knocked back for asda loan, ge money not doing personal loans anymore?

CLAPTON

Its a bit confusing ..
you say your credit rating is very good but your OH applied for the loan... what is his credit rating like?
whos names are the current loans in?

hanwil

sorry, the loans are in husbands name, we have always applied for loans in his name as he earns the most income. The credit rating that this refers to is my husbands, i put i for ease rather than posting 'my husbands' each time!! lol! The loan that we got rejected for (asda) is also in my husbands name. So all the facts are exactly as stated - hope this makes sence?!

hanwil

new to these forums, so i apologise if my post seems confusing, and im not using the right shorthand :-)

mrcow

If you're not worried about affordability in the future, then speaking with your bank and explaning the consolidation plan and getting them to apply for you whilst in branch would possibly be the best plan (unless someone else can come up with something better).

The only real problem with this is that you've then got a situation where all your "eggs are in one basket" so to speak - not a good position to be in if things start getting tough financially as it can be very hard to manage when you've the same creditor for your banking, loans & mortgage. But that's just something to keep in mind.

Obviously the cheapest way to do this would be to apply for say an MBNA credit card and see if you can get a big enough credit limit on a 0% deal to "super balance transfer" and then you can flexibly pay as much as you can afford in a given month. You'll obviously have to switch deals every 12-15 months, but you can save money this way and it would work with the flexibilty needed due to the maternity leave.

Bit nervous about suggesting it, as you do need to read up on it before you start and understand the ins and outs, but it's how I financed my car and I've saved loads of interest and have complete flexibilty and control over my money with no tie-ins or penalties.

Have a read for more info:

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

MBNA give good credit limits (or they have historically at least).