What can I try now?

[tigwig]

I owe £4000 on a credit card and the interest free limit comes to an end in Dec. I can afford to pay a minimum of £200 per month towards clearing it and some months will be able to add other payments to it too. I applied for another card to transfer the balance to to avoid the interest charges but was turned down.
I then searched for a loan and today got turned down for that too (it only did a soft search so no record on credit file).
I am presuming its because I am self employed (a childminder) cannot think of any other reason why. I have checked my credit report and all is fine there too although I do have a couple of other cards that I owe nothing on and dont use. I darent apply for anything else as this will look bad on my record but I dont want to pay the massive interest on my current debt. What can I do?

[tigwig]

Forgot to say as well that I cannot transfer the balance to any other of my cards as they are all operated by MBNA and they wont let you transfer on any of their cards.

[murraymints]

i would get down to the CAB and ask for an appointment with a debt counsellor..they can advise on all your options and also negotiate repayment terms and can also suspen interest charges in some cases..do it now though do not let it get any worse...good luck

[Purple_Popple]

Then be a credit card 'tart' and apply for another cc with 0% interest and transfer existing debt onto it...simples. Do it online.

[Purple_Popple]

sorry, pressed send without finishing,
keep applying and one will let you through Im sure. Good luck.

[Purple_Popple]

Try EGG, SKY, Tesco, Asda, Sainsburys...they all do 0% cc now...

[tigwig]

I havent actually used the card for several months but yes I fully admit I did overspend and get carried away. Annoyingly quite a big chunk of it was just petrol costs, swimming lessons and food shopping.
I read on moneysaving expert not to keep on applying when you are turned down because it immediately makes your credit record look really bad.

[ladyalex]

You could have a look here and see if these folks can help you .
It won't be 0%, but it will be lower than a credit card.

http://uk.zopa.com/ZopaWeb/

[Purple_Popple]

Can you remortgage at all? If you have a mortgage go see a broker or financial advisor and they can find you some great deals.

[tigwig]

Well I did think about borrowing it on mortgage but arent their rates just as bloody bad?!

[factor-fiction]

You need help- the interest could be around £100 a month initially so even repaying £200 a month could take you 3 years to pay it off.
Did you manage to pay anything off during the interst free period- if not then can you be sure you can afford to pay £200 a month now?
Maybe some drastic action is needed- selling the car, selling CDs/games on ebay or holding a few car boot sales- in order to clear the debt more quickly

[Purple_Popple]

A broker should get you the best deal they can, it is worth a go, they may even get you a fixed interest rate term.

[boxtops]

tigwig - you are right, I was told only recently that keeping taking advantage of zero percent does affect your credit rating, because people can see you only paying a minimum, just moving it round.

I don't think it's so much to do with being self-employed (although you'd have to evidence your income), but the fact you haven't got balances on your other cards goes against you - a lender has no way of knowing that you're not going to rush out tomorrow and use all your available balance.

The mortgage extension is your best bet - that's a longer term and the rates are generally less than you're paying on a CC - one of my MBNAs was 26.4% before I paid it off. Go see your bank, don't delay, if you are a reputable customer there, they'll help, and there are some good deals around on remortgaging at the moment.

[pretty_snowdrop]

A loan will be the cheapest option in the long run. Apply for a loan with the bank you have your credit credit card with, this will be the company most likely to give a consolidation loan, failing that the bank you have your current account with ( because they know how you run your accounts). If sucessful cut your credit card up.
As you are aware the more searches on your file, the harder it be become to get any credit, so do not apply willy nilly.

[barry1010]

Cancel the cards you don't use - do it properly, in writing.
As far as lenders are concerned you already have x amount of available credit on those cards. For all they know they could give you a new credit card, then you go mad, max out on all your cards and go bankrupt. The new lender would be at the very end of the chain.

[craft1948]

Haven't you just booked a holiday?

[tigwig]

Thanks guys, I am cancelling all the other cards I have and will try that zopa. I have a direct debit set up on the card at mo for £100 monthly but from next year will defo be able to afford at least double that. I dont need a credit card at all now but naively I thought I could switch to another one and just keep paying it off every month.

[tigwig]

I'm glad to say Ive sorted it. I have been able to transfer almost all of it to an existing card which is 0% for 15 mths and a small fee. Then I will put every spare penny I have and make damn sure it's cleared before the interest charges start! I have cut the other cards up and I really mean it this time I will never use one again.