Solutions...

continualdiamond

Advice please, will consider anything said.

My parnter and i have combined debts of £21708.29

A breakdown is:

My loan - £8158.29 (10.9%)

Joint overdraft - £3000, current interest to pay this mth £24 (EAR 11.8%)

Double glazed windows loan - £1500 (24.4%)

DFS sofa - £1600 (0% not starting paying till Aug)

Oven - £700 (on parnters mums argos card, interest free till march 08)

Partners cc1 - £6000 (14.9% at limit)

Partners cc2 - £750 (19.9% at limit)


Now our problem is we have no way of reducing our interest unless we consolidate. We wish we could switch cc balance around onto 0% cards, but always are refused, only being offered the high % ones.

Where getting no where with my partners credit cards, only chipping off some or non of the balance.

In order to get the cc balances paid off quicker, i can see our only choice is a consolidation loan. We've talked about it and said we'd cut up the 2nd cc at 19.9% and keep the 14.9% one for emergencies, basically put it a way in a draw and not use unless major issue popped up, ie car.

As DFS sofa is 0% i was thinking not to include that in consolidation.

I've contacted my loan company at which if i settle the total would be £7206.92.

We just can't seem to get low APR's, i have no idea why, always paid on time and have our own place now. Could moving around affect it???

Oct 06 - bought our own place moved in Nov 06

Nov 06 - Nov 04 - rented

Nov 04 - Feb 03 - rented (no credit at this house)

Always update electrol roll info everytime we've moved.

Storm

Consolidation loans are generally not a great idea as it turns unsecured in secured debt, so if you do end up defaulting your home is at risk. You need to post a full SoA (see southernscousers sticky 'For New Posters') listing all income & expenditure each month, so we can see where savings can be made.

chevalier

have you checked your credit reports? If you go via https://www.quidco.com you can get a free trial to get your report. Just have to remember to cancel the subscription before the 30 day trial period runs out. This might show you what the issue is regarding being refused for credit cards
chev

continualdiamond

Yes we've done that, shows everything is paid on time, nothing late etc and no wrong details etc

nadnad

do your SOA and we could be of more help

immoral_angeluk

Please please don't consolidate. Cal CCCS or payplan and get their advice firstly. If you consolidate you need to be totally commited to not running up the debt again otherwise it turns into a massive cycle

nearlyrich

OP has started another thread with an SOA so to avoid confusion I will close this one here and if you have any advice to offer please put it on this thread