Good Rating / Transfer Apps Rejected

MattyF

Hi everyone,

I'm hoping someone might be able to offer me some advice.

I have completed the credit file checks and there are no errors on my reports. I have lived at the same address for over 17 years, worked for the same firm for 10 years, and have never missed a single payment on any of my (unfortunately many) accounts.

Been on the Electoral roll for 17 years at the same address, and until today I had zero searches over the last 6 months and 2 over the last 12 months.

My unsecured credit is approx 87% of my yearly salary. I always make payments on time (minimum amounts as this is all I can afford).

I have a high percentage of my credit limit used which I think is one of my major problems.

I have applied for 3 0% transfer cards today - all declined/rejected - AA, Nationwide, Halifax. Barclaycard will get back to me in 5 days time (which I think will be another rejection). I will not be making any additional applications.

I just cannot see any light at the end of the tunnel.

For example - Beneficial Finance card. I pay £137 per month (min payment as all I can afford). This has been paid on time, every month for 6 or 7 years or more. The £137 payment shaves a whopping £11 per month off my balance.

I just can't see any way out.

I don't think the banks are interested because I am a good payer. I pay every single month without fail, and whilst I can just about manage financially each month, I am effectively never going to be able to pay these cards off.

I currently owe about £25,000 to various card companies.

Is there any way out for me?

droiderm

When you say its the amount of credit i think your dead right.
You seem to be in a bit of a panic and undoubtedly the creditors will see why from your information.

Speaking from personal experience getting more credit will only buy you time.
One day you will have to deal with the problem, maybe you are at that point now ?

Can i kindly suggest you post on the debt board ?

BugsyBrowne

As droiderm as said way to much debt compared to salary.

droiderm

And don't panic.
Please post on the debt board.
There will be light at the end of the tunnel.

MattyF

Thanks for the reply droiderm,

Is that the Debt-Free Wannabe board?

I'm at that point where I realise I am paying out a substantial amount of my wages each month yet the overall balance of my debt is hardly changing.

I'm not using my cards anymore and not looking to add to my overall debt, just move my debts over to one where I can actually make in-roads into it.

droiderm

Yes and look at the dfw newbies guide sticky.

Good luck

MattyF

BugsyBrowne wrote: »

As droiderm as said way to much debt compared to salary.

Thanks for the reply Bugsy.

I was hoping that despite this the lenders would see that I am someone who pays each month and from my side of the fence a good 'customer' - I'll head over to the other board.

Thanks for the input.