Getting out of debt when your credit rating is against you?

timmo81

My personal situation is that I have £280 left to pay to debt collectors for my old (now non existent) credit card and I have spent the whole of my financial life at the bottom of my now £1600 overdraft and this is a situation I'm looking to change.

However due to a bad credit history for obvious reasons I can't get a credit card for a 0% balance transfer and my bank will only give me a loan for £1750 whilst simultaneously reducing my overdraft to £100 taking away the wiggle room for bills etc.

I have performed the request for credit details but if my credit history is bad can I actually change it? I've made the decision to sort out my finances and now it seems that I'm still tied in to being in my overdraft.

Lorne

Unfortunately what we have done credit wise affects what we are able to do credit wise and the notes stay on your account for 6 years. I'm in a similar position in that I wasn't able to get a 0% card, don't let it put you off though, post your statement of account on here from makesenseofcards.com and use the snowball calculator at whatsthecost.com to make real differences to your finances.

timmo81

thankyou will look at that now

Beerworshipper

Hey Timmo81,

I'm afraid it does suck, your in the classic catch 22, would like some cheap credit (0% BT or similar) to replace the expensive credit (overdraft) but because of your past you can't get it.:mad:

I just wanted to say though well done for getting this far and keep up the good work, I'm sure it'll come good for you one day, look how far you'[ve come.:T

Good luck.