How the flip are you meant to get a debt consolidation loan if your declined because your debt high!

sourcrates

zmblake wrote: »

I do not want to go down the route of a DMP as my credit rating is slowly recovering so I want to keep on improving it. Im struggling to pay for petrol / food at the moment.
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Hi,

You mention a DMP is not for you as you want to improve your credit score, then in the same sentence you say you cannot afford food or petrol.

Sorry, but your priorities are all screwed up here, the solution is staring you in the face, yet you dismiss it out of hand in order to protect a made up number no one else ever see`s but you, also your actions with the bank wreak of desperation, no reputable firm will lend to you under those circumstances.

A workable budget is essential to good living, your essential bills come first, all unsecured credit debts are non priority, and come last in line, what is left is your disposable income, and can be used to pay your debts with, if that means debt management, then so be it, time for the trees to see the wood.

foxy-stoat

zmblake wrote: »

I can see where you are coming from, I would like to get a debt consolidation loan however no-one will lend to me due to my debt to salary ratio. I would like a £10,000 loan over 4 or 5 yrs to pay off all my debt into one manageable monthly payment, I do not want to go down the route of a DMP as my credit rating is slowly recovering so I want to keep on improving it. Im struggling to pay for petrol / food at the moment.

I even wrote to my bank to try and appeal their loan decision for me, and said that I would be happy for them to send the money to my debtors directly so I don't actually get the money myself (long shot, I know) and then close my accounts down. I have really learn my lesson with the credit cards and am determined not to open them again.

I can understand where you are coming from totally.

Probably better to start your own thread but expect it to go the same way this one has.

Consolidation is not the answer - you cannot borrow your way out of debt only repay it - look at the interest rates and see if you can make cuts to them by shifting the debt to intro rates, sell everything you can, down value the car, earn more money.

DCFC79

Looks like lawero1 has decided not to come back and his account has changed to archived user.


We just didn't provide the OP with the answers.

cajef

DCFC79 wrote: »

We just didn't provide the OP with the answers.

Posters did but they just were not any of the ones they wanted. :sad:

DCFC79

cajef wrote: »

Posters did but they just were not any of the ones they wanted. :sad:

Lol that's what I was alluding to.


As usual the OP only wanted to see answers they believed were right.