My rate of lending is too high for loan

chipsandpeas

I've got 4 credit cards with a total of £20K.
I know that's heavy and I've been an idiot letting them get so high.
They are are cut up and now I want to pay them off.

I've applied for 3 loans today between £13-£17K and been rejected on all 3. I have no CCJs and my credit history has been good. I have never defaulted on any payment.

I've got £150K in capital on my house, but didn't want to touch it, with 9 years left on my mortgage, but now it seems I may have to try and borrow against it.

Unless anyone has any better ideas?? Please help, I'm getting really stressed with it all. Thanks.

globalds

Just pay off the credit cards first.

Probably not to wise lending even more of other peoples money.

Emmzi

it's not compulsory to have a loan to pay off cards.

google "snowball calculator" and get on with it

visit debt free wannabe board for how to make your spending less than your income.

malcolmffc

Anyone wondering why the credit crunh happened should read the OP. The possibility of actually paying off the money the OP owes has not even occurred to him - the only solution to too much debt is clearly to borrow more!

CLAPTON

we might be able to help a little better if maybe you total us
-your income
-the details of the debts .. amount, apr, monthly payments

Stuart_W

£20,000 in credit card debt at a typically rubbish 17.9% APR will take 43 years to pay off if you are making minimum repayments (based on greater of 1% of balance plus interest, or 2.25%, or £5)

If you are currently paying 1% of debt plus interest on each card, that must make your minimum payment pretty high as it is - about £500 ish each month based on 17.9% APR.

If you switch to paying £500 fixed payment every month, your debt should be gone within 5 years.

Do this by paying off the most expensive interest rate the most quickly.

http://www.moneysavingexpert.com/cards/minimum-repayments-credit-card

bobthedambuilder

OP, you haven't said whether you've tried applying to switch to 0% interest card(s). Then at least you'd only be paying off the debt, not the interest as well...

barbarawright

Judging from his other posts I think it's a bit more serious than a credit card bill, unfortunately

https://forums.moneysavingexpert.com/discussion/3732297