Can anyone advise? feel in a mess...

Ali.Rosen

Hi. I hope someone can give me some advice. This website was recommended to me by someone from an aviation forum and it seems really good. i've been searching everywhere on how to get advice

My finances basically, I have 2 loans each is for £6,000 I pay around £300 a month on both of them. One is with EGG which the APR is around 8% and the other is CAHOOT which is 15%. I also have a CAHOOT current account (not my Main one though) which is -£500.

I work as cabin crew and my airline has recently had a merge with another. This has resulted in a big drop in pay for me as I've had to change fleets of aircraft and i'm down by around £500 per month.

At the moment I'm living in my Halifax overdraft which is £1,000 and im close to using all of that at the end of the month.

I've been looking into new jobs well different airlines to get my pay back up, basically i'll have to move to London for a couple of months for training and I honestly dont feel that I can afford to do that at the moment.

I really want to get everything in order, seeing as though i'm 25 now and will want my own place one day (still with parents and they know nothing about loans, and no chance i could tell them).

So i figured the best thing to do is get a top up from cahoot to £12,500 as this would cover all the above and have a monthly payment of £200 then I'd increase payments as and when i could. But this top up was refused. For some reason I had abit of a panic and applied for quite a few more loans (probably with about 5 or 6 off hand northern rock, Smile, liverpool victoria, moneyback bank) Not knowing this would affect my credit score. Now it seems I can't get a loan with anyone.

I really dont know what to do, do I carry on as I am then apply again in so long although i think if i do this the new job will have to go on hold. I'm starting to see how debt can get to people as its on my mind from when I first wake up until when I go to sleep.

Any advice would be very much appreciated.

lynzpower

Can i be brutal- its meant with the very best of intentions

So i figured the best thing to do is get a top up from cahoot to £12,500 as this would cover all the above and have a monthly payment of £200 then I'd increase payments as and when i could. But this top up was refused. For some reason I had abit of a panic and applied for quite a few more loans (probably with about 5 or 6 off hand northern rock, Smile, liverpool victoria, moneyback bank) Not knowing this would affect my credit score. Now it seems I can't get a loan with anyone.

The best thing to do is to stop applying for loans and debt, as a) you have over applied and b) you have probably borrowed too muych for your income.

I suggest you come over to the debt free wannabee board and we can look at how to get you out of this hole. Getting into more debt is not going to help, so in the nicest possible way, be grateful they turned you down.

You can ask a board guide to move it over ( by clicking on the names at the bottrom of the forum) or you can simply copy what youve written here & starting a new thread over on debt free wannabee.

Welcome to MSE
Lynz
x

Tom_Saunders

would anyone think the best thing to do is get a 15% loan ?

Apply for an M%S 3.9% lob credit card and also an MBNA 0% for 12 months one.

If you get accepted then you can pay just £5 per month on the MBNA one and the m&s one will be either 2.5% or 3% of the balance each month, far better than 15%!

Best of luck.

Ali.Rosen

im confused Tom. sorry I really dont understand what you mean by getting a credit card.

Tom_Saunders

Ali,

i'm confused that I have confused you......

Which part don't you understand ?

You are clearly struggling to make you payments, apply to mbna for a CC, use this to pay of your loan or part of it. Then just pay back £5 per month interest free for 12 months whilst you get yourself back on your feet.

Hope this helps.

Ali.Rosen

Ahh, i see what you mean -sorry think my head was just battered yesterday reading and reading on this website!!

I've appealed against the loan decision with egg and they are going to go call me tomorrow to go through my finances.

Not sure if this will just be a waste of time. I can't see why they wouldnt help me though if I'm paying the loan off from Cahoot with no missed payments. think ive really messed up my credit scoring though and I dont know how to sort that out, well whether there is anything I can do to help it.

Thanks again for that idea, its much appreciated.