I have an excellent credit score

Get expert opinion. This is the place for new questions to be posted.
  • 1
  • 2
24 posts Page 1 of 2

 

User avatar
lking761
Posts: 29
by lking761 » Fri Jan 15, 2010 4:12 pm
I have an excellent credit score, but want to consolidate 2 credit cards and a catalogue account to the value of £20,000. I've applied for a loan wth the bank but have been turned down as I have not enough 'play' money. I have explained to them if I pay of the credit cards with the loan then I will have more 'play' money but this seems to have fallen on deaf ears!! I don't want to apply for an IVA as I may lose my car and I am applying for a job as a police officer and an IVA will stop me from doing this. I'm not sure what to do next to get out of this situation. Any advice would be much appreciated.

 

User avatar
Julie
Posts: 9503
by Julie » Fri Jan 15, 2010 7:32 pm
Hi Lisa,

Are you struggling with your repayments?

 

User avatar
lking761
Posts: 29
by lking761 » Fri Jan 15, 2010 8:12 pm
Hi Julie,

I am making repayments on time and hve never missed a payment!! However, I have no money left over for anything else.

 

User avatar
Julie
Posts: 9503
by Julie » Fri Jan 15, 2010 8:16 pm
There are other organisations that offer consolidation loans, however to avoid further debt problems, you would need to be strong willed and destroy your existing credit cards.

Another option would be to try and enter a repayment plan with your creditors, offering reduced payments.

I'm sure others will be along to offer their advice soon, so please stick around.

 

User avatar
lking761
Posts: 29
by lking761 » Fri Jan 15, 2010 8:25 pm
I haven't actually used either credit card for 2 years, and cut them up a long while ago.
I'm not sure how to go about applying for another loan because I feel sure that no company will give me one. I haven't tried contacting the creditors because I'm worried what will happen when the police do a financial check on me.

I think my best bet is a consolidation loan as there is an end in sight and also the monthly repayments are lower. I just have to get someone to agree to give me one!!!

Thanks for the advice.

 

User avatar
Julie
Posts: 9503
by Julie » Fri Jan 15, 2010 9:12 pm
Hopefully, Melanie or one of the other professionals will advise soon.xx

 

User avatar
MelanieGiles
Industry Expert
Posts: 47612
Contact
by MelanieGiles » Fri Jan 15, 2010 9:32 pm
What the heck is "play" money?

 

User avatar
Julie
Posts: 9503
by Julie » Fri Jan 15, 2010 9:35 pm
I interpreted "play" money as DI Mel?

 

User avatar
MelanieGiles
Industry Expert
Posts: 47612
Contact
by MelanieGiles » Fri Jan 15, 2010 9:43 pm
Is this some form of Americanism? I have never head that expression before - maybe I am just old fashioned!

If your interpretation is correct, then I am suprised that a bank would be too worried about the lack of this - maybe this is a sign of responsible lending for a change!

 

User avatar
Skippy
Posts: 20717
by Skippy » Fri Jan 15, 2010 9:52 pm
I hadn't heard it before either! I hope it's not another Americanism - there's too many of them already and I hate the way the English language is being ruined!

 

User avatar
Julie
Posts: 9503
by Julie » Fri Jan 15, 2010 10:01 pm
I might be totally wrong [:I]

Hopefully Lisa can confirm and then more advice can be given.

 

User avatar
lking761
Posts: 29
by lking761 » Sat Jan 16, 2010 9:44 am
Play money is a term the advisor used in the bank. I believe it means money left over once all my bills are paid. I tried to explain that I would have more money left over if I could pay off the credit cards with the loan, but they didn't seem much interested in that!

 

User avatar
RHB
Posts: 353
by RHB » Sat Jan 16, 2010 1:06 pm
How about transferring your balance onto a new credit card offering 0% on balance transfers for however many months? As long as you cut the cards up you would be able to pay more money back because there would be no interest to pay. But has been said, you mustn't put more tings onto credit.

 

User avatar
lking761
Posts: 29
by lking761 » Sat Jan 16, 2010 2:35 pm
I'm not sure that I would get approved for a different credit card as my available credit is so low. Also the balance is so high!!

Does anyone know of any loan companies that might help me!!

I have no intention of ever using credit cards again.

 

User avatar
RHB
Posts: 353
by RHB » Sat Jan 16, 2010 6:13 pm
Secured loan on your property?
  • 1
  • 2
24 posts Page 1 of 2
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 19 guests