Consolidating Debt

Rjw1973

Hi All,

Hope someone can advise me, I split up with my ex last year and was forced into selling our house, we had a loan secured on the mortgage which i took as my debt as she also took away a fair portion of her debt in the form of 2 other loans.

At the time I was very busy getting the house prepared for sale and due to the generally good relationship i had with my bank i approached them for a loan to consolidate the secured loan so that i could then sell the property.

I had some profit from the sell of the house which i immediately put to clearing my credit card.

This leaves me with approx £14k of debt.

My bank gave me the loan for the above amount however the payments are quite high because i no longer own a property. The loan is affordable but only just, it doesnt leave me with much left each month. I have been shopping around for a cheaper loan over the same term, but so far have been rejected from 3 different companies, i dont want to continue chasing loan companies as i hear that repeatedly applying for loans can affect your credit rating.

I spoke to my bank saying that i was looking elsewhere, they immediately suggested that if they can help would i stay with them? I said i'd certianly consider it and we left it at that...

I called them today and pursued thier offer but now they are refusing me just as the other companies have done.

Now i'm stuck with a £14k loan over 7 years with monthly payments that are quite high, and i cant get out of it.

Help! :eek:

Great website, keep it up

RJW

gemspan

HI there

I would suggest that you send off for a copy of your credit file. There are three main agencies, Experian, Equifax and Callcredit. You can google them to get the addresses. This may throw up something that is stopping you getting a better deal. Once you know why you are being declined at least you will be able to do something about it.

When you have this information you could then go to somewhere like CCCS or Payplan and see if you can get into a debt management plan. This will mean that you will have money to live off. You can find Consumer Credit Council and Payplan on the web too.

Good luck.

Gemspan