Why am I not being allowed to consolidate my debts?

camuk81

unfortunately credit score mean nothing the banks have their own internal ways of viewing it!

From looking at the original SOA you have a lot of debt with them and are using your overdraft a lot as well.

Try having a look at

http://www.abcul.org/credit-unions

They may recommend a credit union nearby that may help you out though it will be a long process to get it all done and sorted.

Superbiatch

sirwilliam wrote: »

In a way, yes... but the problem is coming up with the £1,200 to cover that cost!

Anything you've purchased which you could sell?

meer53

There is no quick fix for Sir William really. Certainly not a consolidation loan as i can't see any lender agreeing to such a high amount. Credit scores have no relevance in this situation, one look at Sir Williams credit file will give any lender a good idea of what type of risk he is.

I'm not saying he is a bad person, just that he's not been too good with money, not everyone is ! You never know, if he has a good relationship with the bank manager they might try to help him out, but if i was looking at helping him, i would be recommending a DMP. Maybe if he can get evidence of his new position at work that might help ? Depends on how long it will be before this new money comes through and how secure his job is.

william2074

meer53 wrote: »

There is no quick fix for Sir William really. Certainly not a consolidation loan as i can't see any lender agreeing to such a high amount. Credit scores have no relevance in this situation, one look at Sir Williams credit file will give any lender a good idea of what type of risk he is.

I'm not saying he is a bad person, just that he's not been too good with money, not everyone is ! You never know, if he has a good relationship with the bank manager they might try to help him out, but if i was looking at helping him, i would be recommending a DMP. Maybe if he can get evidence of his new position at work that might help ? Depends on how long it will be before this new money comes through and how secure his job is.

I'll be taking my proof along to the meeting tomorrow... Whilst I appreciate that everyone can say that their job is safe, mine is as close as you can get to ironclad. My employers have told me that they would do anything to keep me with them since I have had several offers to go elsewhere from competitors in the last 12 months. The company is experiencing incredible growth, making investment at a time when others are not. I've been told that I'm a 'lynchpin' within the company and my position is in no way 'at risk'.

william2074

Superbiatch wrote: »

Anything you've purchased which you could sell?

I've sold a few items on eBay recently and racked up about £120 or so, but that's been spent on paying the PDL monthly rollover payments...

rising_from_the_ashes

sirwilliam wrote: »

I'm worryingly ignorant about this... so if a PDL company didn't agree with a repayment structure through a DMP, I would default by not paying them the previously agreed amount? Or even if a PDL company agreed with a DMP repayment plan, I would still default as the sum isn't what was agreed in the initial credit agreement?

Kind of ...... for any form of credit (PDL or not), if you fail to keep to the orininal agreement / enter a repayment plan / DMP etc, then it's highly likely you'll be issued with a default.

ETA: however, if you fall behind on payments - you're likely to be issued with one anyway .......

camuk81

Good to hear you are in a sound position. One step and see how it goes. See what the bank manager says! As horrible as it sounds my loan kicking into play has giving me a months extra money so there is that to be aware of before you head in there.

Good luck and I expect and answer as I'll be worrying all day about how you get on

william2074

Anyone think a better approach would be for me to ask for let's say £3,000 to consolidate the PDLs, then most of the borrowing would be with Natwest?

Might they then consider bundling up the borrowing I have with them into one sum at a lower repayment rate? Hopefully then they can be more sure that I AM paying off the debts, not just adding to them...?

william2074

camuk81 wrote: »

Good to hear you are in a sound position. One step and see how it goes. See what the bank manager says! As horrible as it sounds my loan kicking into play has giving me a months extra money so there is that to be aware of before you head in there.

Good luck and I expect and answer as I'll be worrying all day about how you get on

Thank you - I'll let you know what he says tomorrow...

rising_from_the_ashes

I'm sorry but I just can't see them letting you have more money ...... and it'll even more unlikely if it's not going to satisfy all your debts.