Help/ Advice. It seems so simple...

rsjg80

Merlot wrote: »

I doubt the loan application appeal will work.

Consolidation loans are not the answer, there is no quick fix to debt repayment. I appreciate you do not want to affect your credit rating, but unless you get a loan, and I doubt you will if you have been refused, please do not keep trying to get loans, it will affect your credit rating, you are going to have to repay this slowly. There is no other solution but to reduce your spending and repay these debts...sorry, I wish I could say differently but I can't on this one.

Merlot.x.

I give you thanks and then you go and depress me !

Basically another words then it is just a case of keep going. I can just about pay everything and am making the smallest bites into it but at least they are small bites.

I thought a consolidation loan of 7-8-9% would be a damn sight better than 5 credit cards + overdraft of around 25% - surely that will take closer to 15 years to pay off at minimum payments? I do feel as though a situation like mine is one of the few where consolidation does make sense - paying everything off at a cheaper interest rate, over a quicker time, at a lower amount per month with a structured payment scheme with no effect to my credit rating and of benefit to both my creditors and a potential loan company. But it seems I stand two chances of getting what to me (clearly not the best with finance admittedly!) seems like common sense: slim and none!!

rsjg80

Oh, and no I haven't replied for numerous loans. I'm already aware that it adversely effects your rating if you apply and apply. Just looks like I'll have to grin and bear it and accept that this is the system - however stupid I may think it is!!

Once again, thanks for all your help.

Night-owl_6

Seriously think about what else you could do before a IVA as it is more than likely not the right thing for you

rsjg80

loaner wrote: »

Are you on the electoral roll? Try applying again in 6 months, when you are permanent.
Is private tutoring an option?
Has your debt come down over the last 3 months? If it has, you are making headway. Try the snowball calculator, it won't take anywhere near 15 years.

Ask you creditors to freeze interest.

I'm in the process of getting on the electoral role, probably another reason I have had problems as I have moved house quite a bit due to this retraining - roughly every 18 months we've moved over the last five years (not due to not paying rent I hasten to add!!)

My debt isn't coming down, but it isn't going up. That feels like progress!! If anything yes it is going down but by £20 a month probably. If I could freeze interest I'd be near debt free in a year and a half! But that effects my rating surely?! I'd prefer to tread water than impact my career - that will sort out any debts if all goes to plan; Heads earn plenty!! :rotfl:

hypno06

Def do the following four things.....

• start keeping a spending diary - right now!! Either a paper based one you keep with you, or an online one at www.spendingdiary.co.uk (I think)! This will help you see where you are spending your money, so it will also be able to identify WHAT you can cut out!
• please try using the snowball calculator - it gives you a starting point as a reference, if nothing else, and I find it a great motivator. Even if you go down one of the other routes, this "starting point" means that at least you are doing it in knowledge of all the facts!
• Speak to CCCS on Monday - they will give you your options, and again, you can make an informed decision about what you do!
• Join a challenge - for example the "make £10 a day" challenge would give you £300 at the end of the month which would make a good difference to your debt repayment abilities!!

MrsTinks

Definitely get on the electoral roll - some lenders rally won't consider you till you are... (I got rejected on those grounds before I was on it...)
Check your credit record (there are several free offers about) and make sure the information on there is correct and see how many searches you have had in the last 3-6 months.
Consolidation loans... right now in this financial climate you might even struggle getting this - lenders are tightening the belts and those loans that go through go through with higher APRs than usual and IF you get one you HAVE to cut up your cards... I don't like consolidation loans... I've done it, been there and bought the T-shirt, cap and mug because I had credit on the cards It can work for some, but you have to be VERY diciplined!!!! VERY!!!

