Finance Question

Hi Everyone,

Hubby approached our bank to try and consolidate his personal loan, credit card and store card. It would have been a considerable size debt ($40k+). The weekly payments we make on the personal loan (variable rate) alone now is more than the proposed payment for the consolidated amount. We didn't want to extend the finance term either just consolidate and have the interest rate fixed. He was knocked back because he couldn't afford it under the lending criteria (even though we are paying MORE now). I have just started working again, so putting my name on the consolidated loan application would have made no difference (so we were told by the bank manager). It just doesn't make sense - we are paying more now (and struggling no defaults, payments are always paid on time - other things go by the way side to cover) so to try and attempt to reduce the risk of defaulting (which everyone looses out - banks lose returns and he gets a default to his name) he tried consolidating and was knocked back.

I was at the appointment and spoke to the Manager when he was knocked back so there isn't anything I am missing about his finances etc. The Bank Manager was surprised it was knocked back too and her attempts to find out have come up blank.

We are trying to fix it before its broken and nothing (if that makes sense). Now he has a strike against his name and can't apply for another 3 - 6 months. Have I missed something??? Do you have to default before seeking help??? Confused and frustrated!