Partner and I would like a loan

nemmernossage

He is a recently qualified Nurse who started his job on the 29th of March with a pre tax income of £21,000. I am a student nurse with and income of approx £6,000. We have applied for 3 loans - sainsbury's twice(once with me as first applicant once with him as first applicant) and santander. We were declined for all three.

We are looking to borrow approx £8,000. We were hoping to use the majority of this money to pay for our wedding in July 2010 and the rest to settle other debts and to live on until OH's first pay at the end of May.

Any ideas as to what we could do to get a loan?

Thanks in advance.

CLAPTON

what do your credit records say?
how much debt do you already have?
are you on the electoral roll?
do you have good records with your banks

nemmernossage

CLAPTON wrote: »

what do your credit records say?
how much debt do you already have?
are you on the electoral roll?
do you have good records with your banks

Good questions: I don't know what our credit records say - would be a good place to start.

We already have £5000 car loan taken out in January 2010 in my name I have approx £1500 overdraft in use and we have about £2000 on the credit card. Also student loans which are in total approx £3400 for him and £1800 for me - but they're aren't being paid off yet. Wow- I've never written all that down before. _pale_

We are both on the electoral roll.

I have three bank accounts - a student one, barclays, with a minimal overdraft that I haven't had very long, one which is my "main" account - alliance and leicester which has a minimal overdraft and I've had for about18 months and NatWest which is the big overdraft who I've been with for about 6 years - I took Natwest to the small claims court over bank charges
OH has one bank account which is currently a student one - will be changed over to a graduate account probably which has a minimal overdraft.

Does that help? Any other questions, or more details just ask

sulkisu

It all comes down to whether or not you can afford the repayments. If you post up your SOA (statement of affairs), with your income and outgoings (i.e. rent, utilities, loan repayments etc) it wll be easier to advise you. However, on the information that you have provided so far, it doesn't sound as if you can afford to take on anymore debt. Your total debt (car loan and overdraft) is already more than your annual income. As you are going to use some of the loan for everyday living expenses, until your partner starts work, this suggests that you are aready stretched to the limit. A responsible lender will refuse your application as you have found out, and each subsequent application that you make hurts your credit a little bit more each time. You might be better off scaling back your wedding plans and trying to reduce your overall spending - have a look at some of the 'old fashioned money saving threads' for ideas - insead of taking on more debt.
Why not start with the SOA, and take it from there.

CLAPTON

I would say that your level of debt is rather high for your income;
your OH has only just started working and that will count against him

do bear in mind that potential lenders will add up your debts like this (leaving out student debts)
5,000 + 1,500 + 2,000 +8,000 = 16,500
now you may intend using the new debt to repay some of the old but there is no obligation to do that.

best to stop applying for more credit for a while as too many applications make you seem desperate and try again after 6 months.

nemmernossage

Thanks guys. I think you're right and I'll post an SOA when OH gets back from work to see what our actual outgoings are and what we might be able to afford.

Simon11

I think you guys need to learn to save!!!

Your special day will be alot more happier, if you knew you had earnt everything for the wedding and worked very hard to achieve your goal!

Rather than getting another 8k loan and be paying it for the years to come. You'll find it hard and hard erto come back into the black!

It will show your true feelings for each other if you'll willing to work hard together to save for your wedding day!

Good Luck!!

inmypocketnottheirs

Clapton and Simon11 are spot on.

Don't apply for more credit and save for your wedding. It is the best solution.

nemmernossage

Simon11 wrote: »

I think you guys need to learn to save!!!

Your special day will be alot more happier, if you knew you had earnt everything for the wedding and worked very hard to achieve your goal!

Rather than getting another 8k loan and be paying it for the years to come. You'll find it hard and hard erto come back into the black!

It will show your true feelings for each other if you'll willing to work hard together to save for your wedding day!

Good Luck!!

inmypocketnottheirs wrote: »

Clapton and Simon11 are spot on.

Don't apply for more credit and save for your wedding. It is the best solution.

I'd love to be able to save for our wedding but we just can't! It may be the best solution from your perspective but from mine it's impossible.

Sorry for the stressed reply but I'm really really stressed out with this and everything else.

Looks like I'll have to steal food and diesel for the next two months.

CLAPTON

maybe your OH could apply for another credit card.... although not what I would normally recommend but it might get you through the period until his first payday.
Has he tried to get an advance of salary from his emplyer... sometime this is possible for a first job.

but without wanting to preach, spending 5k on a car in your situation was a little unwise; as it planning a wedding before you can afford it.
presumably once you quality you will be on a good income.. could not the wedding wait for that time?

dmg24

Is there a reason why you have to get married this year? Surely you have not booked things without knowing whether you can pay for them or not?