Joint loans??

Skint82

Hi Guys,

Thanks for looking. Newbie here!

Was wondering if anyone knows more about joint loans and if I would be more likely to get one rather than loan on your own.

Basically my credit is really poor at the moment and I'm lot of debt. Applied for a few loans but been declined. So me and gf where thinking about getting a joint loan so I can pay all my debit and have one payment a month.

At moment I'm roughly £12'000 in debt, paying out £492 a month and thats not including, bills, food, rent....

Whats annoying me is I could consolidate all my debts and make it alot lower a month but I cant get a loan. Don't get me wrong, I know it is my own fault that my credit is poor. Been missing payments for last few months with out goings on different dates, can't afford pay one week but I can others.

So as I was saying, me and gf thinking about getting a joint loan and opening a joint account so both our wages will go into the one account. Would we have a better chance of getting a loan to help?? Works out with both incomes, £2000 a month.

Thanks.

Beast

The problem is the second you get a joint financial product with someone, your credit ratings will be linked and your poor credit will have an impact on your partner's.

If your partner has good credit and you're in a trusting, stable relationship you'd be better asking them to get the loan for you.

CHR15

Agreed, let the gf get the loan in her name and give you the money.

If this was the gf posting this question, we'd all be saying DON'T DO IT !!!!

CLAPTON

what sort of debts do you have; what are their APRs

as other have said geting a joint loan will simply ruin your gf credit rating withour significantly helping yours.

12k is an awful lot of debt ... how much is your gross income; how much is you gf gross income

Skint82

Cheers for your replies!

I know, its a shocking amount to be in debt. Been silly with money to be honest, I've been bit unlucky too. My finances where running not to bad last year when had few things backfire. Lost a lot money on club night I was promoting then I was on strike quite a bit last year with work. All of this happened at the same time and then bank charges, having borrow more money....

So all that didnt help. So just want one loan to pay everything off, less money going out a month and break the cycle of borrowing money! Thats why thinking joint loan could have been option.

I don't like idea putting my debt in her name, saying that we did try Tesco's and she got declined. Where thinking trying somewhere else but rather not put all in her name.

I hate money!!! haha.

Ritchie74

Skint82 wrote: »

I don't like idea putting my debt in her name, saying that we did try Tesco's and she got declined. Where thinking trying somewhere else but rather not put all in her name.

Why? Putting it in her name only would have no detrimental impact to her (in terms of Risk) compared with a joint loan - as with the latter she would be 100% legally responsible for the payments anyway (as would you be, as joint loans are 'joint and several').
The full amount would also show on her credit record regardless.

In fact of the two options (and assuming her file is 'clean'), she would be better taking it out in her name only as your file cannot then spoil hers. Better for you too as she is likely to get a better rate solo as opposed to with you.

The best option for her, however, is none of the above, thus protecting her record and not becoming liable for any debt.

Up to you and her, but the joint loan is the worse option of the 3 for both of you

CLAPTON

maybe answer the questions in my post?