Can't wait 30 years to be debt free!

ever_so_skint

Think this is probably because your trying to consolidate , know it sounds strange but if you have to refinance to pay those loans your not actually coping so they will be risking their money .

in a very similar situation myself and over the last week have scared myself silly by realising just how many times I consolidated whilst never actually succeeding in clearing my debt.

quantic

They have to assume that you want the money to use because that's what might happen, even if you have all intentions of paying back your existing debt - whats to say you don't have a major problem with your house or car before doing so and your forced to use the loan. Given the stories on this forum, its happened many many times before.

pennies_from_Heaven

I agree with what Bargainbetty said - the best course of action is to cut down on your outgoings, increase your income if possible, and try for a couple of 0% deals to shift the debt to.

Post an statement of affairs from the budget calculator - http://www.moneysavingexpert.com/banking/Budget-planning#tools remember to follow the instructions to format for mse, so you can post it into the thread. The good people on here will help you with ways to cut back, hopefully leaving you more money to throw at the debts.

Delree

The risk to the lender is that yeah okay you may use the loan to clear all debts and just have them but you may not cut up your credit cards and sink back into a high level of debt that way round. Effectively if they grant you this loan they're saying you're worthy of £50k credit. Are you?

Scale_Rule

Hi there.
I was in a similar situation and managed to secure a loan to consolidate by going in to the bank and having a frank conversation with them.
They were understanding and took the chance.
I was personally up to my limit and the only way out of it for me was to dump a huge amount of debt on to my wife. Is there anyway you can approach all of your debt together it may give you a better footing?