Advice on debt consolidation ?

Joe_4-2

Hello all,

I am looking to consolidate and pay lower interest on my debt.

I have just paid off my credit card (yeah!!!) so now I am left with :

-3400 at 14.9% on an HSBC personal loan
-1500 on my overdraft at also 14.9%

Ideally I would like to put the whole lot on a o% card, but was rejected for an Egg card. Now awaiting my credit report from Experian to try and understand why.

In any case, do you have any advice on how to consolidate this and reach a cheeper rate than what I am paying ?


thanks in advance
Joe-wannabe-free-from-debt !!!

burbs_2

definatly the best way to do it is to go for a 0% card, as long as you can pay it off during the 0% period or if not you are willing to transfer it onto another card after the peruiod. Only problem is that this can be a hassle if you have been turned down for a card.

i have egg cards and i really thought that they gave them to just about anyone so i cannot see why that is.

hope it sorts itself out

Joe_4-2

Thanks Burbs for your encouragement and advice.

If I cannot obtain a O% card, what would be the second best way to go about this. I doubt I can pay this off fast.

Thanks again

Joe

Malestrom

What about a life of balance card? Something like the Texaco card offers 3.9% until the balance is cleared, as long as you don't spend on the card. It depends if you can get a high enough credit limit to cover the other amounts. Also, if you've been rejected by Egg, you may have difficulty getting another card. Check those credit records and see what they say.

Joe_4-2

thanks Malestrom for the advice.

I finally got my credit report, and this is all that I can see that may be a pbl :
1) I am not on the electoral roll (I am not British, I do not vote)
2) I was late 1-2 months on nine occasions paying my Orange bill, and once more than 3 months. This is really annoying because that account was closed 2 years ago but the account is still marked C1 by Experian -- I don't get it

The phone account is the only credit history on the report. Very strange not to see any signs of my personal loan with HSBC, my credit card account or overdraft...

Am new to all this ! I don't really want to make another application for any card until I understand why I was turned down by Egg.

Any tipps ??

thanks a bunch !!!

Malestrom

Joe, you need to apply to both Experian and Equifax for your credit reports. You'll most likely find your existing credit is on the Equifax report (sods law!) and possibly some other adverse information.

Midas

Hi Joe

Just a note on the electoral roll - I think you can still be on it, even if you are not British. For example people from other EU countries are entitled to be on the electoral roll and vote in local and European elections, just not in British national elections. Irish citizens can vote in all our elections if resident here. Even if you are from outside the EU I think your name can still be recorded on the roll - this is just from memory, but when they send the survey form round it asks you to list all residents at the property and their country of origin - so your name and nationality would be on record, even though you wouldn't be able to vote.