Unsecured loan for £25k?

imalrightjack

Hi all

I have foolishly racked up around £20k or so worth of debt over the last few years and would like to manage it better by getting a loan. I need some work done on my home, so would like to borrow around £25k.

Is this possible on an unsecured loan? If so, can anybody advise on who? I tried following the info on this site but when I searched it came up with maximum values of around £15k.

Any advice is welcome. Would people avoid steering clear of secured loans?

Thanks in advance.

Jack

somethingcorporate

Difficult to say.

When you apply for a loan you may well be assessed as taking on £45k debt (£20k old loan and £25k new loan) so you'd need a large salary to get this through.

Perhaps start with a broker.

Simon11

This sounds like a case of Want, rather than NEED. You've already got yourself into 20k worth of debt, and want to increase it!

How much do you earn?

You Crazy!:eek:

Idiophreak

somethingcorporate wrote: »

Difficult to say.

When you apply for a loan you may well be assessed as taking on £45k debt (£20k old loan and £25k new loan) so you'd need a large salary to get this through.

Even for a debt consolidation loan?? Doesn't that rather defeat the point?

ILW

imalrightjack wrote: »

Hi all

I have foolishly racked up around £20k or so worth of debt over the last few years and would like to manage it better by getting a loan. I need some work done on my home, so would like to borrow around £25k.

Is this possible on an unsecured loan? If so, can anybody advise on who? I tried following the info on this site but when I searched it came up with maximum values of around £15k.

Any advice is welcome. Would people avoid steering clear of secured loans?

Thanks in advance.

Jack

I love this attitude which basically says "I know I cannot handle money and have run up massive amounts of debt, so now I want someone to lend me a load more". Does nobody see the irony?

imalrightjack

I came here for advice, not sarcasm.

fozmcfc

Ignoring the foolishly racked up debt bit, even if a lender did borrow you £25,000 and you paid back the £20,000 with it, you still would have a debt of around £30,000. Surely you must see that that is a huge amount unsecured.

There are some great people here who give sound/solid advise, but unless you earn at least 3 times that amount, you really stand no chance, even if they are pointing it out to you in a straight to the point way.

Idiophreak

ILW wrote: »

I love this attitude which basically says "I know I cannot handle money and have run up massive amounts of debt, so now I want someone to lend me a load more". Does nobody see the irony?

Do you even know what irony means?

OP's come on here, just looking to find an easier way to manage their debt and they get "help" like that. Really nice.

CLAPTON

In general lenders will add your existing debts to the new loan so making £45k in total; even if you say you want to consolidate there is no actual way of ensuring you do so.


They will generally want to see your debt to income ratio as less than 50%
so you would need an income of 90K to qualify

however, your bank may be able to help as they know how well you manage your a/c.

alteratively, depending upon the details of your debts (amounts, APRs, monthly payments ) then you may be able to get small loans and transfer from high APR to lower APRs

what is your income?
what are the debt details?

[Deleted User]

Good luck - I've tried to get a loan to consolidate debt but it looks like all their doing is working out how much debt I've got addign new debt on top and saying no.

ILW

Idiophreak wrote: »

Do you even know what irony means?

OP's come on here, just looking to find an easier way to manage their debt and they get "help" like that. Really nice.

OK I may have been a bit mean, but how do you "foolishly" rack up £20,000 of debt. I would suggest you can foolishly forget your keys or leave the lights on on your car, but spending £20k you don't have is in a different league.