Partner unable to get loan becasue of my bad debt!

cleomolly

Hello follow members. I recently posted about the effect of my DMP on my partners credit worthiness and after my partner applied for a fairly good rate loan (based on the smart seacrch facility on moneysupermarket), and he was declined. He still wishes to apply elsewhere before giving up and asked if I could try and find out some information about which companies he might be best applying too? His credit file has one late payment in the last year and 2 'APs' but again he has had no luck using the smart search facility as it says he should get accepted for all loans but obviously this doesn't take into account my status. Would he have a better chance of gettign a home owner loan (aware of the complications of this) ? any advice would be appreciated.

Thank you in advance : )

Captain_Cochoran

Was the bed bought on HP? It seems a shame to trash your credit over a piece of furniture. If you have paid off more than half, you can send it back and owe nothing.

cleomolly

thanks captain - but I don't think that relates to me ; ) wish I could afford a new sofa!

ILW

cleomolly wrote: »

thanks captain - but I don't think that relates to me ; ) wish I could afford a new sofa!

Think it does, have you checked your header.

cleomolly

: ) ha ha ha fabulous, what a silly mistake. I don't think I can change that now can I?

cleomolly

Should read ok now! you wouldn't have thought I typed all day for a living would you : )

CLAPTON

if you are on a DMP and you are financially linked to your partner then no responsible lender will give you a loan... basically as a couple you are saying you can't afford to repay your current debts but still asking for more borrowing.

you don't say why your partner wants the loan but basically you should as a couple ask whether its essential.

TotallyBroke

Your partner's rating is not good. He has a late payment and 2 'AP's I guess these are 'arrangement to pays'. So he could've been refused because of himself and not you. Unless you are both financially linked via a mortgage or loan your DMP should not affect his ability to borrow.

Oh and the more he tries to get money the more desperate he will look and be less likely to get anyone to lend to him.

cleomolly

Thanks guys, We are linked by our mortgage. my debt is solely mine as i got this before we were otgether and I'm determind to get myself out of this mess. He does financially support me in the way that he pays my half of the mrotgage as then this allows me to pay more towards my DMP. But his reasons for a loan are for himself, he wanted to do his bike training and buy a bike as he's recently sold his car and this is something he's wanted to do for a long time.

He has only applied for 1 loan and was waiting untill in a week or so to apply again as a search he's had will have dropped off his file by then, taking it back down to 1 search. Also he's in battles with Halifax inorder to have the 'AP's removed because they shouldn't have put them on there apparently as no arrangement to pay was ever arranged! it was a bank error which we didnt know about until he got his credit file recently.

oh well I guess he seems to have no choice but to wait untill my DMP has finished for a chance of ever getting credit himself again!

thanks for the advice and help.