Is a loan likely?

andanotherone_2

Just looking for a bit of advice. I posted a while back about my debt problem. Things were starting to improve slightly, now everything has taken a bit of a nose dive...

To recap - I owe £6700 on Credit Cards and a £1500 overdraft that are causing me the probelms (total: £8200). I earn £750pcm from one job and between £200 - £500pcm from my self employed endeavours. I'm paying about £230 a month on CC's and bank charges for bouncing over my overdraft limit. The rest of my money usually just keeps my head above water(rent, bills,etc) although lately things have got worse. I just missed a credit card payment and my direct debit for my rent has been refused (I'm not too worried about this - I'll be ringing them in the morning).

I'm starting a new job in about 5 weeks time and my self-employed stuff is taking off slowly so that will help in the future, but the problems are here and now. I had always intended to get a loan to cover everything at some point, when I was earning a bit more, so I could actually pay someting other than interest off.

Is there any possibility that my bank would provide a loan now if I explained my situation? I'm worried about my low wage, how to prove my self employed earnings (i've only been dong it a couple of months) and my credit history (which must be shot to pieces by now...). Surely the repayments would be lower than what I'mpaying on the cards now and it would feel like a weight lifted.

Any views/help/advice appreciated.

I am actually going to the bank to find out, I just wondered if people thought it was a good idea or a waste of time?

Wafoo

May be worth phoning the card companies and explaining the situation,they may agree to lower the payments till you're sorted,as for the bank,well you can claim the charges back,there's always someone out there that will lend you money but just be very careful.

Emmzi

You do sound like an unlikely loan candidiate if you have rejected dds etc.

I would be more inclined to visit the DFW board and do them an SOA for more detailed advice, but consolidation is rarely a good idea - it extends the life of your debt considerably.

andanotherone_2

I understand that at the moment I'm not a good candidate for a loan but I think I'm gong to see if it's possible. Still not sure it's the best route though. Possibly try to hold off until I've started my new job.

All I'm managing at the moment is the minimum (most of the time) payments on the credit cards and half of that is interest (seems so much money is going on interest...), surely I'd be paying more off each month with a loan and the payments would be a bit lower? At my present rate the cc's just aren't moving and I'm constantly stressed about covering all the different payments.

CHeers for the replies...