Need a loan, can't get a loan

rache11a

I am a single, 27 and have a salary of just below 30k and rent a property. I should have a good credit rating from always paying bills on time and paying more than than the minimum for my credit card.
During university I unfortunately had to rely on a credit card and now I wan't to pay that, with my student over draft, off using a bank loan.

However, I've tried applying and have been rejected by MandS and Tesco. I don't know what to do. My CC debt is a vicious cycle and I can't see ever being able to pay it off. For years I've done balance transfers, making use of the 0% period. The only way out I see is through a bank loan but I don't seem to be able to get one!

Advice much appreciated.
Thanks.

DCFC79

Cut the spending, get a cheaper phone contract or go sim only and use existing phone, shop at cheaper supermarkets etc.

Lenders see the loan as existing debt, lenders can't be sure you will use the loan to pay the card and student loan off.

What's exactly on your credit history, any defaults ? Lenders don't have to offer you a loan, maybe you didn't fit the profile as a customer for them.

You may have had a good credit rating and may well still do but lenders don't see it.

ViolaLass

The way to pay your CC off is to er... pay it off (not keep transferring it).

On £30k you should be able to throw a few hundred at it every month.

molerat

You may think you have good credit by regularly paying bills but that is negated by the long term debt you are carrying. Taking out a loan is seen as more debt because they can't guarantee what you are going to use that money for. Transferring debt around without a plan is a sure fire recipe for disaster. How much debt are we looking at ? Get yourself across to the DFW board, loads of people in your situation over there with loads of advice.

foxy-stoat

rache11a wrote: »

For years I've done balance transfers, making use of the 0% period.

This is your problem, if you havent been reducing the balance by the end of the 0% period or a good chunk of it you have only parked your debt - you need to pay it down not shuffle.

A loan probably wont help you much as you cannot borrow your way out of debt, debt needs to be paid.

dresdendave

rache11a wrote: »

My CC debt is a vicious cycle....


For years I've done balance transfers....


The only way out I see is through a bank loan but I don't seem to be able to get one!

Your debt is in a vicious circle because you keep moving it rather than paying it off.


Your mind set needs to change, you can't make debt go away by borrowing more.


Either increase your earnings, decrease your outgoings or ideally both. Use the extra cash you generate to increase your debt repayments.


The DFW board is the best place to get advice to achieve this.

[Deleted User]

Kimba1234 wrote: »

Nice thread, thanks for sharing! :-)

Nice spam. Now b*gger off.