i am in a financial mess

[andy_]

i have been trying to get a loan of £20000 over 10yrs but keep getting turned down, i am in a financial mess and a loan over this term would help me clear my debts. at present im paying around £600 pm on credit cards and store cards which i cant afford to do im also £2500 into a overdraft, if i could get a loan over this period my monthly bills will be affordable, do you know of any companies who would help me in this ? . i do want to pay my debts but keep getting turned down. thanks andy

[MelanieGiles]

Hi andy and welcome to the forum

I cannot recommend a loan company to you, and as you keep getting turned down perhaps a loan is not the right answer for you. Have you considered whether and IVA, Debt Management Programme or even bankruptcy proceedings might be a better option to put you on the straight and narrow again?

How much do you actually owe in total, and how much could you set aside for creditor repayments each month>

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[aguise]

Hi Andy welcome
Post more of your income ,debt owed , if you own property and have any assets. Unless you have property I think you would find it hard to get a loan of that amount over ten years. I also think that each time you apply for a loan and are turned doen it has an effect on your credit rating so the more you apply for the harder it may be to get one. Are you considering an iva ? that may be a solution which does give the creditors as much as possible back but allows you also a reasonable amount to live on. Beware of consolidating loans as many of us have done that and the debt still rises if you do consolidate you must cut the cards and close the accounts that way you can not be tempted to re-use them which just ends you up in the same position but with more debt.
We are all her to help and in similar positions so feel free to ask what you want and others will help.

Ang

[aguise]

Sorry Melanie I'm going back to college to do speed typing.

Ang

[MelanieGiles]

Do not be sorry Ang! Most of the posters I speak to say how reassuring it is to hear a "layperson" (excuse that expression, I don't mean to be patronising) confirming the advice of the professional! Without your input, the forum would be very boring and not the success it currently is!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[aguise]

Thanks Melanie for the kind words and for all your time given to the forum. As others have said I dont know how you do it, but I' glad you do.

Ang

[tracy.h]

Hi Andy
I must agree with Melanie and Ang on this.
I myself continued to get consoladation loans as a way of putting of the inevitable,and like the others on the forum ended up in considerable debt.
It normaly takes being turned down for credit to realise you cant go on robbing Peter to pay Paul,and even with good intentions of paying of other credit you end up back to square one but with even more debt to address.
Im not saying it doesnt work for some but since posting on the forum many like myself have found out its not an advisable solution.
At the end of the day it is your desision but before you do find a company that will be willing to give you a loan and no doubt there will be one look at all the options.
Good luck

Tracy