Advice Please

Stupidly_Skint

Hi,

I am wondering if anyone can advise me on where to get an unsecured loan for debt consolidation.

I curerntly owe £15000 on credit cards and £1000 on my overdraft. I am stuck in a vicious circle, having to re-use my credit cards during the month as I have little money to live off after making the minimum repayments.

I have a applied for a loan and a balance transfer credit card but have been refused due to my credit rating.

I regulary check on credit expert but am unsure as to my rating as on 27th September my score was 900, then on 30th September it was 820 and today it is 753.

I do not have any CCJ's but have been late with payments a couple of times in the past.

After being refused for a loan, I was passed on to a Debt Management Company but I am not completely sure what this means? How will it affect my credit rating in the future? Is it similar to an IVA? I have been slightly put off by them as they continuousy ring my mobile about 10 times a day which I find slightly pushy.

Any advice or information anyone can give would be greatly appreciated. I am finding this frustrating at the moment as I know I can afford to pay a consolidated monthly outgoing of approximaltey £280 a month, instead of paying £470 towards credit card interest which I am currently paying now.

Thank you

chalkie99

The figures here do not tie in with those in your other posts and, as you are supposedly training to be an accountant, I think you need to have another look at what you are saying. People can only offer real advice if presented with the full and true facts.

Stupidly_Skint

As I have previously stated in my other post, I owe a loan through my dad which does not show on my credit rating, therefore will not affect a loan application, hence not including it in this post.

I am trying to tackle my credit card debts primarily and thought someone may be able to advise of a loan company which could assist in reducing my payments to for the credit cards, which would in turn leave me with a disposable income each month.

I am simply looking for some advice from anyone with similar experiences, not to be scrutinised.

chalkie99

Well, if you get away with hiding the large loan you are paying in your fathers name you still appear to have £16k of debt. If you try and borrow 16k to deal with this the lender will consider you as having £32k of debt as they cannot be sure you will actually pay off the existing debts.

This looks like 2.5 times your annual earnings so getting a loan would appear difficult.