Why can't I get a loan? Help needed!

CLAPTON

makes no sense:

you have a CC with 0% until August and then 13.9%

and you have a CC with 18.9% now and forever.

pay as little a possible on the first card and as much as possible on the second card..

keeperbear

chris50337 wrote: »

So that's £864 going out and £1516 coming in.

I was after a loan of £10k to clear all these debts, help me move house and only have one outgoing. Financially, this makes perfect sense

You have a substantial amount to throw at your debts each month. Why not start to tackle them rather than merely refinancing them. Sorry to be blunt, that this strategy makes more financial sense than obtaining another 10k loan.

Keeping_Positive

Hi

I would use this to work out which debts to pay first http://www.whatsthecost.com/snowball.aspx?country=us.

Hope it helps

bigpat

I agree with Clapton and other posters. First, I think it's a mistake to borrow another £10k, I realise you need a lump some now/soon for moving house but (I think) that *you* think you need that much because you want to consolidate it to make it "easy".

But direct debits are easy. You're better having lots of small amounts owing here and there, than one big sum in one place. Follow Clapton's advice and the advice you will get from Wendy24g's snowballing link above (Great post by the way!) and concentrate on paying off the card with the higher APRs first.

Second: do really consider whether you can borrow a new, but MUCH smaller loan, to move house. Maybe all you need is an overdraft for a few months. But you need to be careful with it and don't let it snowball the other way.

UK007BullDog

4 banks have refused you. All leaving a footprint on your file. So there is no chance unless you go with one of those high interest rate loans, which is not a good idea at all.

Even if you tell them it is to pay off your debts they will still not do that because of the credit crunch, because you are young, living at an address for just 6 months and had your job for just 6 months.

Get rid of your credit card with the highest APR. You could do that in 2 months if you really tried. You have a lot of income so should be able to pay back your debts quite quickly.

Also ask bank of mom and dad if they can give you the deposit and dont bank on your old deposit to be returned. You might not get all or any back. everything you tell is is an if and but. You might have to rent a room somewhere for a while until you have gotten rid of your debts.

donny_osmonds_mad_fan

just want to say about natwest and that I have much the same problem as you, natwest gave me overdrafts and loans when I earnt less than 10k a year part time, now however I earn over twice that they wont help me have another loan so i can pay off my overdraft and loan when the monthly payment would work out less than i am already paying them....but then of course they would be missing out on high overdraft interest rates they already get from me I guess