Loan Help!!

gbartlett1980

Hey there! Have a problem, I need a consolidation loan of about 4000 but no lender will currently accept me! Has anyone got any ideas? My credit rating is patchy and I have gone through so many credit cards and just want to consolidate the debt now. If anyone has any suggestions it would be greatly appreciated

preable

It really depends on what your credit rating is like. Most lenders wont touch you if you defaulted before.

What about a loan from provadince

no_more_cards_for_me

Consolidation loans are a bad idea, most people who have taken one up end up borrowing again and getting into even worse trouble. As you finding out at the moment the appetite for lending on consolidation loans has evaporated recently as a result of the changes in the credit marketplace.

Are you struggling with the existing payments ? How many cards do you have and are you making payments in excess of the minimum payment.

Your best option is to list the cards you have and the debts and somebody far more eleoquent that I will be able to offer some advice.

Can you snowball some of the debt ? i.e pay off the highest debt first ?

Good luck

Jox

Hi,
How many credit cards do you have, how much do you owe and what are the interest rates of each card - once you've got a good idea of this (look at your statements) put the details in this website and work out when you can pay them off by:

google snowball debt and you'll find the website (what's the cost)

I've got 2 credit cards (just paid off the third one I had) and I wanted a loan to consolidate them or even a 0% credit card but have been refused.....maybe it's a blessing in disguise as I might have run that credit card up too if it was given to me.

This way I have to discipline myself to pay as much as I can every month and focus on August next year when I'm hoping to pay them off by.

Good luck, there's lots of support on this site.

gbartlett1980

I owe £4000 on 4 different cards, have really gone from card to card and have missed a couple of payments due to sending cheques in the post. With a couple of late payments my special rates have been increased and now paying quite high APR! Would like to have the 4000 in one account and set up a direct debit, but can't get a big enough credit limit!

gbartlett1980

I owe £4000 on 4 different cards, have really gone from card to card and have missed a couple of payments due to sending cheques in the post. With a couple of late payments my special rates have been increased and now paying quite high APR! Would like to have the 4000 in one account and set up a direct debit, but can't get a big enough credit limit!

Jox

What you could do is write down (or set up an excel spreadsheet) the details of each card you have, what is outstanding on each one, what the apr is and how much you pay off on each one so it is clearly laid out.
Which one has the lowest apr and can you do a balance transfer from the card with the highest apr to the card with the lowest?
Can you set up a direct debit from your bank account so you always pay a set amount to each card on time so you don't miss a payment and accrue charges?
Do you have payment protection insurance on any of the cards that you can claim back and/or cancel?
Have you looked at the snowball site and worked out when you can pay the cards off by?
I owe about £4k on my 2 cards and am trying to pay about £150 on each card each month so should pay them off by August next year which feels like forever but I'll get there eventually!