Refinancing - I can feel myself Spiralling and Need Help!

Sangunius

Hiya all,

I can feel my debt spiralling out of control and need some advice asap.

I was thinking of refinancing under 1 loan over an extended period to reduce costs, but i tried 1 loan application with Tesco's and this was declined within seconds

I have the following and would love to hear some advice on what is my best option/s.

Loan £4,161.31 (Early Settlement figure) 27 months left £168.42 a month

Credit Card 1 - Santander £2,700.00 (0% till August 2012 - hence the investigation now)

Credit Card 2 - Barclay Card £1,500.00 (Current card, which i keep using when short and hence the feeling of spiralling out of control)

I have basically thought i can afford my loan and have done for 5 yrs now! Its the credit cards i need to sort and thought my best bet would be a loan to cover them all and cut up my credit cards once and for all. My first application has failed and i dont want to affect my credit rating further by appliying for others until i know what the hell to do. Please help!

DCFC79

So you owe just over of £8.1k.

Whats your salary ?

I tihnk the debt free board is best, do a statement of affairs and post it on there.

Sangunius

Hiya,Thxs.

My salary is £19,650.00 and i take home £1,310.00 a month after tax.

Statement of Affairs?

CLAPTON

Sangunius wrote: »

Hiya,Thxs.

My salary is £19,650.00 and i take home £1,310.00 a month after tax.

Statement of Affairs?

with debts of 8K and an income of only 19k you are unlikley to get a loan

your potential lender will add your loan application to the existing 8k and compare it to your salary as there is no guarentee that you will use the money to pay off the other debt

an soa is a detailed budget
see here

http://www.makesenseofcards.com/soacalc.html

Sangunius

Thxs, i have reposted on to the debt free wannabe forum and posted my SOA. Much Appreciated

DCFC79

Surely with a good wage you should be able to clear the debts, its not a hughe amount of debt you have.