Why does nobody want to help?

dance_off

I have worked since i was 16 and went to Uni and have worked full time since graduating. In the start up of life i opened 4 credit cards which fairly low amounts. I now have £5k across the cards to pay off with ridiculous amounts of interest.
All i want to do is transfer them onto one card but nobody will help me. I just get rejected. I have never missed a payment and still my credit rating is low.

I am struggling to get a deposit together for a rental house let alone a mortgage and am really getting fed up. It seems people who sit on their !!!!!! all day get things given to them

Why am i being rejected and why can i not get help from any of the companies?

I also got mis-sold PPI (i didn;t know i had it) from Egg which are now Barclaycard. Barclaycard are now saying that as it was ordered over the internet the details were in the small print - i hate banks!!!!:(

Any advice please?

[Deleted User]

What's your income and credit history like?

Banks aren't there to help. They're there to make a profit. So they either think you're too risky or not profitable.

So you need to address those issues.

lisyloo

Are you on the electoral role at your current address?
Is this showing up on your credit reports?
Have you moved around a lot.

I would suggest you pay £2 for your statutory credit report from Equifax and Experian and see what they say then come back here.
The free trials can be difficult to cancel so I wouldn't bother with those, neither do you need to pay for a much more expensive version of the credit report. Everything you need is in the cheaper statutory one, they just offer more expensive services to make money but these are unnecessary.

A zx81 says, banks are a business. You have no "right" to credit.

As for PPI with Egg. I've had 3 Egg cards and yes you have to agree (there is a tick box) to have it. I recall this being fairly clear so you need to read what you are agreeing to. Sorry if that sounds harsh, but if want to have the rights of an adult then you have to take the responsibilities too.

There are plenty of people who will help you if you get your credit reports and come back here :-)

budget_traveller

Maybe try your local Credit Union for a loan?

thenudeone

You have no right to expect others to lend their money to you.

Lenders aren't charities. They have no obligation to lend to anyone.
They'll only lend if they think it's profitable for them and they'll assess the risk of you being unable to pay as part of that assessment, which includes your income, available credit and credit balances as well as other factors such as employment status, electoral roll, recent credit applications, and payment history.

If someone allowed you a credit limit of £5k to transfer the balance you may then spend another £5k and be left with £10k of debt; so arguably they are acting responsibly in preventing you getting into any more debt.

Don't take it personally. Concentrate on paying off the card with the highest interest rate first until it's clear, then move onto the next one.

spadoosh

Think you need to look at the underlying issue of how/why you have 5k over 4 cards.

Are you know at a stage where you cant meet the repayments?

ALIBOBSY

TBH I find the most annoying thing about banks is the all or nothing attitude. They way they will push you to borrow more than you need (I know its your choice to accept it-but the banks did and still do push products to those with what is seen as "better" credit ratings). Then because of THEIR mistakes they have tightened lending to anyone with even the slightest issue on the credit file to zero. Feels like they will lend thousands or nothing lol.

My credit rating is improving and within 14 months or so will be completely clean, but have been through the stage where the banks won't even give you a chance to prove you can be responsible. Credit unions will let people borrow small amounts to prove they can budget and pay things back and build up a trust between you so you can move on to bigger loans if required-and my understanding is they have no higher rate of default than the mainstream banks.

With the main banks is all or nothing and your "credit rating" can be destroyed so quickly with no real way to build it back up quickly. If you can have financial problems in a short period, you can also have a sudden improvement in your finances as well, but the current system blights your record-sometimes for a minor error, or miscalculation or even and event beyond your control for 6 years.

Regarding the PPI have barclays given you a final response-if they have you can send it off to the FOS. Most banks will try to fob you off at first. Worth a shot.

Ali x

dance_off

I have just moved addresses from an address i was in for 16 years. I shall see if i am on the electoral role.

I check experian regularly. It never seems to change but i haven't missed a payment or anything in my life.

lisyloo

They way they will push you to borrow more than you need

That's marketing. It's up to you as an adult to say no.
Is it ok to say "I'm fat and it's MacDonalds fault for pushing too much food on me" ? I don't think it is.

Feels like they will lend thousands or nothing lol.

I am playing devils advocate :-) but they are not a public service, they are businesses who primary objective is to make money.
It's not to serve the public, be nice or help charity cases.

Credit unions will let people borrow small amounts to prove they can budget and pay things back and build up a trust between you so you can move on to bigger loans if required-and my understanding is they have no higher rate of default than the mainstream banks.

But are on an entirely different mission. They are not looking to make profits for shareholders.

and your "credit rating" can be destroyed so quickly

Only if you miss payments or default.

or even and event beyond your control for 6 years.

Ok, so what events are beyond your control? Buying insurance for death, sickness, accident and redundancy is not beyond anyone's control.
Getting pregnant - ok a very very small number might slip through the net, but most are under our control. What else?

trikidy

Apart from key information that you have not provided, I think you need to ponder a few things.

The only people that want to help you would be charities, family and friends- even they don't want to but would.
Credit and banks don't want to help anyone, they want to make money
.
I have worked since i was 16 and went to Uni and have worked full time since graduating.not important
In the start up of life i opened 4 credit cards which fairly low amounts. I now have £5k across the cards to pay off with ridiculous amounts of interest. Important.
All i want to do is transfer them onto one card Thats a good idea
but nobody will help me. I just get rejected. I have never missed a payment and still my credit rating is low. This is probably due to the 5K debt you have just said, also 4 cards is a fair amount so they are unlikely to give you more.

I am struggling to get a deposit together for a rental house TBH I think you should try and tackle your debt before you try and get a rental house, once you get in rental and houses you will (most likely) end up with more debt, best to start a clean slate.
let alone a mortgage again, not a good idea currently.
and am really getting fed up. It seems people who sit on their !!!!!! all day get things given to them Benefits system I guess? Yes I agree the current system has some major flaws.

Why am i being rejected you have already said your credit score is very low and you have 5k debt.
and why can i not get help from any of the companies?See earlier comments.

I also got mis-sold PPI (i didn;t know i had it) from Egg which are now Barclaycard. Barclaycard are now saying that as it was ordered over the internet the details were in the small print - i hate banks!!!! You could try to say it was mis=sold, but it seems to be covered here.

Any advice please?

Listen to the people on here and try to rebuild your credit. Try and cut back your expenses and pay of your cards before you try and get a rental house. 5K isn't a huge amount compared to other people on here, so it's good you have come here now.
Check credit report.

i_want_one_of_those_mum

Are you trying to balance transfer all 5k debt at once? About 18 months ago I tried to balance transfer just over 5k to them and I was turned down. 6 months later I applied again but only for a smaller amount. To my surprise and delight was accepted and got a barclaycard with a 10k limit! So 10 days later I transfer my other card. Set up direct debit managed it online and overpaid in the 4 day window so it wouldn't knock out the DD. try it it might work. Now I have £446 left just in time for the 0% to finish.