Can anyone give me some advice?

briangilmour

Hi there,

Adding up my all my debts i've got around £14k

Around £8k on a loan with the Nationwide
And about £5k across 4 Credit Cards
And £1k-ish overdraft

My loan payments are £270 a month for the next 3 and a half years and I spend around £200 on credit cards but the credit card debt doesn't seem to go down and i'm always ending up having to use one of my cards as the end of the month comes.

I applied for a loan with Northern Rock/Barclays and Moneyback loans, It was purley to consolidate all my debt so I could close the cards off. The quote I got was £230-£250 a month over 5 years. So I applied for them and was rejected from all 3 banks.

I'm not understanding why i've been rejecting since i've been paying out the best part of £500 in debt every month for the past 2 or 3 years with only 1 missed payment to a loan which was rectified within a day.

I can't get an IVA as my debt is under £15k and i'm getting recommended to get a consolidation loan, but nowhere is willing to give me one. What should I do?

Any help or advice would be greatly appreciated

Thanks

Brian

jonesMUFCforever

With which bank does your salary go into?
Try that one first.
Get copies of your credit files to see what is on there.

If clean ask why you have been refused.

HOWEVER - a consolidation loan only works if you really live within your means and not 'use my credit card at the end of the month'.
I suggest you go over to the Debt Free Wannabe board with a full list of every penny that you earn and what it goes on (Sorry but ish figures are of no use and you also need to find out what rates the loans and cards are on).

If you do succeed in getting a loan a debt that you say would take you 3 and a half years to clear will now take a minimum of 5 - the interest is racking up and this should only be undertaken if you can change your spending habit - not an easy thing to do I know!