Borrowing advice needed

Predazord

Ho guys,
I am in a predicament and could use some advice but dont know where to go....

I currently have a decent credit score, but everytime I have applied for consolidation loans or credit cards for 0% ballance transfers i get turned down.
I am desperately over stretched and I assume this is why they are refusing my applications.
It is not the amount that I owe exactly that is the over stretched part, but the monthly outgoing VS my basic sallary.

I am verging on heading down the road of a debt management scheme, though this seems stupid given that my credit score is pretty good (through Experia). But Commission is thin on the ground at the moment and I cant stay this stretched (robbing Peter to pay Paul type of thing) for much longer.

Are there any lenders out there that will look at the bigger picture and actually try to help?
Halifax (my bank) tell me that they wont help because I live in my over draft...well I wouldnt if I could consolidate it!! Or even reshudule the loan I have with them to bring the payment down!

I am desperate for some help / advice if thats humanly possible?

Apples2

Shows the real value of a great credit score doesn't it?

Lenders do not look at it, the score is only to make you feel good.

It seems unlikely, from what you have posted, that any lender would take you on due to your current commitments.
The only viable option at the moment is to reign in your spending.
It take real commitment but I'm sure it can be done.

Pop into the DFW board and post an SOA. Safety in numbers and all that, there are many people in a much worse position digging their way out and can lend some great advice.

http://forums.moneysavingexpert.com/forumdisplay.php?f=76

iolanthe07

I am desperately over stretched

Then, honestly, the last thing you need is another loan. Takes Apples advice.

BugsyBrowne

I do love these posts when it's'I have an excellent credit score on Experian but keep getting turned down'

As above takes Mr Apples advice.

Predazord

To be honest Apples advice is all good and well but life truly isnt that simple.
I need a fix that involves shifting finances, not reigning in on things that cant be reigned in on.

tell_it_how_it_is

To be fair, in view of the fact you are struggling to find anyone willing to give you a loan, Apples' advice IS one of the few options available to you, and 'shifting' finances isn't.

Perhaps try posting a statement of affairs over on the Debt Free Wannabe board, and see if they can offer some advice on where you can make some savings.

I'm afraid it does sound on the face of it like you need to consider looking at cutting out (or down) the obvious 'luxuries' such as satellite TV, mobile phone, drinking, smoking, eating out, going out etc. - at least for a while until you get back on your feet.

Other options, DMP as you mention, consider credit union to see if they can help, borrow off family (if they are comfortable with that).

bargainbetty

If your total debt is close to or more than 50% of your earnings, then you are going to struggle with obtaining anymore. Demanding that the banks look at the bigger picture isn't productive - remove your feelings from it and see a man who has over-extended his credit, lived beyond his means and now exists in a line of credit overdraft. Would you lend him money knowing he can't manage what he has? I'm not preaching, I've been there, but getting an attack of the poor-me's isn't useful.

Post the SOA, get advice on snowballing your existing debts to bring them below the thresholds for getting better finance rates and tighten your belt.

It might not be that simple overall, but whatever route you take is going to involve taking responsibility for your expenditure, so starting here might get you ahead of the game for other things. If you end up on a DMP, then you will have to do all these things.

Good luck.

Apples2

Predazord wrote: »

I need a fix that involves shifting finances, not reigning in on things that cant be reigned in on.

That's very unlikely to be the case. There are always options to reign in spending.

It does take commitment and a real desire to climb out of debt.

Take a stern look ot all your direct debits, what is actually essential? look for quidco chashback options and alternative utility suppliers.

Are you paying for Sky/Virgin? Gym membership? Mobile phone contracts?

Start selling stuff, iPhones sell for a pretty packet which can be replaced with a nokia tat phone squashed in the cupboard under the stairs.

whats in the garage/shed? will it sell? Get in the loft, what will sell up there?

I'm not pointing at you but we see so many on here who demand further credit as they are struggling, but stubbornly refuse to change their standard of living.
Their way of life must continue whilst financially falling further and further behind, until it snaps and they lose their home through reposession.

Banks used to look at the bigger picture and offer loans left right and centre, which is why it all collapsed (lending money to people who obviously could not repay it).

Post your SOA as described above on the DFW Board, people will be all over it offering suggestions to improve your position.

DCFC79

Excellant advice from Apples2.

If you cant extend the loan then you need to cut back on what your spending, get rid of sky/virgin, get minimal broadband package/mobile phone package(even go for payg), get cheaper house and contents(if you have a house), car insurance, sell anything you have.

Whats your salary then ? As it seems your salary isn't able to cover your outgoings/