Help with switching

Shocked_mg

I've spent a couple of weeks reading posts before joining the forum and now feel that I need to ask for help, I've been in debt for as long as I can remember and am now 48 years old, 8 years ago I realise LBM that I had to sort it so took out a loan with lloyds for 9000 to pay of some credit cards, sure that I could then sort out the rest easily, (about £15000 in total) it didn't happen, my repayments with PPI were high I was skint and used the cards again and went up to £22000 in total over various cards, I'm now down to 2 cards with £8740 on one low interest for life of balance and a virgin card with £5500 owing with high interest. My problem is I can only work part time so have low wage and the bank won't accept me for a loan for the Virgin card amount to try and get a lower rate which seems a little unfair as they gave me one years ago for £9000 with interest and PPI even though I was earning a little less than now.

I've applied for PPI payback, which if I get it will be life changing and am looking at snowballing but is there anything else I can do as I'm sure I won't be accepted for a 0% card transfer if I can't get a loan.

I'd like to be able to retire debt free!

National_Debtline

Hi mg and welcome to the forum. Glad to hear you've felt able to take the plunge and seek support.


It does indeed sound from your post as though you might struggle to be accepted for 0% card transfers. You might want to consider options beyond simply seeking further credit to pay off existing debts - as you acknowledge yourself, this approach hasn't reduced the amount you owe over the past 8+ years.


Would you perhaps be able to post a Statement of Affairs here http://www.stoozing.com/calculator/soa.php as this might help forum readers offer you more constructive suggestions?


Do you have any idea how much you might be due from any PPI refund? Are you pursuing this yourself, as opposed to using a 3rd party? (Just so you don't end up having to hand over a portion of the refund to a middle man). The refund might allow you to negotiate a reduced settlement figure for your outstanding debts, you never know.


Dennis
@natdebtline

Shocked_mg

Hi, I'm afraid I have no idea what to expect if anything from a PPI refund but if I do get anything back it will be going straight on the Virgin card as that is the highest interest, I also had a credit card from Lloyds which had payment protection so if the loan claim is successful I will be looking into the details of the credit card. I am looking into it myself, no third party involved as I need every penny available.

I have never missed a payment on any of the loans or cards and can afford to pay them back just slower than I would like.

Lesson learned I will only use cards now as an absolute emergency or for security as long as I have the amount I spend available to pay straight off.