Loan Advice Needed

confusedvictoria

Hello,

I am in need of some financial advice.

I have a £2,100 overdraft, £2,800 on a Barclaycard, £750 on another credit card and £350 on a store card.

I want to consolidate this and pay them off and pay back one monthly payment.

I've applied for a loan through tesco (declined), sainsbury's (declined). I went into my branch and the interest rates are ridiculous- they offered me 27% so I'd in fact be paying £9,000 overall. I've sent off for an experien report and I come up as Fair which they say is good. I have never missed a payment and have a good monthly salary.

Please help..

Apples2

You're living in your overdraft.

that sends a big message that you cannot budget or control your finances so you are a high risk.
Nobody can force you to pay off your balances with a new loan, you may swanny off on holiday with it which will leave you even further in the brown stuff.

Pop into the Debt Free Wannabe board and look at way of controlling your outgoings.
Getting more loans is not a way out of debt.

Often puzzles me why people consider one big loan to be a good thing "one convenient monthly repayment" and all that jazz.

CLAPTON

what do your credit reports actually say?
how much do you earn
how long have you been emplyed there
are you on the electoral roll
how long have you lived there
how many credit applications have you made in the last 6 and 12 months
what APRs are you paying on your current debts

drbesty

Borrowing your way out of debt is never the best solution, you need to start to live within your means

BugsyBrowne

confusedvictoria wrote: »

Hello,

I am in need of some financial advice.

I have a £2,100 overdraft, £2,800 on a Barclaycard, £750 on another credit card and £350 on a store card.

I want to consolidate this and pay them off and pay back one monthly payment.

I've applied for a loan through tesco (declined), sainsbury's (declined). I went into my branch and the interest rates are ridiculous- they offered me 27% so I'd in fact be paying £9,000 overall. I've sent off for an experien report and I come up as Fair which they say is good. I have never missed a payment and have a good monthly salary.

Please help..

I suggest you smash into your highest balance first either the OD or your BC and try pay as much as you can to reduce these.

Apples2

I would guess the Store Card would be the highest APR followed by the O/D as it carries risk (it can be withdrawn with little notice).