Just got turned down for a loan - any thing I can do?

BatchedMetting

Thanks, that makes sense.

I will have a look on DFW. Although I don't think that we would pay off the extra if we didn't have to. If we have a loan then we have to pay back £500 per month.

However, if we want to pay off the credit cards, we'd need to choose to pay more than the £500 per month (otherwise we would just be paying the minimum which would take decades). As things are so tight, I don't think we would be able to optionally pay over the £500.

Nasqueron

BatchedMetting wrote: »

Thanks, that makes sense.

I will have a look on DFW. Although I don't think that we would pay off the extra if we didn't have to. If we have a loan then we have to pay back £500 per month.

However, if we want to pay off the credit cards, we'd need to choose to pay more than the £500 per month (otherwise we would just be paying the minimum which would take decades). As things are so tight, I don't think we would be able to optionally pay over the £500.

There is a possible case for financial hardship with the bank but the point of snowballing is to pay the minimum on the lowest interest rate, pay off the highest as fast as you can then move onto the next - it can work out better