Need some help

onemanandme

Hello all

I currently work full time and take home £1400 a month..
My outgoings are around £600 per month before my debts,

Currently i have:
HSBC Loan @ £241 pcm
Santander @ £178 pcm
HSBC credit card @ 2500 (£60 min pcm)
Barclaycard @ 3000 (£68 min pcm)
Vanquis card @ 500 (£20 min pcm)

Total: £567 pcm..

I want to pay all these off and make them one payment per month. At a lower monthly repayment.
I have never missed a payment on any of these and all are rated well.

BUT, always a but, i have applied for too quite a few low rate loans and 0% cards to try pay these off, and been turned down..

My partner left me 18 months ago and i went out of control, i spent loads of money and they kept lending..

I have applied to hsbc for a loan to cover these but they turned me down.

Does anyone have any suggestions on what i should try next?

[Deleted User]

with that amount of debt on that income you simply wont get another cc or loan from anybody...sorry

Paul_the_Painter

This month pay off half of the vanquis card, then the other half next month.

Keep it for dire emergencies only, don't leave the card in your wallet,

That's one out of the way.

What are the amounts outstanding on the HSBC and Santander loan? If you get near/at the end they would be more likely to give you another loan.

You've got about £250 "spare" a month to put towards your debt. (I am assuming that the min payments just about cover the interest) so on that basis the HSBC card could be gone along with the Vanquis one by this time next year!

Do check your interest rates and pay off the higher ones first though, but I'd start with at least one credit card, as once you do they may well offer you a 0% BT deal, so you can for instance move the Barclaycard debt to the HSBC card on a 0% deal. In which case keeping your payments the same would mean the Barclaycard debt (now on a 0% deal hopefully!) will only take 8 months to go.

You've then just got the 2 loans, but you'll be nearly 2 years closer to the end date, and can look at overpayments on the loans at that point.

Good Luck!