Lost FOS complaint so will now struggle to repay everything

AdviceSought

Found out that I lost my complaint to the FOS regarding NatWest's charges and their handling of my bank account and the default notice they applied against me.

This now means I will need to be paying out an extra £170 per month to repay the amount I owe to NatWest (all but £500 of it was in bank charges they hit me for after I informed them of my problems).

This has came at a time when I was finally started to see light at the end of the tunnel regarding solving the problems that were built up during a 6 month period of unemployment.

The only way I can think of that would help me would be to get a loan for around 6k to clear all of my current debts and then repay it over 2 years, I can afford up to £400 per month for this (which is less than my repayments will be each month when I need to start repaying Natwest).

I contacted a couple of banks to see if they could help, including my own bank and I have been knocked back by both.

This has been a real blow to me as I know I can afford the repayments on terms that would give them a good return but this default applied by NatWest seems to be killing me and I now have no idea what to do next.

Any advice?

RAS

Hi

Do not take out a loan as that does not clear you debts, it just moves it round and you are likely to pay a massive APR anyway.

Firstly, is there owt that you no longer use and can sell to pay some of this off?

Secondly, post an SOA on here and lets see if there is anything that ywe can spot that you can to to improve your situation.

Thirdly have a look at the £10 challenges, clicks, surveys and etc, on Eagerlearner's thread.

AdviceSought

Unfortunately I don't have anything that I can sell as I did most of that while I was unemployed as I got no understanding or support from NatWest or other creditors.

The reason I was looking for a loan is so that I can immediately pay off all of my creditors and cancel the accounts which remain open.

Even with a high APR I could more easily afford this than what is the current situation, I've went through everything about 3 times recently and I cannot cut back any further to increase repayments.

Things are being managed ok just now, it is once I get this additional repayments added that I am going to have the problem.

With a loan I could pay everything off within 2 years (probably quicker than I'd manage than the way things are currently going). I have no intention of applying for any further credit until I am properly back on my feet and I look to get a place of my own which would hopefully be within 2 years, although no doubt this default Natwest hit me with while they were ignorning my repeated letters will prevent that too.

Brock_and_Roll

Forget about the loan - with your default & employment history you are highly unlikely to be able to get one from any reputable lender (as you are already discovering).

The only people who might lend the money are the sharks and your problems would end up a lot worse than at present.

I know it is far from easy but bust way out is to up every single penny of income/revenue no matter how - whether it is Aldi beans or a shift in a pub.

Either that or you give in to insolvency etc, but suitability depends on your job, assets and other circumstances.