Declined on 'Affordability'. What now? Advice?

DCFC79

Gaz83 wrote: »

Oh and quite simply, you need to get another job. You are obviously unsustainable on the income you have.

Either you look at the option above, cut your spending down to the bare minimum and find a cheaper form of transport or do all 3.

daphnemoon

Hi there,

Not sure if this will help at all but,

A few years ago I was heavily in debt, panicking and using credit to pay for credit until I was maxed out on everything!!! Very frightening.

I did at one point consolidate all my debts by getting a bank loan with good interest rates. The bank stipulated that the condition of the loan was that I would pay off all existing debts with the loan and that further credit would be denied me from that company.

This gave me a lifeline and time to breathe, but as I had undiagnosed mental health issues which meant I didn't understand the consequences of spending I got deeper and deeper into unmanageable debt.

When I was well again I realised the mess I was in and turned to my local council who had a debt advice team. They helped me negotiate less payments and stopping of interest and I can honestly say this saved me.

5 years later I am debt free (thanks in part to a ppi repayment, how ironic!!) and the relief is amazing.

Please please make the move now to speak to someone who can help, debt advisory (make sure they don't charge) CAB or another charity. It will be the best decision you can make and will change your life, I know I've been there.

All the best for your future and I really hope you can get some resolution.

moohound

Repeatedly consolidating got me in an awful mess, you cannot borrow your way out of debt. I thought I was doing the right thing by reducing payments and freeing up more money per month but I was just digging myself in deeper and deeper. I started with a £5K loan and within 5 years I owed nearly £40K with nothing to show for it.

As to the 'tone' of replies, in 'loans' you will get brutally honest answers you will get more gentle responses on DFW.