Can’t get a loan to consolidate

Moffatt95

Hi, I had a couple of loans a couple of years ago that I have been paying off, then I had to go in to hospital for surgery twice within a 4 month period and each time I was off work for 3-4 weeks. This meant that I was low on cash and fell behind.
I was hoping to get a loan for the amount plus all my other little debts I have so that I can pay them all off and start fresh with just one monthly payment, but because I fell behind originally, that has ruined my credit score and I can’t get accepted for any loans.
I don’t want to ask a family member to be my guarantor as they are financially stable but I wouldn’t want to burden them with my troubles!
I’m wondering if anybody knows of any loans I may be able to get? I’m willing to pay extra each month as I am aware they are risking in me, but every time I use a comparison site they just send me to guarentor loans companies.

Thank you in advance if anyone can help!

[Deleted User]

If you're struggling with current debts and have a poor credit history, you won't be able to get further borrowing to consolidate.

Go to the DFW boards for advice on how to cut costs and pay back faster.

cajef

Moffatt95 wrote: »

but because I fell behind originally, that has ruined my credit score and I can’t get accepted for any loans.

Your credit score is meaningless only you can see it.

foxy-stoat

You wont get a loan, sell stuff and overpay where you can.

If you are thinking about a guarantor loan, do whoever is nice enough to be the guarantor a favor and dont do it, it will be their fault when they are made to pay your 50% interest loan.

Hope you can sort out your money troubles but you wont by borrowing your way out, spend less and pay more off your debts, highest interest first.

Nasqueron

Consolidation rarely works, you just end up with more debt, borrowing to pay off borrowing. There is no guarantee you will use the loan money to pay off your other loans given your financial issues so they have to assess borrowing based on all your debts combined + the new loan not on the basis of 1 loan.

ViolaLass

Moffatt95 wrote: »

I’m willing to pay extra each month as I am aware they are risking in me,

Why would you want to pay extra? If you can afford extra, throw it at your most expensive debt.

katie4

Hi I was in the same position maybe try your local credit union I had a great loan offer with them for consolidation

enthusiasticsaver

Moffatt95 wrote: »

Hi, I had a couple of loans a couple of years ago that I have been paying off, then I had to go in to hospital for surgery twice within a 4 month period and each time I was off work for 3-4 weeks. This meant that I was low on cash and fell behind.
I was hoping to get a loan for the amount plus all my other little debts I have so that I can pay them all off and start fresh with just one monthly payment, but because I fell behind originally, that has ruined my credit score and I can’t get accepted for any loans.
I don’t want to ask a family member to be my guarantor as they are financially stable but I wouldn’t want to burden them with my troubles!
I’m wondering if anybody knows of any loans I may be able to get? I’m willing to pay extra each month as I am aware they are risking in me, but every time I use a comparison site they just send me to guarentor loans companies.

Thank you in advance if anyone can help!

Consolidation is not paying the debts off, it is just moving them and it is not advised. Even if there is a genuine reason for you to be in debt like being ill and on reduced pay as you say it was for you the best way to clear debt is to cut back as much as possible and overpay on the debts as much as possible. You can post an soa on here (link on one of the DFW threads at the top of the board) or just do a spreadsheet or note on paper how much your income and essential bills are and work out how much you can afford to put to the debt each month. Target the most expensive debt first.

If you cannot meet contractual payments for loans or minimums for credit cards or the interest is so high the debt is not reducing you may have to contact stepchange who might advise something appropriate for you.

-taff

read the sticky thread about thinking about consolidating. The answers are the same for you.

foxy-stoat

I dont think the OP is coming back.

DCFC79

foxy-stoat wrote: »

I dont think the OP is coming back.

Give them time, was only yesterday.