Hi, I tried to consolidate my loans

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juliada

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Post by juliada » Fri Oct 10, 2008 8:59 pm
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Hi, I tried to consolidate my loans with HSBC (total £23,000) and they refused? Does this mean they would refuse an IVA?
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Viki.W

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Post by Viki.W » Fri Oct 10, 2008 9:20 pm
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Hey Juliada, welcome to the forum. Be very wary of consolidation loans as sometimes you can end up using the credit cards again after paying them off with the loan. How much do you actually owe to HSBC? If you can post a little bit more info then we can help further. X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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Lisa2009

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Post by Lisa2009 » Fri Oct 10, 2008 9:28 pm
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Could you please give us a list of all your creditors and how much you owe to each so we can be of more help.
Also are you a home owner with equity?
Last edited by Lisa2009 on Fri Oct 10, 2008 9:30 pm, edited 1 time in total.
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michael.t47

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Post by michael.t47 » Fri Oct 10, 2008 9:30 pm
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juliada, thats how i eventually arrived her
viki i did exactly that twice
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Viki.W

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Post by Viki.W » Fri Oct 10, 2008 9:32 pm
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Yeah Michael, been there too![:(]
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michael.t47

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Post by michael.t47 » Fri Oct 10, 2008 9:49 pm
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i just so glad i am dealing with all this, they gonna be thousands in trouble before long!!!
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facingittogether

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Post by facingittogether » Fri Oct 10, 2008 9:57 pm
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that contributed to our troubles too - consolidating and using the cards again!

barb x
12 down - 60 to go! woo hoo!
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Endsmeet

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Post by Endsmeet » Fri Oct 10, 2008 10:01 pm
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Yeh, same here.
Its far too tempting to say, 'its only a couple of quid on the card' and before you know it you have no money left to pay the cards off as well as the consolidation loan.
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michael.t47

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Post by michael.t47 » Fri Oct 10, 2008 10:08 pm
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thats how i got here
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moretolife

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Post by moretolife » Fri Oct 10, 2008 10:09 pm
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i think over the years we consolodated 4-5 times...or remortgaged...always with the intention of never using cc again...but somehow or other...we ended up in a mess again...eventually you run out of road to run.!!!
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy

Visit my blog...Journey from Debt to Life Post IVA
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MelanieGiles

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Post by MelanieGiles » Fri Oct 10, 2008 10:12 pm
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The fact that they have refused you further lending is not suprising if you are stuggling and the banks are not lending much at the moment. This does not mean that they will reject your IVA, but you will need to be offering at least 40p in the £ to tempt HSBC to accept, in the event that they are owed more than 25% of your overall debt.
Regards, Melanie Giles, Insolvency Practitioner
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plasticdaft

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Post by plasticdaft » Fri Oct 10, 2008 10:25 pm
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consolidation loans should be called "dig yourself a bigger hole"loans. I dont know of many people who have got out of debt by taking on more credit!!!
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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juliada

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Post by juliada » Sat Oct 11, 2008 8:50 am
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Hi, I owe £1,600 to Capital One, £4,600 to Halifax and £23,000 to HSBC. I am almost too scared to try an IVA in case I get refused- then I would be screwed!!! p.s. I'm a homeowner (for now..).
Last edited by juliada on Sat Oct 11, 2008 9:49 am, edited 1 time in total.
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kallis3

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Post by kallis3 » Sat Oct 11, 2008 10:05 am
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That is a hefty percentage of your debt which is owed to HSBC. How much disposable income would you have after essential expenses are paid each month?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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Adam Davies

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Post by Adam Davies » Sat Oct 11, 2008 11:12 am
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Hi
If an IVA is rejected you could look at a DMP,so there are a couple of options.
You should speak to a couple of companies ans see what they have to say about an IVA option.
You have nothing to lose

Regards
Andam Davies
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