Want a loan but

HELPplease_3

Hi, Im new on here and after reading other peoples posts thought I would finally join and write.

Im 24yo.
Owe approx £7800 in Debt spread over 4 Credit Cards with HIGH interest. I currently pay approx £230 a month and pay approx £170 in Interest!! And it feels like it isn't going down.

WELL On my MBNA it isn't going down much. Pay £70 month and £60 is Interest!!!


I am wanting a loan so I have one monthly out-going at a lower monthly repayment.

But I have been declined in the past. Even thoough they say I have NO ADVERSE Credit.

EQUIFAX Credit Rating - Fair.

CREDIT EXERT Rating - GOOD.

It doesn't have to be the full amount as long as I have enough to pay off MBNA which is £2500.

I need advise. Do I apply for a loan and to who.

I bank with LLoyds and they couldn't offer me aloan at 7000 (but i wasn't on electroll role at the time, now I am) Also I don't end up with much money at the end of each month. Although I do pay all the C/C bills by Direct Debit so the bank can see Thats where my money goes.

Any help and advise would gOOD

CLAPTON

what do your credit files actually say about you... any defaults, late payments or what?

how much do you earn?

Mabelicious_2

I don't know what advice to give but I feel your pain with MBNA. I let myself get into a very stupid situation of having a maxed out credit card. I recently moved here from Ireland and over there I was managing the minimum payments but like you it just wan't going down. When I came to London it took me, HSBC and MBNA 3 months to work out how I could make my monthly payments into an Irish bank account from over here.

Looking back MBNA and HSBC were so unhelpful and I've written letters (both unanswered) complaining that it took so long to work out and resulted in me missing 3 payments.

I recently opened a Lloyds bank account and they have offered me a credit card which means I can get rid of the MBNA one which is at a much higher interest rate.

Good luck mate and sorry I can't offer any help. I just thought you might like to know you're not the only one who thinks MBNA are vile.

dannynixon

Even if you get a loan from a high interest lender, surely it will be better then paying to 4 lenders who are all chargin high interest.

Just went onto a loan calculator and out a tupid interest for a loan of 25% apr over 5 yrs for 7k and it came out with monthly installments of 205.46, but 5.3k interest. Although very expensive, at least there would be a set time when you were debt free from these.

25% was just an example to prove you could do it with high interest lenders if you cant get a loan.

just a thought

fatbelly

Have you tried the credit card shuffle?

http://www.moneysavingexpert.com/cards/cut-credit-card-interest

Godders

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