Help required

Angel1976_2

I have a loan with my bank and until this month, they offered me the option to increase the amount. In November, they have removed that option. I wanted to add my credit card to the loan of £1k for 12 months. It would save me £50 a month to do this. My credit rating is GOOD (checked with credit Agencies) but I have had 1 loan refused by another bank due to Bankruptcy over 4 years ago, Can you offer any advice on how I can consolidate the money, in total it is £2740 due to buying a car last year??

Apples2

Just four years after bankruptcy you have managed to bury yourself in loans and credit card debts so great, you are struggling??

Chop the Credit card up TODAY, from the brief info you have supplied, any consolidation loan is just going to free up all that lovely wonga on the credit card.

Obtaining more debt is most definitely not the way out.

Angel1976_2

Its not that I am buried in debt, when you go Bankrupt you give up everything including all of your belongings. I purchased a car and have yes had to use some credit because all your savings and everything that you could have sold has already been taken from you and you dont know me and the circumstances that surrounded the Bankruptcy so please stop the judgement!! I do not intend to be back in the situation I was in and all I was doing was getting advice on my options to pay it off within 12 months ... why is that so bad?? ... although your advice was not HELPFUL and very opinionated thank you for taking the time to comment. Obviously you have ever needed any help ?????

MFWannabe

Hi Angel
I would say if your own bank has taken away the offer and you have also had a loan refused then it will be unlikely that you are going to get a loan to consolidate debts.
Your best bet would be to post an soa on the debt free wannabe board and people here will give you advice where you can make some cutbacks to pay these debts off asap.
Use the soa on www.makesenseofcards.com as this will list all income and expenditure and lists debts and APR's

Angel1976_2

Thank you for your help there, it is appreciated and I have plans in place to sort this out. My loan finishes in August 2011 and I have started paying off the credit card which has been cut up. Family have been fantastic in helping me sort out the car problems (luckily). I wanted advice on whether I could have consolidated the bit of debt I had not increase my debt as the first person was suggesting but at the moment it doesnt look like that was possible. Thank You again for the information, it was really helpful :T.

LauraLeah91104

with you originally wanting to consider consolidation, are you struggling to pay the current debts you have or do u just wanna free up cash each month?
im not passing judgement, so please dont think that i am, but all that messing about getting an extra loan all for saving £50 a month?
If it was a few hundred quid, then that might be more like it.
I personally got a consolidation loan (secured on our home) 3 years ago, it was the worst thing we ever did.
We borrowed £10k, we had credit cards etc we paying out £300 per month on these separetly, but we got the loan and are now paying out £150 per month, but our loan is over (in total) 120 months. 150 x 120 =£18000.
So my credit cards which in total were less that £5k, and my hubbys overdraft which was £500 will in 2017 have cost us over £8000 more than what they probably would have done if we had just struggled on.
A consolidation loan may save you money on a month to month basis, but will cost you a fortune in the long run.
If you are struggling, i would reccommend contacting CCCS, they wont patronise you like the first person did in their comment, no matter how small or large the situation is, or even if you want some honest advise from people who wont try and sell you a product or service.
I really hope you get sorted soon.
Laura