Pre-check for Eligibility for Balance Transfer Fail...

Bunny4jeff

Realising that i may in the future find it difficult to make all the monthly payments on my current credit cards, I followed MoneysavingsExpert's video advice to apply through Barclaycard for a special balance transfer card, to consolidate my payments to one more affordable amount. I am currently not owing anyone or overdrawn, but doing the eligibility pre-check they provide gave me the result that I would not be accepted. This was not the impression given in the video. Does anybody know of anyone who would be prepared to offer a card or loan to those who can foresee possible problems ahead, and wish to do something about a consolidation before it becomes a genuine problem? I and I'm sure, many others are trying to do something to help the situation, not burying our heads in the sand. Surely there is some help out there, of a practical nature for those looking for it, before it becomes necessary? I would have thought I was taking a welcome practical approach but noone seems willing to help.

fatbelly

If you haven't missed any payments, then it sounds like you are nearing the limit of what lenders are comfortable with, perhaps with attitudes hardening after some bad press recently.

You may find your existing cards will make you 0% offers if you are well under the credit limit or, better, can clear the card completely.

It is worth checking your credit files in case there is something there that is causing a problem.

But if you are really finding it difficult to make all the monthly payments on your current credit cards then you probably need to do a statement of affairs and let us have a look at it.

MEM62

Bunny4jeff wrote: »

Does anybody know of anyone who would be prepared to offer a card or loan to those who can foresee possible problems ahead?

If you can foresee problems chances are lenders can too and are unwilling to take the risk. Perhaps you biggest issue will be affordability. What is you current income and outstanding debt?

You should also be aware that, generally, consolidation loans do not work.

Bunny4jeff

MEM62 wrote: »

If you can foresee problems chances are lenders can too and are unwilling to take the risk. Perhaps you biggest issue will be affordability. What is you current income and outstanding debt?

You should also be aware that, generally, consolidation loans do not work.

Thanks, this is probably right, that they see problems arising, or have been "burnt" before... but for someone like me, who fully intends to make the payments and would be able to do so if the payments were consolidated into one amount instead of several, with their varying interest rates..but as things will be changing soon, my husband's income will be dropping; I wanted to make changes before anything became a problem. Now, it looks as though I will be better off writing to my creditors, explaining the situation and offering to pay as much as I can manage, which will not be the full monthly figure. It would have been better for them, and us, if we could have come to some arrangement with some kind of consolidation. I did decide to apply for a personal loan from my bank, explaining it was to consolidate, but was turned down. Oh well, I've tried, c'est la vie...many thanks for your advice anyway!

fatbelly

Bunny4jeff wrote: »

... but for someone like me, who fully intends to make the payments and would be able to do so if the payments were consolidated into one amount instead of several, with their varying interest rates..but as things will be changing soon, my husband's income will be dropping; I wanted to make changes before anything became a problem. Now, it looks as though I will be better off writing to my creditors, explaining the situation and offering to pay as much as I can manage, which will not be the full monthly figure.

Credit cards tend to have a minimum payment of 1% so you will still have the same minimum payment whether it is spread over a few credit cards or consolidating into one, unless you are moving from sub-prime cards to mainstream ones.

As you go on to say, you will soon be unable to afford the minimum payments so the new lenders who declined made the correct decision and. as we often see, the desire to consolidate, seems to be a precursor to some sort of debt management.

If you want to post a statement of affairs we can give advice on the way forward

http://www.stoozing.com/calculator/soa.php

Bunny4jeff

fatbelly wrote: »

Credit cards tend to have a minimum payment of 1% so you will still have the same minimum payment whether it is spread over a few credit cards or consolidating into one, unless you are moving from sub-prime cards to mainstream ones.

As you go on to say, you will soon be unable to afford the minimum payments so the new lenders who declined made the correct decision and. as we often see, the desire to consolidate, seems to be a precursor to some sort of debt management.

If you want to post a statement of affairs we can give advice on the way forward

Ok, will get one ready, and appreciating already the positive comments, and the very first sympathetic ears! I was feeling a bit like I was wading through thick lumpy custard, but now the custard, while still thick, has suddenly become smoother and less lumpy...:)