Loan Advice

matt78

Hi Guys,

I'm trying to clear all my debt that I've accumalated over the last couple of years.

I have 3 credit cards with three different lenders totalling £18500.

Card One - £3000
Card two - £4000
Card three - £11500

I currently pay every month in total £365 which is really about the bare minimum to pay off, I know it'll take many years at this rate to clear the cards as this is why I'm looking for a loan to pay off all the cards in one go.

I'm looking to be debt free in 5 years, so I found acouple of lenders to pay off £18500 in 5 years which equalsto £353 each month. The lenders being either Lombard direct or Direct line.

My basic salary is £15500 but since working for this company I've never earned nothing less than £17500 due to continous overtime. I haven't taken into consideration the overtime as I know I should never rely on that.

What I would like to know is how lenders work out how much you can borrow depending on what you earn, or will lenders lend me the £18500 to debt consolidate know matter what I earn.

Thanks for any advice in advance.

Alish

What they should do is take in to account your main income after paying tax, they might also take into consideration any bonuses or overtime money you recieve. They'll minus this from your monthly outgoing which will leave you with how much you could realistically pay towards the loan (referred as disposable income) .