Advise please - who to get loan from? - my bank or my mortgage lender

thelibertinedream

My credit rating isn't the best

Who is most likely to give me a loan to clear my credit card debt

My Mortgage Lender (Nationwide)

Or my bank (Halifax)

or is there no difference?

many thanks

Tixy

Usually your own bank is a good place to start (providing you have maintained your accounts with them in good order).

In fact if you go in branch and talk to them they may be able to give you an indication as to whether they may lend to you without doing a full credit check. This will give you an idea without recording a credit application (which in themselves affect your credit rating). If you have a copy of your credit report and take that in to them that might help.

Who is the credit card with? If also with halifax again they may be more likely to as they can switch the debt for you (open a loan and pay off the card automatically which means you are not actually increasing the overall amount of credit you have.)

thelibertinedream

thanks

I have 3 cards

1 Abbey, 1 Halifax and one HSBC

My wifes credit is decent but mine not that good.

Are we best getting a joint loan or just let her get it as her credit is better

Pinktooth

Is an overdraft not cheaper per month than a loan? I was thinking of asking my bank for a larger overdraft to pay off my credit card instead of getting a balance transger which I probably could not obtain anyway

ste_coxy

Pinktooth wrote: »

Is an overdraft not cheaper per month than a loan? I was thinking of asking my bank for a larger overdraft to pay off my credit card instead of getting a balance transger which I probably could not obtain anyway

possibly if the authorised overdraft interest rate is decent - it only works if you actually pay it off though and not end up living in and off it which is very easily done which means you are continuously paying interest and not getting out of debt