Consolidation Loan for poor credit

adg1980

I have outstanding unsecure debts of £12,000. This is on credit cards. I'd like to arrange a consolidation loan to clear these but my credit rating isn't great.

Is there a way I can get a loan to consolidate without this affecting my credit rating anymore?

Please note I am not a home owner.

Thanks you!

[Deleted User]

Almost certainly not, unless you're on a very high salary.

what is your income?
what are your debts and current rates?
what do you mean by 'my credit rating isn't great'?

TadleyBaggie

Any prospective lender will see you have £12K in debts and want to borrow another £12K. They won't assume you will use the loan to pay off the the credit cards, and will look at it additional debt. Even if you did pay off the credit card, you then have £12k+ of available credit on the cards and may go on a spending spree!

So unless you are earning around £50K, the chances are slim to none.

TadleyBaggie

Looking at your previous thread in November (https://forums.moneysavingexpert.com/discussion/4811253 you only had £10K debt then, so in a couple of months you seemed to added £2K to it. Sounds like you are already overstretched already. I think you need to visit the "Debt Free Wannabe" section and get help tackling the debts a bit at a time.

DCFC79

Stop using the cards, even go as far as cutting them up, maybe keep the best 1.

CherlokHomes

adg1980 wrote: »

I have outstanding unsecure debts of £12,000. This is on credit cards. I'd like to arrange a consolidation loan to clear these but my credit rating isn't great.

Is there a way I can get a loan to consolidate without this affecting my credit rating anymore?

Please note I am not a home owner.

Thanks you!

Say you're a lender and you walked in and want to borrow 12k and when you check this person(you) your credit file comes back with an adverse credit history.

Would you lend you 12k....there's your answer

heartbreak_star

I'd suggest calling Stepchange or Payplan instead of a lender.

HBS x