HELP! Advice needed on getting away from the dreaded Santander!!!

no_more_cards_for_me

Removed as I wasn't being helpful to the OP.

Good luck and sorry if I offended you.

KaloKyri

BLT wrote: »

Unfortunately you appear to have turned it into a d*ck waving contest by responding to some unwarranted comments.

The issue here is that your debt is quite large, in order to consolidate it you would have to borrow 26k, which would leave you with, in the lenders view, exposure to 52k of debt.

Your options are quite limited, you can got for a prime card, which may get refused due to your high level of debt exposure, and refusal would reduce your credit rating If however you were successful you could shift away a large percentage of the 24% debt to 0%

Your only other options really are secured loans on your property, only you will know where you feel comfortable with that

BLT: You’re right, I bit, and I shouldn’t have. It’s been a long day already. Further to thinking this may have been a prudent move in posting on here, it has left me seriously deflated.

I know I’m not good at managing my debt, I simply wouldn’t be asking the question if was. I honestly didn’t think I was out of my depth to the tune of what I can only see as some people wishing I were. I’m still covering everything and furthermore still reducing my debt.

This all started with me making attempts to access my Cahoot Account this morning and not being able to.

The irony in all of this was the fact I was trying to access the account to see exactly how much debt I had manage to chip away at!

Having called Santander, I only learnt this morning that my loan has been moved over to them and I’m now effectively just paying off a balance on a fixed loan.

It maybe a case of me ‘throwing my toys out of the pram’ but I really begrudged the fact that I’m still on a flexible loan APR rate for what is now a non-flexible loan agreement. I don’t care about withdrawing further funds from the account, my whole argument is in respect of the current rate.

The advice I was looking for was simply: What are my options?

In respect of what you mentioned, should I consolidate all of the debts, then wouldn’t that leave me with £26k exposure? £26k in, £26k out, so to speak?

What I really would like to do is just consolidate half of the debt, as the other half is nicely being chopped at on fixed term monthly basis.

Fundamentally, I guess my question would be, can I do this? If so, can anyone recommend a lender to approach primarily?

wayne99

Hi, cant offer any advice really just wanted to say good luck sorting it out.

Please dont feel offended on here, it is a public forum and everyones comments and opinions are there own and people are here to help..... but you have to except that there will be some critisism thats the way public forums work.

dont take it to heart too much.

good luck.

BLT_2

KaloKyri wrote: »

BLT: You’re right, I bit, and I shouldn’t have. It’s been a long day already. Further to thinking this may have been a prudent move in posting on here, it has left me seriously deflated.

I know I’m not good at managing my debt, I simply wouldn’t be asking the question if was. I honestly didn’t think I was out of my depth to the tune of what I can only see as some people wishing I were. I’m still covering everything and furthermore still reducing my debt.

This all started with me making attempts to access my Cahoot Account this morning and not being able to.

The irony in all of this was the fact I was trying to access the account to see exactly how much debt I had manage to chip away at!

Having called Santander, I only learnt this morning that my loan has been moved over to them and I’m now effectively just paying off a balance on a fixed loan.

It maybe a case of me ‘throwing my toys out of the pram’ but I really begrudged the fact that I’m still on a flexible loan APR rate for what is now a non-flexible loan agreement. I don’t care about withdrawing further funds from the account, my whole argument is in respect of the current rate.

The advice I was looking for was simply: What are my options?

In respect of what you mentioned, should I consolidate all of the debts, then wouldn’t that leave me with £26k exposure? £26k in, £26k out, so to speak?

What I really would like to do is just consolidate half of the debt, as the other half is nicely being chopped at on fixed term monthly basis.

Fundamentally, I guess my question would be, can I do this? If so, can anyone recommend a lender to approach primarily?

The problem in this scenario is that whilst you will go with the 26k in, 26k out option, the lender has no way of confirming that you will do this. He bases his decision merely on your current level of debt exposure, adds your request, which results in your new debt exposure.

For all he knows you could borrow his 26k and then put it on the the 4.10 at Kempton Park, hence the difficulty you may experience in finding an unsecured loan.

With your income you should be able to get a prime credit card with a 0% rate, transfer your 24.% balance across (which is currently costing you in the region of 200 pounds per month, and then save that over the next 12 months towards defraying the cost of your large loan.

Barclaycard, Egg, Virgin and Halifax all give reasonable opening credit card balances to customers with good credit ratings and high income.