.
With regards to the credit union thing - I've not heard of being blacklisted for 5 years? not sure what that is about? I guess it would show up on your credit record for the length of the loan and it would show that you had borrowed more money but I can't see why you would be blacklisted? and I certainly can't see where the 5 years has come from?
Hmmm clearly some tough decision have to be made here.
With the 300 Tixy has identified, you are 700 pounds short of paying off your work credit car which is obviously your top priority. You have access to 200 pounds on your credit card (perhaps a balance transfer?), plus if you could reduce the socialising to say 75 (that's another 25 pounds), groceries (can you reduce to 100 (or less) , use up everything you have in the cupboards and make it stretch as far as possible, any chance of extending the overdraft? This really isn't ideal borrowing extra money on the credit card and the overdraft but clearly you don't need the chance of any disciplinary action being taken against you.
Hope you can come up with a plan.
df

Tixy

Hi Rich

As far as I am aware borrowing from a credit union will have no effect on your credit rating (well providing you pay it back of course!). I have never heard of this or anything similar giving you a credit block.

I think you originally said you'd approached your bank for a consolidation loan? How much did you ask for and over how long? Another possibility might be to ask if they will give you a temporary extension to your overdraft ideally for £700 but even £500 would help and you might just pull through if you spent only on absolute essentials. If you do this in branch they may be able to be more flexible (I don't know if banks still do this very often but HSBC certainly have done this for me in the past a couple of times a few years ago). You could certainly afford to repay within a couple of months if you are careful about what you spend.

When you said your Halifax card was cancelled, do you mean you cut up the card/cancelled it or that Halifax cancelled it? If they cancelled it why was this? Have you missed repayments?

gizmo111

I would never ever suggest this to someone normally, but as your job is at stake have you considered payday loans, or even Provident? They are really expensive, but if it saves your job then it may be worth it. Quidco were doing a good cashback on them last month, so will reduce the cost, and pay out quick.

Tixy

Like you Gizmo I'm absolutely loathe to recommend a payday loan to anyone but if all else fails then it just might be an option here. The rates are horrendous but if its only done for one month it can help people out.

Rich if you do consider this option (and I'd try all alternatives first) then make sure you borrow the smallest amount you can possibly manage on and then make sure you pay it off next month. Even if it means spending nothing on entertainment and eating very basic food for a month or two. You need to be counting every penny (literally, start keeping a spending diary).
Payday loans can be a vicious downwards spiral and people end up losing everything because of them. Only do it if you can be really strict with yourself about your spending.

richard83_2

Hi Tixy/Gizmo,

I am definately not considering this option.. Atthe moment i'm still hunting for a credit union in the london area that will give me money without having to save 3 months in advance. Can someone explain the search tool to me?

Regards
Rich

Tixy wrote: »

Like you Gizmo I'm absolutely loathe to recommend a payday loan to anyone but if all else fails then it just might be an option here. The rates are horrendous but if its only done for one month it can help people out.

Rich if you do consider this option (and I'd try all alternatives first) then make sure you borrow the smallest amount you can possibly manage on and then make sure you pay it off next month. Even if it means spending nothing on entertainment and eating very basic food for a month or two. You need to be counting every penny (literally, start keeping a spending diary).
Payday loans can be a vicious downwards spiral and people end up losing everything because of them. Only do it if you can be really strict with yourself about your spending.

richard83_2

and... HURRAH my bank has finally decided to assist me. Thanks all for your assistance and advice My bank have basically agreed to give me an extra 1000 on my overdraft. If I stick to the plan i've sent them I will have the overdraft limit down from 3100 to 1200 by march next year.

Yours Faithfully

Rich