Help me please...

rthomas81

I really don't know what my next step could be so I'm admitting defeat and finally asking for some help.

The situation is this:.

I was told by my bank if I stayed in credit for 6 months they'd be able to help me. During that 6 months I really jumped on the outstanding debts I have and even managed to pay two of them off.

I have just under £2000 left to pay on 4 I haven't started yet so went to the bank for a loan to consolidate my outgoings (Debts) and make my life easier paying the bank back £300 a month and saving me £400 (my outgoings are £700p/m).
They declined and said even if I was to pay my debt off that day,I'd still have to wait a further year for a loan and at least 5 years to get a mortgage.

This news really hit me and I'm at my lowest point. I've been paying my bills on time even if it means not eating for a few days. I took out a laptop two years ago with brighthouse to help my credit,paid it weekly for a year and then had a tax rebate so used that to pay in full.
Also set up direct debits for my bills including a couple of debts on my credit report which are paid in full now.

None of this has helped my situation at all. I've tried getting a credit card to help build up my report but been turned down. Can't even open up a bank account to have bill money go straight into it and my spending money in another.
I've taken a cash plus credit builder card out as it's my only option.

Now.. Do I bother paying back the outstanding debt because it doesn't seem to matter if you do. They'll all be gone by 5 years time anyway (Apparently it gets wiped off after 7 years).

I'm literally at breaking point, I can afford the money from the bank and even spent hours writing down figures which I gave to the manager who was happy to lend it but because of my rating he couldn't.

I'm now working all the hours I can get at work but it's affecting my life and seeing my daughter.

Please could someone advise me with some help.

I've been to debt advisers (cccs) but I'm already budgeting my money best I can.

Thrugelmir

There's no easy answers. Other than to battle on. You are dong the right thing by repaying your debts. As outright default could blacklist you for life with some lenders. So not the recommended approach if one day you are intending to apply for a mortgage.

rthomas81

The mortgage is the reason I'm trying to get on top of it all once and for all. Cheers mate. Looks like it's down to plenty more overtime and no social life anymore lol

thebritishbloke

Have you tried applying for any sub-prime credit cards? Companies like Vanquis and Aqua are there purposely to give cards to those who've been rejected elsewhere. The interest rates are pretty ridiculous, so make sure you pay them off in full every month.

rthomas81

Yeah I've been turned down by them. I have money but no one will trust me with credit.