Consolidation help please

baldrick1964

Hi i have 2 credit cards on which i pay 100 per month and a loan which i repay at 130 per month , I want to consoidate and applyed for a loan with no luck not good credit score and tried 0 percent balance transfer credit cards with up to 33 mths at 0 , but again due to credit rejected , the thing is by consolidating im actually saving monry each mouth ,,, why cant the bank see that,,, i want to pull my self out of this hole so can anyone give me some advice thanks

Hazzinho

If you get a consolidation loan you will double your debt, existing debt plus loan amount with bad credit, lenders assume you'll blow the rest and you've not managed credit well in the past to back this up. Probably best to go on the debt forum, they will have good advice.

[Deleted User]

They can't see that because they feel, like many people who consolidate, you will just spend the new loan and be twice as much in debt.

Try the DFW board for advice on cutting costs and paying down your existing debts.

andyfromotley

Hi baldrick, welcom.

Plan b for you mate, you're not going to be able to move the debt so your only other option is to knuckle down and pay it off. As suggested try the DFW board for all sorts of help and tips on how to save money and tackle your debt head on.

CLAPTON

baldrick1964 wrote: »

Hi i have 2 credit cards on which i pay 100 per month and a loan which i repay at 130 per month , I want to consoidate and applyed for a loan with no luck not good credit score and tried 0 percent balance transfer credit cards with up to 33 mths at 0 , but again due to credit rejected , the thing is by consolidating im actually saving monry each mouth ,,, why cant the bank see that,,, i want to pull my self out of this hole so can anyone give me some advice thanks

how much are the debts and what are the APRs?
what is your income?

miketaff1408

Hi Baldrick, your "cunning plan" as stated by others is a recipe for disaster. Instead of creating a pile of gold, you will only produce a pile of green.

List all your outgoings on a SOA and look to see where you can trim off the excess fat. Use this to throw at your highest APR debt. Do what others do on here and make overpayments on the loan/credit card even if it is just a pound or two here or there. If you have £1.21 spare, pay it. It all adds up and will bring forward your debt free date.

It has been proven time and time again that debt consolidators don't learn from their mistakes and end up owing the consolidation loan AND then maxing out the credit cards. By cutting back and living frugally, the lesson learnt will set you on the path to financial freedom with the resolve to never get into debt again.

baldrick1964

hmmmm all gloom an doom then lol ,, ok guys thanks for all your suggestions