Haven't got Bad Credit, i have too much credit

moneymoron1

Hello everyone, my first post and i am looking for some help.

I'm basically in trouble with my finances,

The details are below....

The terms of my overdraft changed (cant complain about that) and my interest free on credit cards ran out, meaning i am paying interest on pretty much everything.

One of my overdrafts has £2 a day charge (Halifax) and because i was struggling with that i hit the £5 a day charges, crippling me with around £110 a month that i can't afford, add that on top of overdraft charges for my main account of about £150 a month i am paying an unaffordable amount in fees and charges each month.

My bills including minimum payments on the credit cards cover my monthly income before i even think about eating, i have done all i can to minimise my payments, the only thing remaining to cancel is sky.

With the interest and everything i am wanting to get a loan to consolidate all my debts, saving me money in interest and making everything much more manageable, i need a loan of anything up to £15k.

But no bank will lend me money as i have debt levels that are too high already, although i want the loan to consolidate, and i cant get any credit cards on 0% for the same reason.

I applied for three loans, at the same time with my three banks, all three declined, this moving my credit score from 961 (before applying) to 411 today.

Is there anything i can do to maybe get a loan to sort all this out? I get paid 28k a year, and really dont want to go into debt management as losing the house is not a possibility unfortunately, because i'd like to avoid never being able to get credit again.

Hope i can receive some advice

Kind Regards

Tixy

Hi

Can't see that you will be likely to find a loan anywhere based on the info you have given. Going into a DMP wouldn't mean you had to lose your house, or that you'd never be able to get credit again (just for the duration of the DMP). Have you spoken to one of the debt charities for some advice to consider a DMP?

The_Cappuccino_Kid

Why not pop over to the Debt Free Wannabee forum on the site and post an SOA. There are some clever people over there who can advise.

moneymoron1

Tixy wrote: »

Hi

Can't see that you will be likely to find a loan anywhere based on the info you have given. Going into a DMP wouldn't mean you had to lose your house, or that you'd never be able to get credit again (just for the duration of the DMP). Have you spoken to one of the debt charities for some advice to consider a DMP?

I havent spoken to anyone, because i am worried about future financing, i have a mortgage at the moment but in the future i would like to get a mortgage with my girlfriend who currently doesnt have one and if i ruin everything it may make things difficult between us.

moneymoron1

The_Cappuccino_Kid wrote: »

Why not pop over to the Debt Free Wannabee forum on the site and post an SOA. There are some clever people over there who can advise.

Will do that right away, thank you

katsu

moneymoron1 wrote: »

I havent spoken to anyone, because i am worried about future financing, i have a mortgage at the moment but in the future i would like to get a mortgage with my girlfriend who currently doesnt have one and if i ruin everything it may make things difficult between us.

If you are struggling to make ends meet and are getting lots of bank charges for exceeding your overdraft then it is likely to be a factor they take into account on a future mortgage. Get advice on DFW and you can work out how to tackle this and look forward to your future mortgage with your GF

Good luck.

stinky_docker

I think if you go to the bank and say their charges are putting you into spiralling debt they have an obligation to freeze things and start working on it, my sister go stung by the banks increasing her overdraft to £2500 without her asking when she was on income support (how they credit rated her this I'll never know) I threatened the banks as I blamed them for increasing her possible debt, and her ignorance of managing her bills, but she went into the red, and those charges mounted up....