Loans if you have bad credit rating.

[Kayzr]

Do they exist?

We have bad credit and would like to sort it out. We have 3 credit cards between us and some catalogue accounts. We're thinking about getting a loan to just pay them off as after having a look we'll be paying less per month to the loan than we do to the cards and catalogues.

Our bank has said no but I was just wondering if there was anywhere else.

Thanks.

there are, but they are high interest so they would actually cost you more. With a bad credit rating you aren't likely to get a loan with a low interest rate!

Try to clear your cards & catalogue asap. If you can make more than the minimum payment, you will save money (interest!). Pay as much off as you can each month cos if you just pay the minimum you will be in debt for bloody years!

I would check out these message boards. Consolidation loans very rarely work unless you get your debt habit under control first. The people there will be able to advise you on where you can cut costs, how best to structure your debt, and may suggest you contact CAB or CCCS for more specialist advice.

Agree with the others, plus got to martin lewis he has a fab way of showing you the best way to pay them off.

We can only make the minimum payments and we have our debt habit under control. We've been to CAB already and they have helped us get payment plans sorted. But we pay £250 a month and the loans look to be around £140 a month.

I'll look at the Martin Lewis website.

Thanks.