What are my options?

Justinab

Morning all
So I currently have 2 loans amounting to approx £14k and a credit card at about £3k.  My total payments on these three are quite high each month so I have been looking into ways of reducing my monthly expenditure to make it more affordable for me (I have no other debts, no previous CCJ's, IVA's or anything like that).
A few months ago I applied for an consolidation loan but was turned down.  And today I applied for a 0% balance transfer credit card with Nat West (who I bank with) and was also declined.  This is all despite having a very score that is almost at the maximum level.
I earn £28k pa so Im assuming Im getting declined because borrowing more (even to pay these off) will send me over the maximum amount I want to borrow.  
Can anyone please advise what steps I can take to bring down my monthly payments?
Many thanks

TheAble

You're requesting more credit than your income can support is the problem, hence why banks don't want to lend any more to you. You can talk to your existing lenders about reducing your payments but you may find it best to reduce other expenditures in your life and pay off these debts as quickly as you can.

enthusiasticsaver

You can either cut back and budget or you can ask lenders if they will extend the term to reduce the monthly payments. What were the loans for initially? 

fatbelly

A 0% card isn't going to reduce your monthly spend but in future, before you apply, use the pre-eligibility checker on this site

https://www.moneysavingexpert.com/eligibility/credit-cards/search/?goal=CC_BALTRANSFERV2

In your case we would need to see a statement of affairs to make sensible suggestions, as The able says, about reducing expenditure elsewhere, or whether you need a more definite debt strategy

Justinab

Thank you all

MovingForwards

I'm pleased to see you have popped over here.

If you complete a statement of affairs, we can see where spends can be cut back to allow snowballing of your debts. It's better to deal with them head-on than kicking them down the road to deal with another day.

Justinab

Thank you, is there a statement of affairs template?

fatbelly

Yes

https://www.lemonfool.co.uk/financecalculators/soa.php

Please format for mse.

I'll have a look at it when you post it