Advice needed

mr_richmond_2

Hi, this is my first post, took me long enough to work out how to do it!!
I currently owe around £16,500 on two credit cards and have an overdraft of £2000.

I have over the last 10 years regulary had loans/credit cards, used them paid them off ect with now problems. However i would like to consolidate this debt now and get rid of the cards once and for all.
I have approached two lenders, my current account holder, who has helped in the past and another hight street bank, again useful in the past. Both have declined to help.

The reason i got from my current account provider is that i was not able to meet the repayments on the loan.
However when looking at the calculations the loan would have saved me over £200pm, therefore its costing me money not having it!!!

If anyone has some good advice to help me out of this situation i would be grateful.

gfplux

Hello mr richmond

Debt normally comes by spending MORE than you EARN. That is you are living a lifestyle you can not afford. We all know that but sometimes we can not see the wood for the trees. If you want to get out of debt you have to change that habit today.


Make out your SOA (link - http://www.makesenseofcards.com/soacalc.html ) This will automatically calculate the numbers. It can be saved (see the help) and you can change it every day if you want.
When making out your SOA try not to guess at the figures, dig out the paperwork! However remember a partial completed one is better than none. It is in fact one of the most IMPORTANT things you will ever do to start on the road to recovery. If you want a lot of help on this forum, posting your SOA is the first and most important step. After it is done it is very easy to keep it up to date. In my opinion everyone should have an up to date SOA even if you have little or no debt. It is a great tool to manage your life with.
If you post it on the forum answer the obvious questions before they are asked so you get immediate feedback, such as :-
If there is “other” Income explain what it is
Mortgage – interest only or not.
What is the age of any children.
Council tax is it over 10 or 12 months.
Electricity and gas any arrears.
Water rates meter yes or no.
Mobiles, how many and when are the contracts up for renewal.
If no contents insurance is it include with buildings insurance.
If pets cost money, what are they.
House or flat value, has it been valued by an Estate Agent and when.
The more that can explain about the financial figures and circumstances the quicker the post will get advise rather than lots of questions.
When you have posted it and it does not look right or you want to change it, do so and repost it.


Examine yourself, is this really your “light bulb moment.” If you find plenty of reasons and excuses not to act immediately then the bulb has not come on properly. If you can not do without (this is a general list) - A Sky contract, Mobile Phones, Two cars, Lottery tickets, Air fresheners, Cloths for a year, Charity contributions, Savings for a child, Presents, Holidays, Fitness/Sports Membership, then again the bulb has not come on properly. That's not without mentioning Cigarettes!


Good Luck