Will I have to go the secured route?

mparter

I have a couple of old defaults on my file (>3 years). I have since then managed to obtain a mainstream mortgage, 2 credit cards (a low limit Capital One and a Barclaycard Initial) and a Next Account. I've paid these promptly and on time since opening so I'd say my credit rating is probably improving.

I want to borrow £20,000 for home improvements, clear my overdraft and buy a car. What's my chances of getting an unsecured loan?

Robert_Sterling

Not too good at first sight.

mparter

Robert_Sterling wrote:

Not too good at first sight.

LOL. Straight to the point

jonesMUFCforever

I agree with the reply though!

Robert_Sterling

Even worse at second sight.

homersimpson_3

I want to borrow £20,000 for home improvements, clear my overdraft and buy a car. What's my chances of getting an unsecured loan?

are home improvements and car essential?

Will I have to go the secured route?

try and avoid at all costs securing debts on the roof above your head. what if house prices fall - negative equity- you cannot repay debts etc

david29dpo

try to live within your means, you wont regret it!

Robert_Sterling

That is good advice for anybody.

mparter

homersimpson wrote:

are home improvements and car essential?

try and avoid at all costs securing debts on the roof above your head. what if house prices fall - negative equity- you cannot repay debts etc

I suppose you could say that nothing is essential. Well, except I need a car to get to work.

homersimpson_3

I suppose you could say that nothing is essential. Well, except I need a car to get to work.

why can't you use public transport? can you car share or cycle in? if not possible you don't need to spend 20k on a car. i would class essential repairs to house as something structural, providing a bathroom, somewhere to cook etc- something which is necessary to meet basic needs.

mparter

Well, we bought the house were currently in 10 months ago with the intention of doing the kitchen as it's 10-15 years old. So we planned to get the kitchen done. There are also other bits and bobs needing done to the house which whilst not being essential from a structural point-of-view, from a cosmetic point-of-view and to increase the value of the house, I would like to get them done.