I Need Financial Help!!

Marshay86

Hi,

I have recently moved jobs and this has now impacted on my cost to borrowing ratio. i have never missed a payment in my life yet i have a poor credit profile!

i have tried asking the bank to give me an loan so that i can consildate my debt into lower payments and help improve my credit profile but i am unable to secure finance due to the poor credit!

i need help as i am getting to a point where my new lower wage is not lasting for the month! i dont want to default on anything but if it carries on it might just happen!

i have spoken with debt consilidation firms and they said there is no product out there that would let me consildate all my debt into one payment as the credit risk profiling software used in applications only see's that i am after additional funds and not to reduce my debt!

please Help!!

poppasmurf_bewdley

We frequently see people come on here and talk of consolidation loans, and how they will solve all their problems at a stroke.

But very rarely is a consolidation loan the answer. You cannot cure a debt problem with more debt.

The only cure for a debt problem is to cut your spending (easily said but difficult to do, I know). You have taken the first step by talking to debt consolidation firms - hopefully the ones like CCCS and not those that charge. Follow their advice.

DCFC79

Have you reduced you spending to reflect your lower wage ?

Marshay86

Hi,

Thank you for commenting on my thread!

I have cut costs where i could by cancelling memberships, phones and entertainment packages i had.

The one big thorn in my finance is my hire purchase i got in march 2011, whilst i was on a higher wage (massive buyers remorse) i am toying with the idea in March of next year is to VT my Hire purchase!

It is just so frustrating knowing that i have never missed a payment on any finance and have great traceable history, all i want to do is readjust my finance to a more managable level