Consolidate 14k Halifax cc to Halifax Loan. Bank say no.

heathcote123

Monkey2401 wrote: »

Hi,

I am after some advice. I have a 14k credit card with Halifax. It started off at 1k and every 6 months they gave £1k as I was always paying the minimum. Before I knew it I was up to 14k and they stopped. I earned 15k and i guess they didnt want to push it up anymore. Since I have been in this position which is about 5 years. I have only ever paid off the minimum monthly payment which is about £300.00. I guess by now I have paid over 14k in interest.

Im not one to default as although im not happy with the way they kept giving me the money knowing that I was not treating the credit card correctly, I still spent it.

My issue is that I have gone to the Halifax who has been my bank for 15 years and asked that they transfer the 14k on the credit card to a loan so I can at least start to pay it off. I have advised that as I owe them the money they dont put anything in my account, they just transfer from one account to another, but that was far to easy. Due to the amount I earn and the amount I am requesting the computer says no as they did it as a normal loan request. I understand why it says no, but what I cant understand is why they cant do it as I alredy owe them the money. To me they know they are making £300 per month and have me between a rock and a hard place and they know it.

I have been rejected 3 times in the last 3 years.

Is there anyone that can help or give some advice on what I can do that would be really helpful as at the moment im close to telling them what they can do with the card and the debt.

If someone said to you, "I'll either give you £300 a month or £150 a month", what would you say?

I think you were using the credit card correctly, exactly as the bank intended.

Monkey2401

meer53, i have not come on here to waste my time arguing with the likes of you and opinions4u. I have asked for help, not for people to keep telling me why the bank says no, i know why they say no, but I have been looking for some pearls of wisdom from someone that is here to help and knows much more then me and to may be advise me of something I didnt know or have not done. Cash Flow and Macca83 have given me advice which I thank them for, I will try what they say, it may not work, but I thank them for it.

Its easy for you to say pay more than the miminum, if I had more then minimum dont you think I would? You dont have to be a Fantastically Fervent MoneySaving Super Fan to understand that. Your comment just proves what a waste of time your posts are. Anyone of the people on here could have said that but they understand that if it was that easy I would be doing it.

Monkey2401

Macca83, thank you for your advice. I will contact my branch and put a letter together and see where I can get with showing how a loan would benefit me and my family. Also I may speak to the FSA and see what they say. I dont mean to get defensive, but a few people on here just seems to be providing no help and more about why I got into this mess and basicly saying its my own fault. I know it is and ive never said it wasnt I just wanted help on trying to get out of the mess. Thanks again and it shouldnt be long before you have the title of Fantastically Fervent MoneySaving Super Fan. ;-)

jo-bo

What's the apr on the card and what's the miminum payment percentage?
When you say the card has been closed, do you mean to further borrowing?

Oh and I agree, some posts are ridiculously stupid...pay more than the minimum payment! Doh why didn't I think of that

Monkey2401

jo-bo wrote: »

What's the apr on the card and what's the miminum payment percentage?
When you say the card has been closed, do you mean to further borrowing?

Oh and I agree, some posts are ridiculously stupid...pay more than the minimum payment! Doh why didn't I think of that

It is 28.9 APR variable and I have no idea what the minimum payment percentage is. The balance is £14k and the minimum is normally anywhere between £290 - £340

I asked for the card to be closed so I could just concentrate on paying it back.

Macca83_2

You're quite welcome monkey. There are certain situations where the bank needs to take some responsibility and help customers get out of difficult circumstances. At the end of the day it is more beneficial to both parties if they can come to an agreement and get debt repayed.

opinions4u

Monkey2401 wrote: »

Opinions4u, im amazed as to how so many people thank you and the status you have become. All you seem to be doing is taking the p*ss and pulling my posts apart. Macca83 has at least given some sound advice, so please go and annoy someone else and stop wasting my time and yours.

Your initial post blames the lender for your spending habits. To be honest, that pulled me in to the thread.

But I have taken the time to explain how an underwriting system, automated or manual, is likely to be viewing your application.

While I'm not familiar with Halifax's systems in recent times, I have been a loan underwriter. I have made the decisions, both good and bad, that over-rode the initial computerised decision.

Nothing you have posted provides a compelling case for somebody to put their neck on the line and consolidate your existing debts. Quite the opposite in fact.

I'm sorry you didn't like what I posted. But ive not lied. I've not tried to mislead. I've just said it as I see it.

Perhaps you should Google an amortisation calculator to see how long it will take to repay in the likely event that you can't refinance.

Also I may speak to the FSA and see what they say

They will tell you that they don't interfere in the low level lending policy of an individual bank. Equally, the FOS cannot force a bank to renegotiate the terms of a commercial arrangement.

Macca83_2

opinions4u wrote: »

Your initial post blames the lender for your spending habits. To be honest, that pulled me in to the thread.

But I have taken the time to explain how an underwriting system, automated or manual, is likely to be viewing your application.

While I'm not familiar with Halifax's systems in recent times, I have been a loan underwriter. I have made the decisions, both good and bad, that over-rode the initial computerised decision.

Nothing you have posted provides a compelling case for somebody to put their neck on the line and consolidate your existing debts. Quite the opposite in fact.

I'm sorry you didn't like what I posted. But ive not lied. I've not tried to mislead. I've just said it as I see it.

Perhaps you should Google an amortisation calculator to see how long it will take to repay in the likely event that you can't refinance.

i had a feeling that you may have worked for Halifax.

Macca83_2

See i do feel that the poster has made enough of an effort for someone to take the risk. He has closed off the card to prevent any further spending. He stays with his wifes family to keep over heads down and he pays continuously and on time

that's probably why Im not an underwriter Haha

meer53

Macca83 wrote: »

I wouldn't dismiss what Opinions4u has to say. I agree with some of his points. But i do believe that the Halifax really need to assess whether or not they are providing you with the best option. The treating customers fairly initiative, under fsa guidelines, is a huge thing that the Halifax now subscribe to and they have to show that they are providing you with the best outcome.

The OP has not given any information about their situation, ie, income, outgoings, other debt etc, maybe Halifax are treating them fairly.