Loan Help Needed

carlm1984

Hello All,

In the last week i've tried to get a loan with barclays and tesco's who i both have loans with already. What i was trying to do was consolidate my loans and credit cards which works out at 5k and then this way make it easier for me all to pay off.
Both have declined my application, so was wondering if anyone knew anyone who I might be able to go with and also hopefully not pay huge amount of APR to pay it off. I just want my debt all consolidated so that it makes it easier for me to know exactly what is coming out of my account.

If I could get any help with how i might be able to do this, id be very very grateful

Cheers

Tixy

If you have approached 2 lenders that you already have a relationship with and both have turned you down I would say you have little chance to getting a loan from anyone else.

Do you know why they turned you down? As you are looking for a consolidation loan then it may be your debt to income ratio and/or your credit to income ratio.

carlm1984

I cannot remember exactly what barclays said, but tescos said i fall just below there credit score criteria (im guessing thats because ive had a couple of missed payment with other companies in the last couple of months.

i just really need to get some money in so i cant afford to find somewhere to live when my dad moves away

Raggs_2

With very current missed payments you aren't going to be able to get a good APR from anywhere I shouldn't think.

Tixy

You say you want to know how much you will be paying out of your account, you should easily be able to work this out regardless of whether you have one consolidated debt or a number of smaller debts.

Rather than look at consolidation (which it sounds like is not an option) I would suggest instead you write up a statement of affairs (this is a good calculator - http://www.makesenseofcards.com/soacalc.html) to see how much you can afford to pay off your debts or how much you will have spare if your housing costs are going to change.

If you post the results on the debt free wannabe board you may find people on their will have suggestions as to how you can reduce outgoings or move around your debt within your existing credit agreements to make things easier. If you still cannot meet your monthly payments you may be better talking to a debt advice charity about other options available to you - such as a DMP.