Do you think I will be able to get a consolodation loan?

dhassen

A personal one that is, as I'm not a homeowner.

I've got:
£8000 flexible cahoot loan (apr 14.9%, payment £160)
£1500 virgin credit card (apr just gone up to 29.9%!!! payments £50)
£1500 abbey credit card (0% at the mo, till May, payment £5)
£1000 RBS credit card (18.9% apr, payments £22)
£1000 lloyds tsb card - actually girlfriends but same difference (16.9%)

Do you think I'd be able to get a loan to pay off this lot? If so who would be a good bet? I think it's the only realistic way of me paying it all off without getting into serious trouble.

I recently kept getting declined credit when applying for credit cards on which to transfer my virgin balance.

Thanks for any info / input

Dave

xgingerx

Hi depends on lots of reasons, such as your salary, existing outgoings, your credit report showing no adverse credit and prefreably no late payments, being on the electoral role for ideally 3 years or more at your current address.

Like I said lots of different factors can affect if you get a loan

ps: check out the threads about Virign Aprs (Cheeky Virgin etc) you might be able to get them to reduce this to something sensible.

Also read up on the art of snowballing your debts rather than taking out a loan as it can be a cheaper way to clear your debts, Im trying that first.

Good luck !!

tom188

I recently kept getting declined credit when applying for credit cards on which to transfer my virgin balance.

If youve made lots of applications recently this will have been severely detrimental to your credit record. I suggest you do not apply for any more credit for at least six-nine months to give your record a chance to recover.

dhassen

thanks ginger and tom for your replies. I'm going to look into complaining to virgin etc. Also, I'll have to wait a while then till I think about applying for a covering loan. Maybe I'll have paid some of the debt of in the meantime (hopefully!) cheers

dave