Can't get loan

mars15

Hi I'm new to here so not sure if this is the right place to post!!

I'm trying to get a loan to consolidate debts, at the moment I a couple of credit cards and a loan. Getting a further loan to cover these would practically half my monthly payments...however as I have a high ratio of unsecured debt (credit cards) I'm being declined, even though I can afford to make the payments!!!!

I've been declined 0% credit cards so can't do balance transfers.

Anyone have any experience or advice on how to get around this?

[Deleted User]

Pay down some of the debt. Visit the DFW boards for advice on cutting costs.

Once you're less indebted, other opportunities may arise. Lender won't risk you doubling hour debt at present.

mars15

Hi, thanks. I've sent a message to DFW so hopefully they can advise me.

Caz3121

mars15 wrote: »

Hi, thanks. I've sent a message to DFW so hopefully they can advise me.

this is the board referenced (not sure what you mean by 'sent a message')
http://forums.moneysavingexpert.com/forumdisplay.php?f=76
note with any additional borrowing the lender will assess your affordability on the total of the existing debt plus the new debt - there is no guarantee that you would take the new debt and pay off the existing debt with it so you need to be able to afford it all, which is potentially part of the issue you have

Sncjw

Likely to be declined because it's double the debt you have to them. They don't know your going to consolidate

Fireflyaway

Make as many cutbacks as you can and then try the snowball method to pay them off? Consolidation loans don't get rid of the debt it just moves it about and usually hangs around longer. If the current interest is high then that might spur you on to pay them off quicker? Unless you are maxed out and can't afford to make more than minimums? That's what happened to me. In that case call them and make an arrangement.

YorkshireBoy

Fireflyaway wrote: »

Unless you are maxed out and can't afford to make more than minimums? That's what happened to me. In that case call them and make an arrangement.

Surely before you (need to) do that - and trash your credit rating - you'd attempt to increase your income wouldn't you?...overtime, 2nd job, even a 3rd job.