Please help me.

4xmummy

Hi,

Please help, as I'm not in a good place atm.

My husband and I have debts (excluding mortgage) of £34000. This is mainly on credit cards (£25k), a car on finance and a few store cards/catalogue accounts.
Of these we can only afford the minimum payments each month (never missed any though and can always pay the minimum)

I would ideally like a loan for 25k so we can clear the credit card debt and close those accounts as this is what is costing us the most per month. (around £750 in min payments)

Only problem is our credit ratings are now terrible due to having all this debt. Mine is classed as poor and hubbys is fair. (had a credit expert report recently)

Can anyone suggest a personal loan that could help us?

I did a quote on Natwest website for 25k over 3.5 years which would be paying around £690 a month back which would be perfect, but I do not think we will be accepted due to our credit scores.

I'm not sleeping at night and constantly worry everyone will ask for their money back in one go and we will be homeless. Please help :-(

[Deleted User]

There are no loans at decent rates for those with very poor credit histories. And defintely not when you are carrying that sort of debt unless you are earning six figure salaries.

Look at making small changes. Pay as much as you can to the debt with the highest APR. Cut your costs to the bone. Sell things. Compare the rats on your cards and see if a BT would help reduce interest.

Try the DFW board for inspiration. Good luck.

4xmummy

I dont care about the rates tbh, I just want to get as much paid off as quickly as I can. We have 4 small children and the fear of being overwhelmed it getting too much for me :-(

Gaz83

4xmummy wrote: »

I dont care about the rates tbh, I just want to get as much paid off as quickly as I can. We have 4 small children and the fear of being overwhelmed it getting too much for me :-(

There's no mainstream lender going to give you a loan for that amount, with your credit history, on your income. The sooner you accept this and move on, the better.

You would be better scooting over to the Debt-Free Wannabe board and posting a Statement of Affairs, and then looking at snowballing the debt. Or possibly going onto a Debt Management Plan. Try contacting Stepchange.

Apples2

You aren't alone, the DFW Board if ull of people who will make you look well off.

http://forums.moneysavingexpert.com/forumdisplay.php?f=76

Have a look at the diaries section to see what others are doing to pull themselves out. You will get lots of support from others in the same position as you.

There is no loan available to you so it's a case of getting the right support, maintaining the determination, throwing out the catalogues, cutting up the credit cards and keep smiling.

[Deleted User]

When I say the rates aren't decent, I meant they will be twice what you are paying.

What is your income?

ampersand

4xmummyB wrote:

]I dont care about the rates tbh[/B], I just want to get as much paid off as quickly as I can. We have 4 small children and the fear of being overwhelmed it getting too much for me :-(

#
mummy - this is the mindset you must lose.

Unless you can take responsible control of your thinking AND situation, spiralling fears will undo all the best-intentioned efforts you make.

On the dfw Board, people post an SOA and await good, helpful comments and suggestions made, very often, by those who have done the hard yards.

re: 'a few store cards/catalogue accounts' - that's a loose statement and a loose cannon.

You need to set out a real SOA, stop juggling and truly decide to give your 4 littlies a great template for managing in tight times. Make no mistake - children pick up on these things and intuit more than parents realise.

I'm also concerned if the approach of an overloaded commercial crimbo is stressing you further.

Loss of sleep and constant worry have brought you to the point where I'd ask you to look at my signature, take courage and ring CAPUK, strongly endorsed by Martin and many others.

Don't make any more online sorties for loan quotes; you're leaving bounce-back bad news footprints.

Read here:
https://capuk.org/

- then please ring CAPUK. They they do not proselytise and regularly win reputable awards for what they do.

Will you try?

Ilona

H mummy, There is no quick fix for this, people with experience are trying to help you but you are not listening. We cannot support an idea that has no way of solving your problems. The best thing you can do is to get all your paperwork in front of you, incomings and outgoings, and put the figures into a Statement of Affairs. Then the fog will begin to clear. At the moment you are in a panic, sit down and take deep breaths, everything can be sorted with the right approach. Follow ampersands very good advice. Contact Christians against Poverty, or Stepchange, for free help. They will tell you to do a S O A, it is imperative that you do, because without that you will be stuck in perpetual debt that will never go away. Good luck.
Ilona

tell_it_how_it_is

All the advice offered so far is fine.

You need to concentrate on paying more than the minimum on the debts with the highest APRs, even if this means cutting back on some of your normal weekly/monthly 'luxuries'.

Do that for some time, and you may be able to look into zapping the rest with a smaller loan at a smaller APR once your debt is at a manageable level.

Thinking transferring all into one at any APR (unlikely as it is you'd get one) is not dealing with the core issue, I'm afraid.

freshstart11

If you managed to ifnd anyone to lend the money you would likely pay FAR more than you are at the moment.

The advice of putting an SOA on the DFW board is great advice, they may be able to help you see other areas you can cut back to make the overall situation better.

Please don't feel people are judging, they are simply trying to help xx

ampersand

Ilona - good signature.
I'd add freecycle[for giving and receiving], jumbles, fêtes and auctions:-)
#
All of these are great for the children too, mummy. 50p or a £coin in a little hand can go a long way, teaches discernment, allows latest school crazes to be lightly indulged affordably.