Loan Help Please !!!!

xgingerx

Hi, I really need some advice, I know I need to start paying my debts down but have tried to apply for a loan from my banks and mbna, both declined.

The reason told was mainly because they said I am overcomitted / over in debt. I am stuck now as if i got a loan I could have halved my monthly outgoings form around 750 to 320 which would have been great.

I owe around 24k, I earn 26k and have no adverse credit / missed payment and am on the electoral role, I am not a homeowner but tenant.
I there anyone I could try who would give me a loan to consolidate aroung 15k of the total outstanding, I am aware of snowballing debts but need a snowball to start which I am struggling to do. At presnet I am not in financial difficulty and no problem maintaing my debts BUT they are not going down very fast and thought that getting a loan although not ideal would reduce my outgoings which would mean I could snowaball the balance of my debt and then start to make inroads into the larger debt.

Appreciate any views.

Thankyou

Tori_Bellatrix

You could try appealing against the rejection from your bank, explaining that by consolidating some of your debts will decrease your monthly payments making you more financially stable.

Rafter

xgingerx,

Sorry about your situation but owning your entire annual income on unsecured debt is going to trigger many lenders to refuse you.

Your options seem to be to start seriously tackling your debts by going on a serious money diet or looking at other options. If you are repaying £750 a month and that is more than you can reasonably afford, you could go for an IVA and be debt free within 5 years.

Your best option is to go to a charity such as cccs.org.uk and see what they suggest.

Do you have any assets you could sell to get your borrowing down a bit and pay off your most expensive debt? Downgrade your car for example?

R.

GSchubert751

get a second job at least part time to create some more income.

xgingerx

Hi, this is only my income, we have 2 seperate incomes, my wife additional 15k per anum.

Dont get me wrong we are not struggling to pay bills but would have like to consolidate as credit cards as you know never come down or when they do u end up using them again.

Iwas just wanting to tidy my finances up rather than having 9 bills a month

mountainofdebt

xgingerx wrote: »

Hi, I really need some advice, I know I need to start paying my debts down but have tried to apply for a loan from my banks and mbna, both declined.

The reason told was mainly because they said I am overcomitted / over in debt. I am stuck now as if i got a loan I could have halved my monthly outgoings form around 750 to 320 which would have been great.

I owe around 24k, I earn 26k and have no adverse credit / missed payment and am on the electoral role, I am not a homeowner but tenant.
I there anyone I could try who would give me a loan to consolidate aroung 15k of the total outstanding, I am aware of snowballing debts but need a snowball to start which I am struggling to do. At presnet I am not in financial difficulty and no problem maintaing my debts BUT they are not going down very fast and thought that getting a loan although not ideal would reduce my outgoings which would mean I could snowaball the balance of my debt and then start to make inroads into the larger debt.

Appreciate any views.

Thankyou

They may have done you a favour.

The reason I say that is that I've been down that road sooooooooo many times....get a loan, pay off the cards only to run them up again in no time and be in a bigger hole than I was before.

If you go over to the Debt free wanabee board, post details of your income and all outgoings as well as the aprs, limits and balances.

We can then suggest ways of cutting back so that you have some spare £££S to throw at those debts.

mountainofdebt

xgingerx wrote: »

Dont get me wrong we are not struggling to pay bills but would have like to consolidate as credit cards as you know never come down or when they do u end up using them again.

Easy to solve this one.......cut them up and once cleared - cancel the account!!!!

xgingerx

Appreciate all your views , think best way is to try and pay them off one by one as painful as it will be

jonesMUFCforever

xgingerx wrote: »

Appreciate all your views , think best way is to try and pay them off one by one as painful as it will be

Oh dear you appear to have given up in approx. 8 hours.!!

Please don't do this; take the advice on here on board and you can help yourself.
Have you heard of snowballing?

Make a list of every debt you have with the APR charged on them.
If you have cards that will offer you a 0% or low life of transfer rates then transfer from the highest to the lowest. Pay more off the highest charging cards until they are cleared BUT MOST IMPORTANTLY OF ALL CLOSE THE ACCOUNT OFF WHEN REPAID - It is too much temptation just to stick it in a drawer where you might start using it again.

Get yourself off to the debt free wannabe board where you will get budgeting help which free up more cash to throw at your debts.

Good luck!