Im A Homeowner And I Can't Get A Loan

julie_hi · 2 April 2005 at 9:42PM

IS THERE ANYONE OUT THERE WHO CAN GIVE ME SOME ADVICE!!!!!!!!!!!!!!!!
Me and my boyfreind moved into our first own house a year ago. We have managed to build up a lot of debt between us totalling to £25000, through credit cards and a loan. We have no ccj's or have never had any bad credit problems in the past and have never been black listed. I pay all my bills on time and never miss a payment, my partner sometimes misses one month then pays double the following month.
We have tried applying for a secured loan to consolidate all our debts but we are having problems trying to get one. The reasons are we dont earn enough money and we don't have enough equity in our house.
It is not counselling we need it is to find a loan that will accept people on low income or no equity in there home.

moggins · 2 April 2005 at 9:47PM

We have had horrendous credit problems and history and we went through purple loans, they put us onto Black Horse, the rate is not brilliant (11%) but we couldn't have bought out car without it and the Black Horse people were lovely to deal with.

Trouble is as we are such good payers they keep offering us more money which we don't need.

julie_hi · 2 April 2005 at 9:58PM

Thanks very much I will give them ago, I have already applied to about three companies today but the more I apply for and they do a credit search on us the more my credit score will be going down so I am getting worried now.

mattp_3 · 4 April 2005 at 2:38PM

Why do you want to turn unsecured debts into secured debts??

It would make a lot more sense to try for unsecured loans first especially if there is a risk that your boyfriend "misses a payment and pays double next month" - this could put your home at risk?

Lenders are unlikely to want to give you a loan if there is no equity as there will be no security on the loan (better to stop using any credit cards and work out a realistic budget first).

Are you paying ridiculous interest rates on your credit cards at the minute? Can you take advantage of any balance transfer offers to save you some interest payments in the short term?

a secured loan should be the last alternative, and if you are getting refused (your partners missed payments will be affecting this) then you might not have any choice but to deal with the cards as they stand - then try to get the monthly payments down.

julie_hi · 5 April 2005 at 10:12PM

The credit cards we have at the moment are all high apr and we are only paying the minimum payment (this is all we can afford), so as you can imagine it is going to take forever to pay them off. This is why I thought getting a loan to pay off the debts would help us.
We have worked out today that we owe a grand total of £32000 in debt !!!!!!
This seems to be our last alternative as we really don't want to sell our home.
I have been referred to black horse today for a secured loan who will contact us within the next 24 hours, so hopefully they will be able to help us.

Please keep all your ideas coming I really appreciate it, its good to talk to people about it rather than keep it to myself as I am too embaressed to tell my freinds.

Im A Homeowner And I Can't Get A Loan

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free