CONSILIDATING CREDIT CARD DEBTS

Suskey

HI, I AM 62 YEARS OLD AND WAS RETIRED ON HEALTH GROUNDS FROM LOCAL GOVERNMENT IN 1999 AFTER WORKING WITH THEM FOR 25YEARS, I EVENTUALLY WAS UNABLE TO CONTINUE AS MY ILLNESSES WERE BECOMING WORSE, RAYNARDS PHONOMENOM/DISEASE AND SYSTEMIC LUPUS/SLE WHICH ARE BOTH INCURABLE WITH MEDICATION TO HELP KEEP UNDER CONTROL TO SOME EXTENT, I WAS DIAGNOSED WITH THESE AT 21YEARS OLD BUT CONTINUED TO WORK FOR AS LONG AS POSSIBLE. I RECEIVE A MONTHLY PENSION, CONTRIBUTORY ESA AND DISABILITY LIVING ALLOWANCE. I HAVE AMOUNTED DEBT ON MY CREDIT CARDS AND IT JUST WORRIES ME CONSTANTLY, I WANT TO GET A LOAN FOR THE TOTAL AMOUNT DUE ON MY CARDS SO I CAN PAY THEM OFF IN FULL AND JUST HAVE ONE PAYMENT EACH MONTH. I HAVE TRIED FOR DIFFERENT LOANS BUT THEY HAVE ALL COME BACK 0% CHANCE, EVEN THOUGH THE AMOUNT OF THE LOAN 3000 PAYMENTS WOULD BE LESS THAN THE DIFFERENT AMOUNTS I AM PAYING ON MY CARDS, AS SOON AS I PUT IN RETIRED IT SEEMS THAT THIS IS MAYBE WHY I AM NOT QUALIFYING. I ALWAYS PAY MY CARDS ON TIME, NEVER MISSED ANY PAYMENTS, DONT HAVE RENT ARREAR, NO CCJS ETC, CAN ANYONE PLEASE GIVE ME ANY ADVICE OR HELP WITH REGARDS TO THIS, ALL THIS WORRY IS MAKING MY HEALTH CONDITIONS SO MUCH WORSE. THANK YOU FOR YOUR HELP IN ADVANCE,
 SUSKEY

[Deleted User]

From what I can make out, you owe too much and earn too little to get further credit.  It's not the fact you're retired. Visit the DFW boards for advice on cutting costs and repaying your existing debt.

If possible, post in upper and lower case.  Capitals makes it very hard to read and therefore for people to help.

MovingForwards

Ask @sourcrates to move this over to the other board, you will receive a lot of help and support from the members.

The reason for the loan decline is lenders know 99% of people pay the credit card debts off with the loan, then use the credit cards again. They assess your application on having the loan and credit cards to pay.

foxy-stoat

Due you owe £3000 or is £3000 the monthly amount you pay?

Do you own your home, any equity, mortgage etc?

At 62 and retired I would think that the credit file is done by now.....maybe stop paying the credit cards, save the cash, get a few months behind and think about DMP or IVA.  Speak to Stepchange first though, as they maybe able to help.

MinuteNoodles

As above. Take the hit on the credit record and use one of the several options available to those in financial distress. 

As much as it's worrying you, ultimately at the end of the day it's only money, they can't get blood out of a stone etc and if it ultimately comes to it there's always bankruptcy which in the 21st Century is not the thing it used to be many years ago. As foxy-stoat said, contact Stepchange who are a debt charity and will be able to help you.

macman

One payment doesn't mean less payment. If the monthly amount quoted is less, that is simply because the repayment period is longer, and you will pay more in total over the term of the loan. Consolidation is not the answer.

enthusiasticsaver

If you cannot afford the repayments then stop making them and look into a DMP or even bankruptcy unless you own your home which I guess you don't if you pay rent.  If you really only owe £3k though it is not worth paying a bankruptcy fee.  You will not get a loan at your age in your situation. Write to your creditors telling them of your situation and with any luck they will write it off given you are in ill health, are not working, presumably have no assets like a  property or savings/investments and over the age of 60.  As someone else said they cannot get blood out of a stone. 

sourcrates

I’ve moved your post over to debt free wannabe, why not post an SOA and we’ll see if we can help you reduce your costs, consolidation is never the answer to debt problems.

Suseka97

As has been said, debt consolidation isn't the answer here and there are likely to be better debt busting options for you - but to advise it helps to provide a little more information on the situation.  If you post up a statement of affairs (income and outgoings) with more detail on those credit card debts (balances owed, minimum payments due, monthly payments being made) you'll get some great advice from the debt freedom gurus on this forum

If you are not comfortable doing that, then please do get in touch with one of the debt charities listed in sourcrates post, at the signature line.  They can help you consider all options that might be available, but above all please don't let this debt stuff get on top of you.  Your health and wellbeing is much more important!

Thenonameleague

You dont need a loan, you need to follow the advice posted.