Fair Credit Needing A Loan

HowsJ

Hello,
First time posting, not the best with money.
My credit rating is fair and I am after a loan to consolidate my credit cards. Credit rating says Fair because of the amount of money borrowed, £7000.
I'm looking at getting a loan for £5000 over 5 years. I work part time, earning around £520 a month, I only have a mobile phone to pay for as all other bills, mortgage is in my husbands name and paid for by him.
So I have the funds monthly to pay it back, but with the interest I am paying on the cards I am not making any dent in the amount owed.
Only companies that look like they will lend to me are ones with high interest.
Any help or tips would be great, as want to get the debt dealt with before it gets out of control
Thanks

foxy-stoat

Noone will give you a £5000 loan if you already owe £7000 on an annual salary of £6240.

Ask your husband to clear your debt and you can pay him back.

Good luck

CLAPTON

howsJ wrote: »

Hello,
First time posting, not the best with money.
My credit rating is fair and I am after a loan to consolidate my credit cards. Credit rating says Fair because of the amount of money borrowed, £7000.
I'm looking at getting a loan for £5000 over 5 years. I work part time, earning around £520 a month, I only have a mobile phone to pay for as all other bills, mortgage is in my husbands name and paid for by him.
So I have the funds monthly to pay it back, but with the interest I am paying on the cards I am not making any dent in the amount owed.
Only companies that look like they will lend to me are ones with high interest.
Any help or tips would be great, as want to get the debt dealt with before it gets out of control
Thanks

not knowing the interest rates, but guess would mean you are repaying about 175 per month in interest
so with about 500 spare per month, the balances should be coming down rapidly

firstly use the snowball method

pay the max you can on the debt with the highest APR and just a few pounds above the minimum on the others.

try to get a 0% balance transfer card and transfer the highest APR debt

all be cleared in a couple of years

jonesMUFCforever

I have to agree you will not get a loan of £5k on your own salary.
Does your hubby know about the debts?
Would he consider applying jointly with you?

Thrugelmir

howsJ wrote: »

My credit rating is fair and I am after a loan to consolidate my credit cards. Credit rating says Fair because of the amount of money borrowed, £7000.

No lender is going to consolidate your debts onto a low rate of interest because of the risk you pose. Totally the reverse.