need advice about a new loan

pop91

I think I start to realise the whole idea of "let's get a loan to consolidate" is a myth
is anyone ever successful at getting a loan to match their debt? and to think I don't even consider myself to be "in debt"...

Tixy

pop91 wrote: »

I think I start to realise the whole idea of "let's get a loan to consolidate" is a myth
is anyone ever successful at getting a loan to match their debt?

Yes, some people do, but usually when their debt to income ratio is less than 25% (so that even on applying for consolidation loans they would still not end up with debt of more than 50% of their income). Even then the rates are often nowhere near as cheap as they expected, and so not always a huge saving on what they were paying anyway.

That said you situation is common on these forums.

pop91 wrote: »

and to think I don't even consider myself to be "in debt"...

Owing nearly 50% of your income is definitely "in debt" - I suspect this is part of the reason your debt is not going down.If you don't think of youreslf as being in debt and struggling then there is less incentive to stick to a strict budget.

pop91

Tixy wrote: »

Owing nearly 50% of your income is definitely "in debt" - I suspect this is part of the reason your debt is not going down.If you don't think of youreslf as being in debt and struggling then there is less incentive to stick to a strict budget.

what I meant was, I don't think of myself as being heavily in debt when compared to friends on colleagues who are on £20-£25k salaries and have 5-6 credit cards all maxed up to £5k-£6k and the banks keep increasing their credit limits... that's not going to lead anywwhere but my debt is manageable it's just I wanted to see if I can get rid of the ongoing interest charges.

Anyway, as I said before it seems the only way to qualify for a loan is to show you don't need it ! :rotfl:

Apples2

pop91 wrote: »

when compared to friends on colleagues who are on £20-£25k salaries and have 5-6 credit cards all maxed up to £5k-£6k

That's why the banks aren't so keen to lend.

If you had a loan and cleared the cards, there is nothing to stop you running up the same debts on the cards again (I'm sure your colleagues would find the same).

There is a reason you have spent somuch more than you have earned, this is the root cause and must be addressed.