Mortgage and Good Salary but can't get a loan

Acmt
Acmt Posts: 13 Forumite
Hi there due to my poor credit score I have been turned down for any consolidation loan I have applied for. I have about £40K equity in my Property, I have a full time job with a good Salary but any company I have tired doesn't take these into consideration they just look at my credit score. I am struggling to make repayments to all creditors at the moment and was looking to consolidate into one manageable monthly repayment. Anyone any ideas?
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  • [Deleted User]
    [Deleted User] Posts: 35,242
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    No one looks at your credit score. They look at your credit history and circumstances.

    If you're struggling to make repayments, you won't get further loans at any sort of acceptable rate.

    Visit the DFW boards for advice on cutting costs and repaying faster.
  • Caz3121
    Caz3121 Posts: 15,533
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    Acmt wrote: »
    I am struggling to make repayments to all creditors at the moment
    affordability is likely to be an issue here. Any loans will be assessed as additional to your current debt so if you have £10k of debt and are looking to borrow £10k then you would need to have an income that would support £20k of debt (there is no guarantee that you would use the loan to pay off the existing debt)
  • Acmt
    Acmt Posts: 13 Forumite
    Hi sorry I meant to say credit file and not score.
  • Candyapple
    Candyapple Posts: 3,384
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    You are clearly in too much debt hence the rejections.

    Given that you aren't going to get a loan (at any normal rate that is) you need to tackle why you are in so much debt and so the best advice you have already been given is to post over on the DFW boards:

    http://forums.moneysavingexpert.com/forumdisplay.php?f=76
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • Acmt
    Acmt Posts: 13 Forumite
    I have total debts of £5K, I get I need to curb the spending and save on certain things which I have addressed but that doesn't stop the repayments that need to be made each month. I can make repayments but this is leaving me zero amount to live on each month. If I had a small repayment of one repayment a month it would make things much more manageable
  • [Deleted User]
    [Deleted User] Posts: 35,242
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    Acmt wrote: »
    If I had a small repayment of one repayment a month it would make things much more manageable

    It wouldn't. It just shifts the debt.

    You HAVE to cut your expenses. No lender is going to give you further funds when you're on the verge of collapse with the borrowing you already have.
  • Candyapple
    Candyapple Posts: 3,384
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    You earn roughly £2.5k a month and have debts of £5k. Where is all your money going?

    Do you have a history of late payments / defaults / CCJs?
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • Acmt
    Acmt Posts: 13 Forumite
    After tax I get around 1630.00 a month. My Mortgage and my Rent comes out of that. Payment for my parents healthcare was coming out of that for the last 8 months until they became retirement age. with food and bills the rest is taken by creditor repayments
  • Herzlos
    Herzlos Posts: 14,662
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    Acmt wrote: »
    I have total debts of £5k

    On a good salary, a £5k debt shouldn't be consuming all of your money. Is it pay day loans or something with a huge interest rate?

    Can you give us a breakdown of what the debts are (amounts, min repayments and rates) as well as what you're incomings/outgoings are.

    The easiest answer is to cut your spending to the bone (ditch any TV packages, gym, nights out, takeaways downgrade your phone plans) and try to break the back of it.
  • Acmt
    Acmt Posts: 13 Forumite
    There are payday loans as that was the only place I could get credit to live on month to month. I would need to check all the details on a spreadsheet I have. But again saying I am cutting spending each month I can't cut anything much lower I don't use gym tv packages etc. Freeview TV pay monthly phone plan which is 30.00 for everything calls text data.
    That still doesn't help with paying what I owe every month I borrowed what I couldn't afford to pay back. I can afford a total smaller repayment each month but the creditors don't want to hear that
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