Loan ideas anyone?
 

I have been looking for a small loan to pay off all my outstanding debts and have 1 payment at a reasonable APR.

Sadly, due to my financial behaviour 5+ years ago my credit file currently looks a bit......red.

I'm all above board now. Have a great job on a good salary. I pay all my bills and don't miss anything, but the usual loan providers all say no.

Does anyone have any ideas?

I don't need debt management because I can afford my bills, but I'd like to close my 2 credit cards and an old catalogue because they are all around the 34.9% mark.

Nationwide are doing a good deal on balance transfers, at the moment, 0 pr cent for 18 months. Available on line, get it cut it up pay it off asap. I've just done the same

From my experience you will be lucky to get a loan for any less than 30-35% APR the worse you credit history is the more they rip you off.

Frankly your going to struggle .

The reason these rip off swines have blossomed is down to folk having no other option.

Sorry to be negative.:getmecoat:

Try your local credit union.

Also, dont keep applying as it will drive your rating down even further.

Your best bet is to overpay the highest APR debt as much as possible each month, even if it means putting the odd tank of fuel of food shop back on it, as even a couple of hundred a month will make a significant difference to the interest repayments.

Its a **** situation though. Sit tight for a few months, don't apply for anything else. Get copies of all your credit reports and check for mistakes. :)

I have some.... experience in this... sadly

My advice.. don't get a loan to pay a loan, consolidation as it is called is compounding your issue and will make it more expensive and more difficult to clear your record.

As you have been turned down the companies that will offer you will put truly extortionate interest charges onto of what ever you have..

I did the same some years ago and borrows 14k to get out of debt I thought... after sitting back and thinking, a payment of 275 per month for 20 years is not helping me achieve that.

no 1 advice. never get a loan outside of a mortgage.
no 2 advice, never have a credit card unless you can pay back the card totally before the end of the month.
no 3 advice, swallow hard, tighten the belt and pay as much as you can back through regular payments, borrowing more unless at a significantly lower interest rate than you have now will only line the lenders pocket and leave you in debt for longer.

I still feel the pain, I would hate for another to follow...;)

Painful
 

Don't borrow more! This not an easy situation..I know from past experience too.

No easy answer I' m afraid.

Chris