Credit Card RE-Financing

jjme88

hi all i am trying to consolidate 30k of credit card debt. i am a home owner but its in negative equity... im currently paying the minimums on my cards (about £1000 per month) which just about covers the interest each month.. wher can i go to get a cheaper loan... i see good rates advertised but i never seem to meet the criteria... it seems crazy as im already paying the expensive credit card debt, yet my bank for examnple tells me i cant afford a cheaper loan that would actually cost me less a month than im already paying without a problem!

chalkie99

Simply put, you are not going to do it. Even if it was just the credit card debt but, according to your other posts, you owe £50k in total which way exceeds your income.

There is no way you will be able to borrow more. Do you have anything to show for the debt that you can sell?

jjme88

hi thanks for fast respnse.... im currently earnng about 4k a month spending £1000 a month on interst on my credit cards so to say i couldnt afford a loan of say £700 per month, that actually included paying of the debt is a tad nuts to me i dont want to borrow any more i just want to pay less for the debt and actually pay it off. my bank recognise that i am meeting all my comitments no problem.. but say i cant afford a cheaper loan according to there computer! it doesnt seem to register to them that I already paying more for the debt.. I guess its not in there interest to help me..

bengalknights

Have you tried speaking with the bank manager, they may have discretion to issue a loan albeit at a much higher rate.

Tixy

The problem any bank has is you might get a loan and just blow it on new things and not pay off the cards. Or you might pay off the cards and run them up again. So the risk to them is that you end up with twice as much debt. And they are going to rightly think you couldn't afford to service double the debt you have now.

Lots of people in the same position as you at the moment and cannot get a consolidation loan for this very reason.

Only option really is going to be to increase your payments and try to clear the cards quicker. Have you looked at the snowball calculator to work out how long its going to take to clear your debts and the best order to tackle them.