Advice on consolidation please

crish72

or on which way to go..
I earn 33k but have CC debt totalling 22K, they're nearly all at their limits and i hardly use them anymore as a) i darent and b) i dont really want to..
I've been silly with money in the past hence the high debt but i can and have always afforded the re-payments despite them totalling around £700/month now.
I'm recently seperated from my wife and with no problams took out a new mortgage by myself for the house we owned.(100k mortgage).
I need to cut down my monthly payments but cannot get a loan(recently applied for tesco loan) and historically CC companies have declined me when i've tried to switch to a lower rate.
I'm at a loss what to do as annoyingly the loan would have cost £350/month and my CC's are £700/month but i was declined..
My Credit score is fine and i've never missed any payments on anything.
Any suggestions are welcome..
Thanks
Chris

talana

I earn 33k but have CC debt totalling 22K

Existing debt as a percentage of your income is certainly at least part of the problem. As soon as it hits 50% people start to get regularly refused and you're at 66% as it is. As you've found out, you're being rejected.

Post up a full SOA following the link at the top of this board and people may be able to suggest alternatives, eg shuffling the debt around, paying it off more efficently etc

maginot

Unfortunately your debt to salary ratio is too high. Most lenders like to keep their risk low during the current climate and therefore 50% of salary is the norm.

You already have above this and although you state you want to consolidate they cannot enforce this e.g. Get 22k loan rack up another 22k on credit cards (that's even if you pay off the credit cards).

The advice I would recommend is to try desperately to increase your monthly payment. You state that 700 is manageable, could you try to find an extra £100 if you cut back. Snowball your debts and you will see the debts eventually reducing, paying the minimum will take decades to pay off