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Posted: Fri Oct 10, 2008 8:59 pm
by juliada
Hi, I tried to consolidate my loans with HSBC (total £23,000) and they refused? Does this mean they would refuse an IVA?
Posted: Fri Oct 10, 2008 9:20 pm
by Viki.W
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
Posted: Fri Oct 10, 2008 9:28 pm
by Lisa2009
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?
Posted: Fri Oct 10, 2008 9:30 pm
by michael.t47
juliada, thats how i eventually arrived her
viki i did exactly that twice
Posted: Fri Oct 10, 2008 9:32 pm
by Viki.W
Yeah Michael, been there too![:(]
Posted: Fri Oct 10, 2008 9:49 pm
by michael.t47
i just so glad i am dealing with all this, they gonna be thousands in trouble before long!!!
Posted: Fri Oct 10, 2008 9:57 pm
by facingittogether
that contributed to our troubles too - consolidating and using the cards again!
barb x
Posted: Fri Oct 10, 2008 10:01 pm
by Endsmeet
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.
Posted: Fri Oct 10, 2008 10:08 pm
by michael.t47
thats how i got here
Posted: Fri Oct 10, 2008 10:09 pm
by moretolife
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.!!!
Posted: Fri Oct 10, 2008 10:12 pm
by MelanieGiles
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.
Posted: Fri Oct 10, 2008 10:25 pm
by plasticdaft
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!!!
Posted: Sat Oct 11, 2008 8:50 am
by juliada
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..).
Posted: Sat Oct 11, 2008 10:05 am
by kallis3
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?
Posted: Sat Oct 11, 2008 11:12 am
by Adam Davies
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