Consolidation Loan

Mrsslosh

Hi There

My husband applied for a loan via a company over a month ago, it is a consolidation loan for 25k which will pay off our credit cards and half our monthly outgoings (on bills). Over the phone he was advised by the company, who are brokers, that his credit score was 98% and they had matched him with a loan over 8 years at 6.5%, great news! We paid the brokerage fee of £99, now we know that until the money is in our account that nothing is ever guaranteed, however they are dragging there heels now, they won't return calls and are behaving, in my opinion very unprofessionally.

My next question is that recently whilst trying to sort our financial situation out my husband and I both applied for 0% balance transfers and were refused, I have been late with a few CC payments and have asked for my car finance company to reduce my monthly payments and also the mortgage company have given us a 3 month payment break. I know that the Car Finance Company will go against us on a score but will any of the other things affect our ability to get a consolidation loan on the High Street?

I have been made redundant from a very well paid job and with 3 children at home am finding it very difficult to find one that will make it worth going back (the company I worked for before subsidised childcare) So things are now getting very very desperate. Someone gelp me find a solution Please

BenL

Hi

I think you have probably just lost (most of) the £99.

You pay £99 to this company to re-enter your details into websites to try to get you a loan.

I would say it is highly unlikely you will get the loan at 6.5% given what you have written about your credit history,

You look quite a high risk customer and the finance rate will reflect this if you get accepted.

churchrat

hello
I'm sorry to hear about your situation, redundancy is never good news.
If things really are getting desperate then why not head over to the DFW board and get help on paying what you owe, instead of increasing the amount of debt?
As Ben has said, all of the things you have listed will mean that your line of credit with REPUTABLE lenders has probably been trashed.
I, and most of the other people on the dfw board know how it feels to have debts you cannot pay and so you will be in good company.
come over and say hello
churchrat

iolanthe07

I agree with BenL. Never pay an upfront fee to a broker - there are lots of reasons, if you look through this board. So many people here have been ripped off, though most seem to get a portion of their money back if they're persistent. I really don't think you'll get a £25K unsecured loan at 6.5%; that would be a good rate even with a perfect credit history. I fear they told you that to get your £99, but I do hope I am wrong.

Rafter

Sorry but you cannot make existing loan payments and outgoings out of another loan without getting underwater.

If you are behind on payments already and have less coming in that going out you need to URGENTLY speak to citizens advice, CCCS or someone else about prioritising who you pay based on your income.

The only reason not to do this is if you expect to get another job paying as well very quickly so that you can get back on top of everything.

The only way of getting that much money at a good rate when you are redundant would be to lie on your application and commit fraud which is a very very bad idea.

R.