Advice needed please!

danielquinn1502

Hello,

I am waiting for completion on a new property which is due to go through any time now.
I arranged the mortgage and thought that I would borrow about £5000 - £6000 to pay solicitors and furnish/decorate ect nearer the time.

I have never been turned down for loans in the past and thought that there would be no problem obtaining one now. However I have mad a couple of applications for loans and they have been refused. I am now in the position where I am about to move with no furniture and a solicitors bill to pay.

I don’t know what to do; I need this money, any advice?

Rafter

Talk to your own bank and obtain a copy of your credit report from creditexpert.co.uk right now (remember to cancel within 30 days to avoid paying for it though)

If you are in a good job/salary, are on the electoral roll and don't have too much unsecured debt already, then obtaining this kind of sum shouldn't be a problem. Loans are much harder to come by following the banking crisis though so you may have to a) Go through hoops to get one b) Pay a higher rate of interest.

Do you have any credit cards with unused limits? You could always use these to pay the solicitors bill using a credit card cheque? It may cost you fees and interest though.

Good luck

R.

danielquinn1502

Well,
I have just approached my bank, been a customer for over 20 years, couple of loans, couple of mortgages over the years, never missed a single payment and have nothing outstanding with them and they turned me down. Gutted!

Registered with experian, very interesting…. I have a “poor credit rating” and I am not on the electoral roll as I have moved into rented accommodation until the sale is completed.
I work full time, 25k per year. I have a Barclaycard at 6.8% that has not been used.

I still need a loan for moving costs, improvements and furniture.

Any ideas, I don’t know what to do.

Fonz_2

Getting on the electoral register would be a good step but appreciate this may not help you in the short term.

Unfortunately in these tough times, lenders may just see you as oversubscribed in relation to your income - particularly with a mortgage hanging over you.

Rafter

Do you have parents/relatives who would be prepared to act as a guarantor?

Could you borrow a bit more on your mortgage to avoid putting down such a big deposit freeing up some savings that way?

£25k a year ins't much given you are about to take on a mortgage. Do you have enough limit on your barclaycard to pay for some furnishings? Barclaycard might give you a credit card cheque to pay the solicitors. However, you really need to get your credit rating sorted if you want to get a decent rate loan.

R.

halifax71

danielquinn1502 wrote: »

Well,
I work full time, 25k per year. I have a Barclaycard at 6.8% that has not been used.
.

Your Barclaycard available limit will count against you. Say it has a £4k limit then your bank will take £4k off your credit availability.

danielquinn1502

I do not want to go to one of those poor credit loan sites, so I’m pretty much stuffed then really?

Treading_Water

Can you use the barclaycard to pay the solicitor, and manage with borrowed/Freecycle furnishings until things have eased a bit?