I owe 18000 in credit card debt and 1700 for a car loan refused consolidation loan

yeltsin52@yahoo.co.uk

I am a civil servant and live with my pensioner mother. I have been refused credit for debt consolidation.is there any way to get a low interest loan to pay this off .thanks for a reply

TadleyBaggie

Most likely due to the fact you have almost £20K in debt and want to borrow another £20K more. Even though you might say it is for consolidation, companies have no way of knowing that will actually happen. Plenty borrow more and then blow it.

BTW using your email address as a username is a surefire way to increase your spam email count.

jonesMUFCforever

If you live at home (presumably) without major outgoings how are you in such debt?
My crystal ball is at the cleaners at the moment so without a little bit of information about your income and expenditure it will be difficult for anyone to advise you.

Perhaps go to the debt free wanabe board after making a statement of affairs - they are very good at offering advice there.

yeltsin52@yahoo.co.uk

I pay the mortgage and the council tax

normanna

If you're saying the reason you're in debt is because you are paying the mortgage and council tax and it's too much for you on your salary then that is not sustainable going forward and even debt consolidation would not help as the debt will just be racked up again.  If you can explain your circumstances in a bit more detail then perhaps the forum will be able to help you further.  Definitely change your user name.

MinuteNoodles

The lenders will look at your existing debt, add on top what you're looking to borrow and treat it as a lump sum because quite often people don't repay the debt they get the loan for or they re-use the freed up credit to end up not only back in the same place they were but with the addition of the consolidation loan on top.

They've looked at that, looked at your income and decided your income is insufficient to service the debt so you've failed on affordability.

Paying the mortgage and the council tax isn't the reason you end up £20k in debt. I pay the mortgage, the council tax, every single household bill for our family out of my salary and I'm not just debt free I'm saving £1000s a year in a SIPP and ISA and I don't even earn the national average wage.

enthusiasticsaver

A consolidation loan will not help you.  You need to focus on budgeting and actually paying the debt off rather than just moving it. As others have said you will not get one because you already have £20k of debt and applying for another £20k will render it unaffordable.  Even if you have every intention of paying off your existing debt there is no guarantee you will not rack up more credit card debt again as many many people have done.  

Go to the DFW forum and post up an soa.  (statement of account)

sourcrates

yeltsin52@yahoo.co.uk said:

I am a civil servant and live with my pensioner mother. I have been refused credit for debt consolidation.is there any way to get a low interest loan to pay this off .thanks for a reply

Hello,
Please pop over to the debt free wannabe board and we can help you deal with your debt the correct way, no more borrowing, solutions exist to deal with problem debt, you just need pointing in the right direction.
We’ll see you there.

DCFC79

yeltsin52@yahoo.co.uk said:

I am a civil servant and live with my pensioner mother. I have been refused credit for debt consolidation.is there any way to get a low interest loan to pay this off .thanks for a reply

Id stop looking for a loan, 1 wont be coming.
What resulted in the credit card debt ?
2 options, you either increase your income or cut your spending and really scrutinise it.

lordmountararat

OP,  you really need to change your username to something other than your email address so as to avoid a deluge of spam offering you loans at usurious interest rates.