myself as well as my partner have been in credit label debt of about £12000. have been perplexing to get a loan to get out of this debt though keep removing refused. have looked up a credit inform as well as cant see anything most wrong detached from carrying a couple of cards. went to a debt counselling during a legislature though they pronounced a debt was as well tiny to do anything about. help
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ANY debt you have can be managed, I cannot believe the council said that!
GO straight to the CCCS (Consumer Credit Counselling Service for free help, and they will set up re payment plans and negotiate with your creditors!)
DO NOT take out yet another loan, because your still in debt and still paying interest and only getting deeper in! I wish I had NOT done that myself and gone to the CCCS instead!
I pay mine off with token payments as that is all we can afford however, I have managed to pay 3 of mine off, working towards the rest and have just £20 left of a CCJ!
NO debt is *too small* to do anything about and £12k is no a small amount! You can go bankrupt for £750 LOL
Your quite clearly struggling which means not enough income to cover your expenditure! If one of you loses a job or gets sick (as happened with myself and partner) You will find you cannot cover the MIN payments, you will insure late payment charges and fees and the interest will not help either and your debts will spiral!
( a debt of mine for £1k, went to £2k because of that in just 6 months!!!)
Quite clearly you need debt help and fast and getting more into debt will not solve your problems!
NO debt is too small!! If your on benefits for example and your £500 in debt, THAT is an awful lot when your debt far exceeds your income and paying that debt off!
Forget the council, go to the CCCS, they are free, you can either call them or look online! They will look at all debt, income and expenditure and see what can be cut or what payments can be reduced!
Trust me from someone who is in FAR greater debt that the two of you combined!!! (YES, shocking isn’t it and I am 28, I DIDN’T seek help when I should have and got consolidation loans when I shouldn’t have! Use me as an example!!!!! DO NOT do it!!!)
Please feel free to email if you need more help, but honestly, go to the CCCS now if you can. DO not wait!
NO debt is *too small* for help and managing and paying off that debt!
WHAT BS!
Any time you use more than 30% of your available limits on credit cards you are drastically reducing your credit card rating.
Ex: If you have a 10,000 limit never use more than 3,000 dollars on the card.
If you go over this amount on a card – you are a great risk.
Sounds like you are almost maxing out your card.
Big, huge, red flag for future creditors.
Call your creditors see if they can reduce your interest rate.
Set up a goal – a serious goal to pay those credit cards in full.
Then, use them for things you need like food, and pay in full each month.
Carrying balances destroys credit and in some cases can destroy lives.
You are being turned down due to your debt being too high (maxing out your cards).
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Your credit report shows what loans etc you have, and what your repayment history is like – ie if you have had late or missed payments. It also shows applications you have made. If you make lots of applications in a short period other lenders are less likely to approve you. Unfortunately most lenders do a full credit check (so recording this "application") just to give you a quote. You may have been unlucky and asked for quoted from a couple of stricter lenders first, who refused you. But these applications may have caused lenders who may otherwise have given you a loan to refuse. So you may have better luck if you apply again in a few months.
But loans do also depend on other things. Your income, job, other outgoings etc are all taken into account. If these are not satisfactory for some reason then you may be refused. Lenders may also be wary of giving you a loan to pay off other debt in case you just max out the credit cards again and end up in an even deeper whole.
You should also realise that "consolidation" will not necessarily make things any different. You may be able to benefit from a lower interest rate, but if you can’t, or you spread the repayments over many years, you may end up paying a lot more in the long run. DO NOT be tempted to pay a debt management company because they will add more fees to what you owe, and then just give you a very long loan, possibly at a very high rate.
Assuming you can get a loan you need to make sure that it is a lower interest rate than the credit cards. Cards are usually expensive compared to other forms of debt, but some loans can have very high rates if your credit rating is low.
Until you can get a loan there are other things you can do to start minimising the debt. To start with, stop using the cards. Cut them up. Work out your monthly budget for essentials (food, bills etc). Use whats left over to repay the cards. You should aim to make the minimum payments on all the cards, except the most expensive (ie highest interest rate). Pay everything you can afford onto that card until its paid off. Then move on to the next most expensive and pay that off, and so on.
You MAY be able to reduce interest payments by transfering balances etc. However, the rates are usually different to transfered balances as for new purchases, and there can be fees. So you need to be certain you know what you are doing before you do this.
To get your credit card debt consolidate you can contact any good debt consolidation companies or debt consolidation loan firms in your locality they will surely help you so that your interest rate will be reduced . You can check out link i source box for more debt consolidation details.Good luck hope that help.
Hello
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hi ,
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