Quote:
Originally Posted by Andydote
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.
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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...
