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    • newbycazza
    • By newbycazza 7th Jan 18, 9:21 PM
    • 1Posts
    • 0Thanks
    help please :(
    • #1
    • 7th Jan 18, 9:21 PM
    help please :( 7th Jan 18 at 9:21 PM
    evening, my first post in years. go easy please!!

    have unfortunately amassed a huge debt. got 2 loans and maxed out tesco credit card 10k - all because we had an extension in 2017 and were 20k short. so the other 10k is made o two loans which we direct debit every month. leaving us no cash spare to start on the tescos card.

    im trying to get us on some kind of track. ive applied to barclaycard for a 0% balance transfer card and although my Equifax score is 540 out of 600 - they declined me.

    i dont want to go applying for another card if im going to be refused again. please anyone. can you advise? have looked at spending but with 3 kids and such high mortgage and loan repayments im stuck and in the red every month. we try hard and i just want to fix this huge mess before things spiral. T

    he mortgage was added to with another mortgage ast year when we did the house and although we have equity i dont know if we can add on a third mortgage! and to be honest i don't really want to add on more to that huge weight. im so stuck

    i was even trying to find a financial advisor but i cant find anyone who just gets people like me out of ruts without going down formal routes like filing etc..

Page 1
    • zx81
    • By zx81 7th Jan 18, 9:26 PM
    • 17,214 Posts
    • 18,288 Thanks
    • #2
    • 7th Jan 18, 9:26 PM
    • #2
    • 7th Jan 18, 9:26 PM
    Your score is irrelevant.

    The issue is your high current debt. Pay some of it down before trying again.
    • Dobbibill
    • By Dobbibill 7th Jan 18, 9:43 PM
    • 3,141 Posts
    • 4,052 Thanks
    • #3
    • 7th Jan 18, 9:43 PM
    • #3
    • 7th Jan 18, 9:43 PM
    Hi newbycazza,

    Welcome to the forum.

    You're better placed to post this in the DFW board along with a SOA.
    The kind, friendly forum users will see where you can make savings in your monthly expenditure to support your debt and commitments.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to Any views are mine and not the official line of

    It's not about being the best -
    It's about being better than you were yesterday.
    • YorkshireBoy
    • By YorkshireBoy 7th Jan 18, 9:55 PM
    • 30,157 Posts
    • 18,015 Thanks
    • #4
    • 7th Jan 18, 9:55 PM
    • #4
    • 7th Jan 18, 9:55 PM
    Have your financial circumstances changed since you committed to the additional debt? ie income reduced, or another child?

    If so, and you're paying circa 18.9% on the Tesco debt, your only option may be to add (at least) that debt to the mortgage. Because at the moment you're parting with around 150 per month in interest alone on the Tesco card.

    However, and despite the servicing costs being much less, you're then placing your home at risk if you rack up any more debt afterwards! That should be incentive enough not to...but to make certain you should consider closing the credit card.
    Last edited by YorkshireBoy; 07-01-2018 at 11:27 PM.
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