would really appreciate 2 minutes of your time folks....

antpugh

i just got rejected for a loan by Northern Rock - I'm gutted coz I really think that this loan could sort me out.

Anyone got any advice?

I have 4 credit cards and 2 overdrafts that are getting on top of me - silly thing is I am earning half decent money now and therefore I am confident that this loan would really help my manage my debt - am sick to death of paying a little bit here and there and note having a clue where my cash is going!

Any help anyone??? Should I try for another loan somewhere else? Or try for less cash? Or try my bank for a loan?

Any assistance would be massively appreciated...

regularsaver1

are you clearing all the cards and overdrafts? - are they all up to date \(I meant)

Whats your disposable income like after paying all commitments?

are you on the electoral roll?

antpugh

thanks for taking the time to reply...

my plan is to clear all credit cards and overdrafts yes - so that I just have one monthly payment that I know that I can afford and that I know will be finished within 3 years (if I keep up payments which i am confident I can do!)

My disposable income after paying all commitments - if you mean after paying rent and bills its about £1000, £700 of this I have earmarked for paying in a monthly installment. At the moment I am spending over £500 in minimum payments, overdraft interest etc etc.

And no I am not on the electoral roll (as far as I know) - is this easy to do and will it make a lot of difference?

Have just sent away for my credit score from Equifax - any more suggestions?

Thanks for taking the time to reply, I'm very grateful.

Ant

kuohu

I would suggest posting on the Debt Free Wannabe board instead. The folks there will get you to post a full statement of affairs and analyse your spending to find ways of cutting back. I've been a regular reader of that subforum all this year and it has really helped me make inroads into my debt.

tomstickland

I am confident that this loan would really help my manage my debt - am sick to death of paying a little bit here and there and note having a clue where my cash is going!

You might have done yourself a favour actually; DFW board is very helpful and they don't view consolidation loans as being necessary every time.

They will also encourage you to know where every bit of money goes. It's efficiency management that makes a massive difference.

You can check your credit files for free - see the MSE main site for details.

Sparky29

Try phoning your credit cards and tell them that you are struggling to make the payments. Ask them for a lower rate as you may have to apply for another card with a lower rate. Fake a bit of loyalty to the card, that you are happy and don't really want to move to another but.....

Worked for my mate. Lowered his rate stright away. Then apply for a 0% interest card (he just got one for 9 months - check out credit card forum) and transfer your highest interest CC debts to it.

A bit of short term pain may work out cheaper than being tied into a long loan.

Reference you being on the electoral register, I move around every few years with my job. This can make getting credit difficult. I keep my proxy vote registered at my mums. I got turned down for a B and Q trade account because I didn't give my mums address. It won't do your credit rating any harm by registering.

This will point you in the right direction
http://www.electoralcommission.org.uk/your-vote/access.cfm

antpugh

thanks for all the advice guys.. will have a go at posting on the other forum..

I have been moving from 0% credit card to others for ages now, and never seem to pay anything off, and am running out of 0% credit cards!!