Loan Help

[LeftMuffin]

So in my infinety wisdom in my late teens early 20's I managed to accumulate a fair amount of debt with the perils of having a credit card (yes I was stupid).

Anyway I've worked out that I could save myself around £350 a month if I could group everything into 1 loan.

However we bought our house just under 2 years ago and due to the mortgage and card balances, I can't get a loan for love nor money through the normal places. I've worked out that a loan of £18k would pay everything else barring the mortgage off but I keep coming up against 'you don't meet our lending criteria' or 'you don't meet our affordability requirements'.

I've checked my credit score and its pretty much dead in the middle, slightly leaning towards the 'good catergory'.

I'm guessing the reason I can't get a loan is due to the 'unsecured debt' I have being fairly high.

Is there anyway I can get around this or is it just going to be a case of persiver and try again in 6 months time or so?

[Cemesis]

What are the details of your outstanding loans? Total amounts, amounts paid each month, interest rates and time left to run.

[Sarnie]

Whats the annual income Vs amount of loan requested?

Lenders don't usually like to lend more than 75% of your annual pay.

[LeftMuffin]

Sarnie said:

Whats the annual income Vs amount of loan requested?

Lenders don't usually like to lend more than 75% of your annual pay.

It's not that high, it's around 60% based on yearly wage.

[Sarnie]

LeftMuffin said:

It's not that high, it's around 60% based on yearly wage.

But then you need to take into account your credit commitments. What most people don't realise is that when you apply for a loan for debt consolidation they will assess the affordability of the loan based on you NOT paying the debts off and using the money for something else, leaving you to repay the loan plus the debts you claimed you were paying off. I would assume the loan plus the annual payments on your credit commitments would take you into the 'unaffordable' category.

[Nickyboy]

I'm in the exact same situation, i've decided i have to live with it for now paying as much as i can off the cards. I managed to get to fixed balances for life on 2 of the cards so once i have paid off the highest interest card i'll be in a much better situation, hopefully by the end of the summer.