Cant consolidate Cards Help!

Hi I'm new on here so go gently.:-) not even sure if in the right place - sorry mods.
I have three cards that have built up over time trying to pay car repairs, Bill's etc - usual living costs, with my and my other half income the debt would be affordable if consolidated, as it is I'm paying over £300 a month and nothing is being paid down.
I'm max overdraft too, I'm in careers with ctax and I've been on furlough for past 8 weeks, reducing my income.
Wanted to build my credit rating but as soon as I got on top I got hit with unexpected costs leading me back to where I am.
No idea what to do without permanently wrecking my credit file.

Anh help appreciated.


  • SkintGB
    SkintGB Posts: 3
    First Post
    Sorry for typos, on my phone
  • [Deleted User]
    [Deleted User] Posts: 35,242
    First Anniversary Photogenic Name Dropper First Post
    edited 27 May 2020 at 3:08PM
    You're very unlikely to get a BT or other borrowing with that kind of debt.  Try an eligibility checker to see if anything comes up, but keep your expectations low.

    If you're making at least payments but the debt isn't going down, it means you're still spending on the cards, so you need to stop that.

    Visit the DFW boards for advice on cutting costs and repaying faster - or other solutions if more appropriate.

  • SkintGB
    SkintGB Posts: 3
    First Post
    Thanks for the reply ZX81- my brother had one of them!

    Yeah trying to spend less than I pay off, hard with living costs, got myself into a bit of a cycle.
    I'll look where you suggest👍
  • MallyGirl
    MallyGirl Posts: 6,515
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    Senior Ambassador
    Consolidating, as such, won't actually make any difference. What you are wanting to do is to reduce the interest rate you are paying. If the balances have built up just through 'life' rather than any specific large purchase then your chances of getting a 0% aren't that good. Have you tried the eligibility checker on here out of interest?
    I would agree that the Debt Free Wannabe board is your best bet
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  • yksi
    yksi Posts: 1,024
    First Anniversary First Post Name Dropper
    I know that what you were seeking was a way to consolidate - and thus reduce the interest and overall cost to you on a day-to-day basis. Just for a bit of info, the vast majority of people who manage to do this fall further into debt. Even the smart ones. The reason is that they don't address the spending habits. Right now with Covid-19 affecting everything, it's even harder to cut spending for a lot of people. Banks have so much data on the spending of thousands of customers and they can predict with almost certainty that people who consolidate will then use the spare cash to go into more debt. This is the reason that you were rejected for a consolidation loan - they know you better than you know yourself. These boards are full of intelligent people who have even higher debt than yours who have refinanced over and over again and are now in a position they can't get out of.

    Although your debt level is high, take a moment to be grateful that it isn't worse. You can get out of this. It won't be easy, but it starts with examining every single purchase big or small. Then you need to cultivate a habit of Not Spending, from the big ticket items right down to the lunchtime meal deals. Every penny matters and will chip away at your debt. Good luck.
  • MinuteNoodles
    MinuteNoodles Posts: 1,176
    First Post Name Dropper
    You are in a debt emergency if you're using credit cards to meet normal daily living costs. You'd be better off getting onto the debt free wannabe board and getting some help there. First step though is figuring out just where the money is going and until you do that you can't even begin to dig yourself out of the hole. In the hole you're in there's very little likelihood of being able to get out of it without some damage to your credit record however given that more credit is precisely the thing you don't want right now until you're sorted then it's not the end of the world. 
    If you consolidate your cards without addressing the root cause that's led you to this point then I can guarantee that you'll end up not only with the balance you've transferred but those cards being back up to where they are now, effectively doubling your card debt.
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