Need help desperately

nnekatroy

I'm a single mother with debts of £12854.82p.

The breakdown is as follows with the interest rates and limits in brackets

HSBC Overdraft 1730.65 @ 15.9%
HSBC credit card 4662.14 (6660.00 limit, 15.9%)
HSBC Flexi loan 2347.77(15.9%)
HSBC Personal loan 4114.26 (7.9%) - this also includes a PPP which I stupidly signed up for and now can't get out of

I don't want a consolidation loan as this is what seems to have escalated my problem in the first place and would like to move my debts over to a lower interest rate which I think I can cope with. Also, I might be able to claim some bank charges back which I could use to pay off some of my loan but I'm worried about the implications of that (i.e the bank may decide full payment of their loan and credit card and close my account).

My questions are:

•How do I move the debt successfully? I'm worried that credit checks will mean that I’m unable to move the debt to lower interest rate. My bank have agreed to give me a loan to cover all debts at a rate of 6.9% with 25% of the interest paid being refunded at the end of the last payment. Are there cheaper interest rates out there?

• How do I guarantee that if I apply for a credit card or current account with lower interest rates that I won’t be rejected and if I’m rejected what options do I have?

I'm really depressed about this and I can't see the woods for the trees- but I know that for my family's sake I have to find a way out of this - please help put me on the right track!!

Thank you so much in advance for all your help.

quantumleap

Hi there,

I suspect you might need to post a full SOA in order that those on here who know what they are talking about are able to give advice.

Mirtos

hi nnekatroy and welcome:wave: Thanks for giving us your breakdown, that's great. Like quantum says, if you could also post a breakdown of ALL your income and expenditure, so that we can see if we can save you money on anything that you can then use to reduce your debts. I know how horrible it feels when you first confront what a pickle you're in, but we've all done it here, so you'll find lots of help and sympathy when you need it! I found that almost as soon as I'd started posting on here, things started looking up and I felt sooo much better! Get your SOA up (use southern scousers sticky guide for first time posters at the top of the forum board as a guide if you need to) and the experts on here will get cracking. xxx

xx-Tina-xx

Hiya Neccatroy! Welcome on board! I'm new around here also but this place is an absolute wealth of information and idea sharing!!

About your HSBC loan with the PPI... Don't let them fob you off about being able to get out of it! If you go to the loans forum there is a really lengthy discussion about PPI... Check out what everyone else has had to say. Alot of people have had their PPI refunded reasonably easily whilst others have had a bit more difficulty. There is a link to a really excellent template letter regarding PPI that you can send to your bank. Its worth checking out!

Good Luck

littlestar1981

Hello!

Well done for posting, do get an SOA on here asap so the experts can really help you.

Have you tried requesting a reduction in your interest rate on your credit card? I was declined for 2 credit cards and then got really down when I got a letter informing me of an interest increase to 24.9%. So I rung up, pretended I could transfer the balance to my Tesco visa card at 14.9% (I can't, there's no room) and got the rate reduced to 13.9%.

Just a little thing that could help x

nnekatroy

Thank you all for your support and the tips. I've been viewing this site for months and haven't had the confidence to anlayse or face my spending habits. I've always thought that I was extremely careful as I don't drink, smoke or go out a lot.

Thanks for the tip about getting out of PPI's and will definitely investigate further.

Thanks for giving me the support I need to face my demons - SOA will be posted shortly.

kathfisch

Hello and welcome nnekatroy! :hello:

Well done for posting and asking for advice... thats the hard bit out of the way! Once you've posted your SOA we can have a look at the whole situation and see what can be done