Trying to consolidate

sweetstyle_2

Hi.

Sorry for the copy & paste but I have just started a thread on another section and was advised to hop over and ask here.

"I have recently had my first baby and have had the pleasure of having 5 months full pay maternity leave, now that I am due to return to work I am concerned as I will be going back part time & have a salary drop as well as the added new cost of child care.

With this in mind I have been looking around to get an unsecured personal loan to consolodate my existing finances in order to live more comfortably when this all kicks in.

I have in the past had defaults (when I was 19 I got myself into a pickle) but now I am default free. My experian report states I have a good credit score (1 point off excellent in fact!!!) and everything looks hunky dorey!

Currently I am paying approx £500 a month on my car, credit card, a previous loan and over draft. I am looking at getting £12k over 7 years... I know its probably not the best thing to do but I dont want to be searching for every last penny at the end of the month.

So, I have applied with Tesco's through a comparison site who have turned me down, and then I applied through Co-Op via the experian "match my credit" service who again.... turned me down. I decided to write to the co-op to ask why they turned me down, I explained in my letter about my current debts and how much I am re-paying, and that I wish to consolidate this to one easier sum. The response I have received is - and I quote "As responsible lenders the Bank has to ensure we dont over commit ny customers and on review of your request I cant see the ability for you to afford this loan"

WHY NOT??? As I said - I am currently paying out £500 odd.... wanting to bring this down to £200..... How are you to consolidate if they wont lend.

So MSE people.... I ask for your help.... I have 1 more credit search until I have to wait another 6 months.... where do I go from here? "

Please help!

CLAPTON

how much are your current debts
what is your current income

Raggs_2

Unfortunately there's no way for them to guarantee you will use the money to consolidate. Even more importantly, even if you do consolidate, there's still then nothing to guarantee you won't rack up the debt on the credit card again.

sweetstyle_2

CLAPTON wrote: »

how much are your current debts
what is your current income

My debts amount to 12K. I am currently on a salary of 24K, take home 1,400pm

CLAPTON

a potential lender will see you as having £12k plus £12k i.e. 24k of debt on a salary of 24k which is 100% of your salary

even though you intend to consolidate the debts there is no guarentee that you will.

it is very unlikely that anyone will lend this to you

maybe if you list each debt, amount, apr, monthly payment and try to transfer the 'worst ' debts to better rates or lower repayments on a piecemeal basis you may have more success.