Best solution to credit card debt = Tesco loan? Any advice?

jaynes2326

I just wondered how the Housing Association can block you re-mortgaging? Do you know the exact reason? It is quite an unusual clause to be in a shared ownership lease.

BAILEYS6904

I see you have got your attitude problem back again

People here are not trying to have a go or ignore your question. The sooner you see they are trying to help, and talk to them as such, the sooner you may be able to find the answer, but probably not the one you are looking for.

It is doubtful you will get a high street loan for the amount required. If you dont believe folk, do your own thing and apply. You may hit a decision maker whilst full of Christmas cheer, who knows. All people here can do here is advise you of the likelihood and try and come up with Plan b's, c's and d's.

No one here thinks 30% interest is fair and acceptable. But try complaining to the people caught up in pay day loan cycles with 2000+% apr. They have had to take this route becuase BANKS ARENT LENDING MONEY LIKE THEY USED TO. Its nothing personal. Its the climate. There was a chap on here earning a hell of a lot more than you do that got caught up in payday loans etc. He didnt think it was personal, he got on with trying to sort the mess out.

If you dont like the advice on here, or are willing to give more details where asked (I'm not the only one suggesting an SOA, have no idea why you arent willing to actually try and post one, even just so you can have a clear look at it), then no one is forcing you to keep posting. You're frustrating a lot of people that are using their spare time (of which we all have too little) by being rude and not listening to a word that they say.

You have obviously got it in your head a loan is the way to go, and are closing your mind to anything else. Fine. Apply. Prove us wrong. If you get refused, you may come back a little more humble, polite and open to what people are trying to advise

mel12

. If you've got £10 and paying it to A kills £3 pounds of debt surely it's better than paying it to Branson and paying off 0.03p worth of debt? Isn't that sort of stuff what this site's about?

This snowball calculator http://www.whatsthecost.com/snowball.aspx might be worth looking at - it calculates how much you should pay to each debt to get rid of them quickest.

What in the world is a DMP? And if it involves losing my home I'd rather just sell up and emigrate. I have about 150K of capitol, I just can't get it without selling my home because I'm shared ownership.

A DMP (debt management plan) involves you making one monthly payment at a rate you can afford, which is then distributed among your different debts. Many (but not all) creditors will freeze or reduce interest if you're doing this. However, it usually means you're not paying off the minimum amount, and will trash your credit rating. You can only include unsecured debts and it won't usually affect your home. Go with a free provider like CCCS if you decide to take this option (commercial companies charge and it will take longer to pay off your debts).

CCCS have an online debt remedy program which may be worth trying for suggestions: https://debtremedy.cccs.co.uk/start.aspx

anyusernameleft

Thank you MEL12 for that. I don't think I'll do the DMP thing. I'll check out the calculator and hope to God the Barcleycard comes through.
Cheers

anyusernameleft

Well you were all right! Barclaycard haven't had the grace to actually write to me and explain what the problem is but after about six weeks of not hearing anything I rang them, and while they still couldn't tell me what the problem was, they did tell me they had declined the card application.

Nationwide however, were absolutely lovely and on my explaining the whole thing have given me a five year fixed interest loan, at rather less than half the rate Richard Branson is so proud of, and now I can start making a dent in the capital and stop just running like the Red Queen to stay in the same place.

Hurrah for the mutuals!!!!

And boo for all the people who told me I'd just have to eat beans for twenty years to pay Richard Bransons 30%!!!

fozmcfc

Well done on getting the lower % loan, but make sure you don't fall into the trap many of us have with consolidation loans and ended up running up original debts and then having the original debt and the consolidation loan to pay.

anyusernameleft

fozmcfc wrote: »

Well done on getting the lower % loan, but make sure you don't fall into the trap many of us have with consolidation loans and ended up running up original debts and then having the original debt and the consolidation loan to pay.

Not sure what you're talking about. The Nationwide loan is to get rid of Richard Branson, that's it's ONLY purpose. I wouldn't even have had a bad attack of Richard Branson if my business hadn't been trashed by the w!!!!!!s.
Have you SEEN "Inside Job" WELL worth watching!!!

Edit Sorry about all the exclamation marks. It appears I can't use a popular cockney rhyming slang term for Bankers on this forum.

Mags_cat

anyusernameleft wrote: »

Not sure what you're talking about.

I think you'll find what they were referring to was the possibility of running up further credit on any cards you have managed to transfer balances from.

Not that *you* would, of course!

It's just that we've heard so very many tales of woe from people who have got credit beyond their means + more credit to mop up the deficit + a loan to consolidate the now bad credit = Oh great, now I have free credit on those card/s I just cleared....

You can see where *that's* going, huh?

You look like you got a good deal on managing down your interest. Just make sure that the above scenario never happens to you.

anyusernameleft

Mags_cat wrote: »

I think you'll find what they were referring to was the possibility of running up further credit on any cards you have managed to transfer balances from.

Not that *you* would, of course!

It's just that we've heard so very many tales of woe from people who have got credit beyond their means + more credit to mop up the deficit + a loan to consolidate the now bad credit = Oh great, now I have free credit on those card/s I just cleared....

You can see where *that's* going, huh?

You look like you got a good deal on managing down your interest. Just make sure that the above scenario never happens to you.

My business got destroyed in the credit crunch. I ran up debt while I was unemployed and looking for a job. I now have a job and if I wasn't paying very high interest rates I'd have made a far bigger dent in my debt than I have. Even so I've still got it down a fair bit.

If I lose my job and need credit cards to survive again then yes I will run up more debit. Eventually if I can't find any more work and the debit gets too great I will sell up pay it off and leave the country.

I'm getting fed up with the whole thing. It's fine for you to be smug mate but most of us know life is never that easy. Particularly now with our stupider even than usual politicians. You can lose your job, you can get ill. Stuff happens.

redpete

anyusernameleft wrote: »

It's fine for you to be smug mate but most of us know life is never that easy.

I can't see what's smug in the post that answers the question you asked and points out that there are plenty of example in these boards where people have consolidated loans or CC debt but not made the changes required to avoid getting into more trouble later.