Feel like we're stuck

Neoshoegal

Hubby has a quite a bit off debt on 3 credit cards which we are gradually but surely paying off. After noticing the moneybackloan on here, I though that we excellent for us and so did hubby, so we applied. After we applied we got an email to say they would notify us in 24 hours, a few minutes later, we received another email to say they would let us know in 48 hours. I guessed this wasn't good news. The following day we received a call from another broker who said he had recently applied for a loan with Alliance & Leicester and that, as he was declined, they would try to offer him a different loan. He has quite annoyed to get a call like that out of the blue, they knew before he knew. Anyway, it looks like they declined us. But our credit rating is always described as good, we can repay the loan without any problems.
It really bothers me that however good we're doing, we'll always be stuck. :-(

Rafter

Moneyback bank are extremely fussy. Unless you own your own home, live somewhere good, have an excellent rating and accept their overpriced rip-off payment protection insurance you are unlikely to get accepted at the best rates advertised.

I suggest if you want to go the loan route you try Nationwide, Cahoot or Northern Rock who seem to be a bit more reasonable about who they will accept.

Before doing that though, read Martin's article about using 'life of balance' credit card offers from the likes of American Express - you may get an even cheaper card based loan that way.

Good luck

R

Neoshoegal

Thanks. We do live in a reasonably good area, but our previous neighbourhood (more than 3 ago) was anything but good! I have a life of the balance credit card with American Express which is very good. But as hubby already has 3 cards, I don't know for how many more he'd be able to apply for. maybe it's worth a shot. Thing with those life of the balance is that we never seem to get it for enough so we're still stuck with quite a bit on other cards. We have quite a few friends who work for a major bank and they all say we're in a rubbish situation: we're not rich enough to get everything we want or poor enough to get offered credit left right and center. We'll get there, but it's a bit dissappointing when you get turned down all the time.

mountainofdebt

but why has where you live got anything to do with getting a loan or, come to think of it, any form of credit?

Surely at the end of day it boils down to your income v current liabilities.

Personally I would get your hubbyto reduce his limits so that the potential available credit is reduced as far as possible. May also be worth getting a copy of your credit report as they only cost £2 and you see if there are any problems that you aren't aware of.

If hubby does get another card, then transfer as much as you can onto this card regardless of whether or not you can transfer the full amount (better a small amount of your debt on 0% then to cut your nose off to spite your face!) and then reduce the limit on the card that you transferred the balance from ....or if you can trasnfer the entire balance cancel the card.