Please Help.....please

hooty2001uk

Hi all I am new to this site. I am sure I am definateley not alone on this. But please it is really ruining my life. I am 20 years old 21 on 23rd April and I am in full time employment earning around £14500 a year. I have an arranged overdraft of £1000 and a persoal loan of £3000 which i have paid £176 of. I bank with HSBC and my loan is also with them... At the moment my overdraft is up to £1300 (obv getting charged)....I have sent a letter to the bank as martin advised to claim charges back totalling around £500. I'm sure I am also entitled to some Tax owed to me as I used to work in a stables where I worked full time for £80 which was obv not NMW so i sued but got taxed loads..so I am sure I am owed that money...Inland Revenue are on the case for me..taking a while though.
I really really really want to be debt free (who doesn't) I have applied for loans and credit cards to try and help but they all refusing me saying I have a poor credit rating...which I dont see why as I have paid my payments on time!! Please help it making my life a misery...tips, hints, advice all welcome.. Thanks:mad:

chica_fi

Hi hooty,

You need to post a Statement of Affairs (see stickys for advice on how to). Then people will be able to give advice on how you might be able to budget better / pay off the debt.

But well done on taking the first step of trying to sort it all out!!! :T

fi x

I'mcomingbackasaman

hooty2001uk wrote: »

I really really really want to be debt free (who doesn't) I have applied for loans and credit cards to try and help but they all refusing me saying I have a poor credit rating...
Thanks:mad:

Thank goodness your not being given a further loan and credit cards, or you'll never become debt free. Sit down write a list of outgoings work out what you've got left and live on that until such time as you've paid off your loan, and credit card and reduced your overdraft.

Any bank charges etc, you get back have to help to pay off your existing debts or they'll just spiral with all the interest your being charged.

Hope this helps.

hooty2001uk

Thanks - but would it not be good for me to get another loan to pay off both my HSBC loan and overdraft?

Also why are credit card companies and loan companies turning me away? Ive NEVER missed a payment

krisskross

hooty2001uk wrote: »

Thanks - but would it not be good for me to get another loan to pay off both my HSBC loan and overdraft?

Also why are credit card companies and loan companies turning me away? Ive NEVER missed a payment

People have been complaining a lot that it is the banks' fault they are in debt. Perhaps the banks are now thinking more about being responsible lenders .

GirlRacer_2

Hi Hooty2001uk, congratulations on making the first step and posting on here. You cannot pay of debt with debt! You need to post your statement of affairs (see southernscousers) 1st timers post on the first page os debt free wannabees. The folks on here will come along and try and help you to cut down and pay off the dreaded debts.

Your still quite young and maybe haven't built up a credit history yet, that maybe why your being turned down.

Doin'e even go down the road of consolidation, struggle to pay it off it'll be worthwhile.

CLAPTON

you need to get copies of your credit records to see what they say.

are you on the electoral roll?

but mostly, post up a SOA so we can see the overall financial picture with full details of income, spending and the debts with minimum payments and APRs.

I'mcomingbackasaman

Consolidating loans isn't all it's cracked up to be. The DFW Board guides would help you more they have a lot of experience.

Companies can see your credit history (from companies like Experian) if they see your applying for credit cards, loans etc when you already have them then you'd be classed a risk and they wouldn't be willing to give your further credit I reckon.

chica_fi

The more times you apply for credit, the more 'footprints' or 'searches' are left on your credit file. This can put lenders off as it can make it look as if you're desperate for credit.

As imcomingbackasaman says, though, it'd be a risky way of trying to get out of debt, as nine time out of ten people end up worse off when they consolidate.

Please write down (a) what you've got coming in - AFTER tax, any pension deductions, etc, then (b) what your fixed payments are each month - mortgage/rent/board, insurance, whatever - see SOA sticky for help. Then we'll be able to help further. Debt can make your life a misery but once you feel in control it's amazing how much more achievable it seems to pay it off...

jo_b_2

hooty2001uk wrote: »

Thanks - but would it not be good for me to get another loan to pay off both my HSBC loan and overdraft?

Also why are credit card companies and loan companies turning me away? Ive NEVER missed a payment

Another loan isn't really a good long-term solution, to be honest. The more credit applications that you make within a short space of time, the worse the impact on your credit rating, unfortunately.

Without knowing more about your specific circumstances and regular outgoings, it's difficult for people to give you practical advice.

Try starting at a very simple level if you're feeling overwhelmed by your finances. Start a spending diary to track where your money is going and see if there are any obvious places to cut back or post more specific details on here.

Good luck!