Sympathetic Lender - Consolidation?

jasser1492

Morning. Unfortunately I have c. £40k unsecured debt on credit cards. I am looking to consolidate as much of this as I can in a (loan 5 or 7 years). My credit rating is good. It is my high level of debt that has brought it down from excellent. Which is likely to be the most sympathetic lender to apply to? Thank you.

[Deleted User]

Lenders don't like consolidation loans as there is no guarantee you will pay off the cards, you could just book a holiday with it, so they judge you based on existing debt plus new debt i.e. £80k of debt. In addition, no lender in the UK will give you an unsecured 40k loan. You can draw your own conclusions about the validity of your "good" rating when you have £40k of debt you are struggling to pay off.
Go to the debt free sub forum and ask for advice there on how to clear your debts, borrowing to pay debt never works.

jasser1492

Thanks for the quick reply. I only referenced my credit rating as ‘good’ as I thought it may help provide context for the question - certainly accept this level of debt isn’t  anything like good.

I was really looking to refinance a part of the debt, as I know nobody will
cover the full amount. If I can refinance one card then I will shift all the debt around on my other cards on promotional rates. I just wondered if anybody knew which lender might be the best to apply for to facilitate that. I take on board your point of course that no lender may be willing due to the level of debt, though I can and am currently servicing this level of debt.

Will head across to the debt free sub forum - thank you.

Sncjw

Your still adding debt. They will assess you with the amount of current debt plus what ever you try to get. If your struggling now how are you going yo pay off the new debt.

How much household income I. There.

I would go on the debt free wannabe page 

cymruchris

There aren't any sympathetic lenders in the current circumstances - most, if not all, have stringently tightened up their lending criteria, and unless your income is in excess of £250k a year - I can't see any regular lender helping you out. What caused the debt in the first place - was it general overspending creeping up over several years? Or short term emergencies? 

Now's a good time to really focus on the intricate detail of what's going in and out, and the relevant interest rates. A review of spending would definitely be worthwhile - what expenditure can you chop immediately? what contracts can you kill and when? Do you need Sky everything package (if you have it)? Do you need super duper big gig fibre broadband (if you have it)? Do you have a cupboard full of stuff that you've bought and never use? Any old technology lying around? Get selling, get cutting, get reining in the spend, and start doing everything (and I mean EVERYTHING) in your power to get it down before it's too late.

jasser1492

Thanks all, it accumulated through works to the house and general overspending. Household income is c. £80k per annum. All non-essential stuff has been cut back apart from Netflix/Spotify/cable/life insurance. Re-mortgage is not an option. Some stuff around the house can maybe be sold. I can service the debt and it is going down each month and have recently cleared some loan accounts, but it’s a very slow process. Will go to the debt board. Thank you.

DCFC79

jasser1492 said:

Thanks all, it accumulated through works to the house and general overspending. Household income is c. £80k per annum. All non-essential stuff has been cut back apart from Netflix/Spotify/cable/life insurance. Re-mortgage is not an option. Some stuff around the house can maybe be sold. I can service the debt and it is going down each month and have recently cleared some loan accounts, but it’s a very slow process. Will go to the debt board. Thank you.

Why were the costs for the works on the house and general overspending not kept under control ?