Loan to pay off credit cards

duir

I have tried a couple of lenders including my own bank and mortgage provider to obtain a loan to pay off credit cards. I self funded the training to become an airline pilot several years ago using an HSBC professional studies unsecured loan for £50k but came up a little short to the tune of £12k so had no choice but to use credit cards. I have several years still to pay on the HSBC loan and that's no problem but can't seem to get anywhere with the cards. I am now refused any more credit free cards and any sort of loan. What I would like to do is put the credit card debts onto one single loan and never touch another credit card as long as I live! As a pilot I currently earn around £42k and own my own home. I have a decent credit rating but I think the amount of debt I have seems to prevent me getting any more loans. I can't convince them I am genuinely wanting to get rid of all cards for good and not just get more debt.

Anyone have any suggestions?

Dabooka

Are the cards you hold with the bank? My pal recently split with his missus and in the split converted his card into a loan (he was with First Direct). Is this a possibility?

NOTE: This wasn't him rejecting a rate rise and closing his account at current APR

Tixy

As you have realised because of the total amount of debt you already have lenders are not willing to extend anymore credit to you. The fact that you intend to consolidate doesn't get taken into account as they could not force you to do this and if you spent the extra £12k on top of all your existing debts they may feel you would not be able to service them.

Its a common problem. The only option is to throw as much as possible at the cards to try to bring the balances down as much as you can. Then once you have less debt overall you could try again in 12months or so.

If you are struggling to make a dent in your credit card balances it might be worth writing out a detailed income & expenditure account and going through each item of expenditure to see if you can make cost savings (cheaper suppliers, better tariffs, shopping around for insurances etc) or if you can cut back on your expenditure.