Your Questions About Credit Card Debt Consolidation Loans

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

I currently have a debt of about £15,000 total. This is split with £11,000 on a personal loan and £4000 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.

How should I repay my Credit card debt?

This forum has been really helpful in the past.
I might not use the advice always but I always appreciate the feedback.
Here’s the scoop- I currently have $55,000 in Credit card debt.
It is totally stressing me out and it is really dificult to keep up with the payments.
1-Shoud I us a debt consolidation ageny. I spoke with them and they claim they can greatly reduce the interest and thus the monthly payments- but you do need to pay them a fee. Also, the payments are still close to what I pay now but I can get the cards paid off in 5 years instead of 17 years.

2-Should I get a home equity Loan.

3- should I use my saving to pay this off- I have about $95,000 in the bank.

Thanks for the advise!!!

consolidation loan?

ok, my situation is that I have a huge amount of credit card debt and a few other loans. I am not a “big spender” and financially responsible but a few “curve-balls” that life has thrown me has left me in a hole I don’t know if I can climb out.

What I am hoping to do is either do a debt consolidation loan or maybe 2nd mortage. I own a home but other family members stay there and I was hoping to one day own one for myself.

So I guess my question is what are some of the pros and cons of debt consolidation. What would I do or need to do to take out a home equity loan?

Is it worth it to declare bankruptcy to get out of Credit card debt? What are the penalties?

I am considering declaring bankruptcy due to the fact I have more credit card debt then I can pay off and have been carrying this debt for a few years. I do work full time and have a fair income and don’t live extravagantly by any means, such as I don’t travel, spend tons of money on clothes or other expensive items or go out to eat / drink on a daily basis. I mounted up a lot of debt when I was in school full time and had very little income so I depended too heavily on my credit cards. I am interested to hear from anyone who either has declared bankruptcy or taken out a consolidation loan, did you find it helpful or not? What were to penalties to you for taking such actions?

Can any one help me to get out of my debt?

I am a salaried individual and badly in a debt trap with 3 personal loan of different banks of a total amount of 8.5 lakhs for which my total EMI is Rs.26000. All my Personal loans are of 36 months duration and out of which I have cleared 16 EMIs. Also I have a total outstanding of 6.25 Lakhs for 8 credit cards which I have. Out of these Personal Loam & credit cards, I have defaulted on one card whose outstanding amount is 35000 and have also stopped paying EMI of one personal Loan for which total outstanding is 91000 rupees. As my take home salary is Rs. 65000/= P.M, I am not able to clear all my credit card‘s minimum amount due every month. I am staying in a rented flat and I don’t have any fixed asset. Due to all these accumulated debts, I am not able to concentrate on any thing as always I am getting calls from one bank or another for the payments. I try to pay minimum amount due for all the cards but always fall short of money and then bank/s late payment fee and overcredit penalty I have to pay. Only the interest part of credit card dues comes around 20000-22000 rupees. I have taken some loans around 150000 rupees from my freinds also to clear my minimum amount dues and get the things going. I have tried to get personal loan or a debt consolidation loan from banks to clear my credit card debts but not getting the same because of late payments, defaults and bounced cheques history. Can any one help me out or tell the ways, how I can come out of it? I can manage to pay a consolidated amount of upto Rs. 45000/= per month to clear all my debts. I am so disturbed these days that I can’t sleep at all. Please help me if any one has a solution of my plight.