Legal question regarding Credit Card and Personal Loan - refused consolidation loan.?

I currently have a debt of about 鎷?5,000 total. This is split with 鎷?1,000 on a personal loan and 鎷?000 on a credit card. The personal loan I am paying off each month no problem and will be clear in 4 years, but the credit card I can only afford to pay the interest each month, so the loan amount never goes down. To try to sort this out I applied to have a consolidation load to cover both, but I was refused. It seems to me the banks refusal to give me this loan forces me to pay them back more money, and keeps me in debt with them for longher - I thought there were laws in place to stop this kind of thing? Is there anything I can do or anyone I can complain to?

In case it matters this was all with HSBC

Thanks in advance for any help.

Legal question regarding Credit Card and Personal Loan - refused consolidation loan.?

Isn%26#039;t Markey helpful.

There are ways of checking your credit rating. I%26#039;m no help here, but the CAB should be able to point you in the right direction.

Have you considered another bank? Problem here is that a loan application or refusal is also added to your rating.

Get you rating, if it includes inaccuracies, dispute them.

Best of luck.

Legal question regarding Credit Card and Personal Loan - refused consolidation loan.?

I think you need to sue someone.

Just wait for the government to wipe off your debt, Labour will do that soon for everyone to get the economy rolling again

Legal question regarding Credit Card and Personal Loan - refused consolidation loan.?

So, you have run up debts of 鎷?5,000 and one of the debts you can%26#039;t pay off, yet you expect banks to lend you more money to cover it?

I wouldn%26#039;t lend you 20p and dare say the banks think the same.

I do not know the reson you have so much debt and it may have been unavoidable, but you can understand why banks and lenders see you as a high risk.

Legal question regarding Credit Card and Personal Loan - refused consolidation loan.?

They love you just as you are and intend to keep draining you. keep trying other banks for the consolidations loan. Good luck.

Legal question regarding Credit Card and Personal Loan - refused consolidation loan.?

With the 4k debt, move to another credit card company that is offering 0% interest for the first 12 months. You can just pay off the 4k then and save a fortune in interest payments.

Legal question regarding Credit Card and Personal Loan - refused consolidation loan.?

could you not pay your monthly credit card bill with the money you intend to pay the loan off with then a few days later pay the loan, using the remainder credit on the credit card, this will not pay off the card but it will reduce the interest slightly %26amp; give you better credit rating after 6 months to try a consolidation loan again ?

Legal question regarding Credit Card and Personal Loan - refused consolidation loan.?

Hi

I saw your question I have decided to help people out due to the fact that I myself has been scammed twice by fake lenders in my search for a loan but at last I got a reliable lender that gave me the loan($60,000 USD) that I was in dire need of. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address: ben_stiller02@yahoo.com, Please tell him that Deborah Kirk he gave out a loan to me . I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.閳?br> Thanks Karol Slim.

Legal question regarding Credit Card and Personal Loan - refused consolidation loan.?

Hsbc tend to be a tough cookie anyway. All of the banks are tightening their loan criteria and the fact that you are struggling to repay the card is the problem. Only thing I can really suggest is to plod on till the loan is finished and then deal with the card or tighten up your living budget to allow for that bit extra to pay on the card. Or as madge says try to swop to another card with o% , but again they are tightening up and it could be difficult.

Legal question regarding Credit Card and Personal Loan - refused consolidation loan.?

the criteria for credit and risk has tightened up with all lending, through which ever bank. they will not lend to %26quot;bad risk%26quot; this is not all down to the bank, the FSA have a big hand in these rules and regs. Banks are obligated to lend responsibly and to lend more money to someone who is unable to pay their existing debt is just not going to happen. It is to stop the %26quot;well you lent me the money even though you knew i was already in debt. Just a thought but have you asked if you could defer a couple of your regular loan payments so that you could pay a good size off your credit card.