Refused Consolidation Loan on affordability - MAKES NO SENSE !!!!

Thrugelmir

username901 wrote: »

I don't think they'll be back, not liking the answers they're getting.

Coming to terms with the reality of the situation is the difficult part for many people. Sometimes there are no easy answers.

Willing2Learn

GFUNK83 wrote: »

Wow !!!

I thought this would be for a bit of advise and guidance not to be spoken to and judged like that comment there suggests !

You are being seriously over-sensitive. No-one is having a go at you or passing judgement. Everyone is trying lead you toward a workable solution for you. Like you were told in your old thread and in this one, you need to do an SOA so that we can advise, support and guide you...

foxy-stoat

You cannot borrow your way out of debt.

What is the monthly interest you are being charged on each card?

I would pay the minimum payments on the other 2 and concentrate on overpaying the highest interest one first.

If you are still using the credit cards month to month then a loan isn't the best choice for you. If you are not using the cards anymore then your salary will be the limited factor in securing further borrowing.

It makes absolute sense for the lenders to refuse you further borrowing as for all they know you will spend the £9000 on something else other than the card debt, or clear the credit card off then rack up the debt again, leaving you further into the debt spiral.

DCFC79

GFUNK83 wrote: »

"As above - look to cut your costs and repay the debt you already have."


Its not just as simple as that though isn't it !, if you are tied into contracts etc I cant reduce anything

Have you tried though ?

DCFC79

GFUNK83 wrote: »

Wow !!!

I thought this would be for a bit of advise and guidance not to be spoken to and judged like that comment there suggests !

Nothing wrong with the replies.


Why dilly dally when you can just get straight to the point.


No judging occurred.

DCFC79

Do you now see a consolidation loan isnt the option, why you wont get 1 ?

Sea_Shell

There are always areas to save money, it depends on how tough on yourself you're prepared to be, what you're prepared to do without.

Without an SOA no one can see where your money goes.

Do you know where it goes, or does it seem to evaporate on you?

Eg. Do you buy takeaways, drink alcohol, smoke, eat chocolate, buy branded?

Willing2Learn

GFUNK83 wrote: »

I'm a 34 year old male , married , homeowner with a 6 year old kid.

I have racked up debts on 3 separate credit cards totalling £16000 with total outgoings for these monthly of £350 only covering the minimum payment on each

These cards were balance transfer cards that had big available credit on them and surprise surprise I ended up spending on them

I have changed my job from quite a highly paid job to now since the beginning of the year I now earn about 60% less annually !!

As these are on balance transfer cards I don't think I can then transfer them to other cards so I'm really struggling with the outgoing payments.

I would like to consolidate them to one lump sum payment but as I have changed jobs recently within the last 6 weeks I don't think I would qualify for a loan of around £15k !!

What are my options because I can't go on like this

The above post was made in September 2017. Since then your debt has increased by £1,000.

Deleted_User wrote: »

... look to cut your costs and repay the debt you already have.

GFUNK83 wrote: »

Its not just as simple as that though isn't it !, if you are tied into contracts etc I cant reduce anything

DCFC79 wrote: »

Have you tried though ?

Your contracts must have ended a long time ago. Have you since switched to different providers with lower contract costs?

-taff

GFUNK83 wrote: »

I wanted to take out a loan to wipe out the biggest one and eventually see light at the end of the tunnel as to getting rid of it.

Why don't you sit down and have a think about what you wrote above...
If it hasn't occurred to you yet I'll explain.


You want to borrow money...You want to pay off this biggest debt so it's not hanging over you...
How are you going to feel if you now owe the same amount of debt and you will actually be paying back more in the long run? Because if you're after a consolidation loan, that will happen. Except you're not seeing this part, youre seeing the bit where your monthly payments go down. You haven't taken into account the time it will take to pay back.


As above, consolidation loans are not the answer except in very specific circumstances, and those don't seem to apply to you. You will not get another loan with a good interest rate because anyone who lends is not going to see 17k paid offf with 17k, they're going to see 34k is now owed.
Work out where you are spending money you could save towards this debt, google snowballing. If you truly can't afford to pay back more, then your only option is to increase your income.
Go to the debt free wannabe board, post your SOA. They will probably be able to see areas where you can save that you can't for the trees.
I don't think you've reached your lightbulb moment yet though, so anticipate seeing you again in a years time....