Loan / Debt Advice

mrbenn_3

Hi this is the first time I have done anything like this. Looking for advice on debt. (who isn't?)

I am living with my partner and we have run up about £10k worth of debt which is all in my name. Due to recent personal circumstances we are running late on most payments and as such paying more per month etc.

As we have no financial links (no mortgage or joint bank accounts etc), we were unsure as to whether my partner would be able to get a loan purely in their own name?

Obviously we share the same postal address. I know that you are no longer classed as joint on the address anymore (only if there is a financial association). As we are both on the electoral roll is this classed as a financial association?

We obtained a credit report for them which gave a score of very good. Before we apply we were wondering if anyone could advise the likliehood of a loan being granted on this infomation. We are private landlord tenants.

Salary around 24k

Hope someone could advise?

Mrs_Arkwright

If you are already in 10K of debt, taking another debt on may not be the way to go. Post your statement of affairs (ie all your incomings and outgoings) and people here will be able to find ways you can save money and jiggle your existing debts around.

mrbenn_3

Hi Thanks for that, I am on maternity leave so our income has decreased and because of the extra payments needed to get up to date we feel that a loan to pay off the whole lot and have just one monthly outgoing would be the best option and would reduce our monthly payments by more than half.

A five year loan is what we have in mind and at the way we are now i dont think we would even by anywhere straight in that time. The rate would also be significantly lower than that of our current credit card rates etc>

Hope that helps