Appealing... I don't know about A&L but I appealed with Egg (who turned me down although I'd had a loan with them and it was nearly paid off and I NEVER missed payments on anything so I appealed out of sheer bloodymindedness) and I got it overturned. In fairness I think they overturned it because I spent half an hour answering a question and ended up lecturing them about responsible lending and a few other things (Martin has a lot to answer for!). Seriously tho - I was expected to go through my SOA with them and answer everything honestly etc and I knew all the figures of the top of my head which impressed them no end (I wasn't at home when they called me so I couldn't check figures - it was all in my ickle head...).
They went through how I would expect to repay it and I detailed my repayment plan (including the points at which I was expecting to be able to make overpayments) and what I'd do if I lost my job etc etc
It's possible to overturn their initial decision - but it's rare and you have to really be organised and sorted
Good luck!

rsjg80

MrsTine wrote: »

Definitely get on the electoral roll - some lenders rally won't consider you till you are... (I got rejected on those grounds before I was on it...)
Check your credit record (there are several free offers about) and make sure the information on there is correct and see how many searches you have had in the last 3-6 months.
Consolidation loans... right now in this financial climate you might even struggle getting this - lenders are tightening the belts and those loans that go through go through with higher APRs than usual and IF you get one you HAVE to cut up your cards... I don't like consolidation loans... I've done it, been there and bought the T-shirt, cap and mug because I had credit on the cards It can work for some, but you have to be VERY diciplined!!!! VERY!!!

Appealing... I don't know about A&L but I appealed with Egg (who turned me down although I'd had a loan with them and it was nearly paid off and I NEVER missed payments on anything so I appealed out of sheer bloodymindedness) and I got it overturned. In fairness I think they overturned it because I spent half an hour answering a question and ended up lecturing them about responsible lending and a few other things (Martin has a lot to answer for!). Seriously tho - I was expected to go through my SOA with them and answer everything honestly etc and I knew all the figures of the top of my head which impressed them no end (I wasn't at home when they called me so I couldn't check figures - it was all in my ickle head...).
They went through how I would expect to repay it and I detailed my repayment plan (including the points at which I was expecting to be able to make overpayments) and what I'd do if I lost my job etc etc
It's possible to overturn their initial decision - but it's rare and you have to really be organised and sorted
Good luck!

Thank you MrsTine, a very interesting read. I probably, well I know I can't, recall all the facts and figures off the top of my head but I do almost perfectly currently pay off all the various credit cards so know for a fact I would easily pay off the loan with 100% dependency.

If cutting up cards wasn't necessary I'd do it anyway! I have lived long enough with checking accounts every day, knowing all logins for every account off by heart and dreading the 'unexpected' to have built up a wanted discipline for such things. I know there are no quick fixes but I feel as though I would actually be living in my means if I could get this consolidation, I'd pay x amount off and everything else could be seen in black and white, not trying to work out changes to interest, different payment dates, having to top up this card with money from that card etc etc. I'd actually be paying things off. I know I could pay off three times the amount I'd requested per month but was trying to be reasonable for the unexpected. It's so depressing paying off around £100 per month on each credit card (not using them at all these days by the way) and seeing I've actually only paid of £15-20 when the next statement arrives.

I know consolidation is not always the route to go and it annoys me when I see the adverts for consolidations and "have some spare for a holiday or car" - that's not the bloody point of it!!! I want x amount to pay off x amount and that's it. I owe that money and want to pay it off but aren't being allowed to!! Everywhere you look people seem to be trying to push you towards IVAs (not on here tho!) and seem confused at the idea you want to pay things off!! Now my career is sorted it's so easy and I know I sound whiny but I know me and know it really would change my life. I could actually start SAVING! I'd be paying off the debt I currently owe cheaper, quicker and have far less outgoing a month. Am I being ridiculous, it just seems so simple.

My girlfriend did exactly the same thing as me with retraining surviving in the only way she could, she got the loan (a couple of years ago) and finds life relatively simple now. She pays everything off on time (one loan), lives within her means and is happy not using credit cards with a definite end to debt clearly in sight. From paying off £20 of debt off a month spending £400 odd she's spending £250 but paying off £220odd.

I'll throw a tantrum until someone agrees with me!!! :rotfl: