How to switch debt to cheaper interest rates when you have poor credit rating?

Bumbelina

Hi, it's ages since I've been on here and a lot has happened since. I left when I got flamed by someone, but am braving the board again in the hope that someone can help.

I'll post my SOA later (am supposed to be working now!) but in the meantime to cut a long story short my husband's business has gone down and he and his partner (his dad) owe about £34k between them. In addition to that, we have other credit card and loan debts and we are really struggling to keep our heads above water.

We recently went to our mortgage lender (Halifax) to ask if we could put our secured loan of £21k on the mortgage rate. The mortgage is about £68k. We currently pay 5.75% on the mortgage and 6.9% on the loan. They turned us down because of our credit score - my husband may have a CCJ and is waiting for his Experian statement. I'm paying 18.9% on one of my credit cards and a very high rate of interest on a car loan. Is there anything we can do to get some of these interest rates down while we pay off the debt? Not sure what my credit rating is like - I have no CCJs or late payments, but a lot of debt in my name. I applied for 0% interest card and was turned down and my other card (which is at 6.9%) won't increase my credit limit so I can put the other one on it.

Any advice much appreciated
Bumbelina

Emmzi

Bumbelina,

it's tough if you can't get new credit... obvious question is do you still need the car, but let's have a look at the SOA. You will get good advice from the folks here!

And don't worry about flaming trolls... it's worth hanging in here. Welcome back.

nadnad

yeah post your SOA and I'm sure someone will be able to help - don't worry about people coming on annoying you - they probably won't but if they do - we'll scare them off and the number of people wanting to help far outweighs those who come on here to slag people off.

post your SOA asap!

comicmankev

Unfortunately you can't easily (if at all!) get 'cheap credit' in your circumstances. The best bet is to post your SoA and let the vultures claw away at it until theres nothing left - lol

Good luck

EagerLearner

Hi Bumbelina - I'm fairly new here and it took me a while to realise that SOA means Statement Of Affairs, which is a breakdown of all your debts, terms and rates etc.

Good luck and I hope you can reduce the debt - this site will help alot. Don't be scared to voice your opinion, no matter what, as long as it's polite people shouldn't be able to scare you away just because they think differently. Most folks here are really supportive and knowledgeable, you will be fine ;o)

EagerLearner

beanielou

Hope that it all works out for you
Let us try to help by posting your SOA
Dont know what has gone before but I dont like nasty trolls

lynzpower

I hate it when people come here and say horrible things to people who are in a spot, theres been a few of them here recently, altohugh I think we've seen the back of them for now, we were pretty sharp back! Abolutely no need for it is there?

Pop up your SOA, and lets see whats going on for you.

Sometimes if you can find a bit extra to throw at the cards, then it looks as if you are not struggling as much IYSWIM and the bank will offer you more. I finally paid off my mastercard ( with a blanace transfer, then my scrapnel for the balance about 40 quid) and closed it, the next day I got phone calls offering me a loan for "home improvmeents, a car whatever yu want" Loans are not the best idea, and be grateful that the secured loan was turned down. Cold comfort now, but there just has to be a better way than a secured loan.

Hugs
Lynz
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