Lender most likely to provide u/s loan for debt consolidation?

tressls

Hi all

My other half is wanting to borrow around £8000 to consolidate a few debts as it would work out easier and cheaper for him. He still lives at home. I know it's not good out there ATM so don't hold out much hope especially since he has applied in the past and got rejected. Not sure why- we have checked his credit file a few times and it doesn't look bad- well when I say that there are lots of debts on it (some paid now), but none which have defaulted/ been very late, no CCJs etc. He earns £18500 a year and has been in his job a year, and emplyed previously to that and continuously since the age of about 18? He is now 29. He hasn't moved much- he lived at home from birth to Oct 04 when we briefly moved into rented accom. together. He then moved back home Oct 05 and has lived back there since.
I am guessing his credit file may look bad in the sense he has lots of it (many smaller ones such as laptops on finance through Currys/HFC bank etc). But it also shows he can keep up payments. Even his own bank (Yorkshire Bank) said noa few times, this was when applying online though or over the phone. They have the added bonus I suppose that they can see how much he earns and spends, and what on as they are all direct debits from the same account. Not sure if it's a different story if you go into branch or if they just use the same method.

Any ideas? It would help him out a lot. I don't see it as extra debt as it would making him better off really and make things easier.

Thanks

jonesMUFCforever

£8000 debt as a % of £18500 (gross or net ??) is too high - they think there is a big chance of him not paying it back which is why he is getting declined.
Go over to the debt free wanabe board and find out about snowballing his debts.

CLAPTON

whyever does some-one living at home and earning 18,500 have any debts at all?

best to look at the causes of his debts and the spending habits ...
a good format is here
http://www.makesenseofcards.com/soacalc.html
learn to budget properly
if necessary get a part time job to repay the debts
then start to save so (except for a mortgage one day) he never ever needs to borrow again.

tressls

It really winds me up how judgmental some of the people on here are... he wasn't earning that much when he got debt, I have got debt in his name (catalogues etc) and together with his c/card it would be easier to put it all into one and pay one sum rather than all different ones. IS that ok?

I really don't want patronising replies- it really makes me wonder why some people bother replying.

It is not helpful and doesn't answer the Q I asked.

Thanks to reply no 2 x

CHR15

tressls wrote: »

it would be easier to put it all into one and pay one sum rather than all different ones. IS that ok?

Well the banks are the best ones to answer that question, who have already said no.
The posters on here are telling why they said no.

Maybe you should have restricted your replies. Only request what you WANT to hear, and not any reasonings for the refusals.

Consolidation is ALWAYS great in theory, but after years and years of experience, the banks have decided most applicants simply pile all the debts back on again.
It has got the point now that consolidation is TERRIBLE in reality.

.

tressls

Seriously, did you read my post??!

How is


"whyever does some-one living at home and earning 18,500 have any debts at all?"

A constructive answer???!

As that is the thign that has bothered me... nothing else. I am quiote happy to hear reasons why he has been rejected in the past- that's what I asked for. I did not asked for judgemental comments, which are rife on here as I searched through a few threads and found similar replies- not helpful and probably serves to make people feel worse.

CLAPTON

tressls wrote: »

It really winds me up how judgmental some of the people on here are... he wasn't earning that much when he got debt, I have got debt in his name (catalogues etc) and together with his c/card it would be easier to put it all into one and pay one sum rather than all different ones. IS that ok?

I really don't want patronising replies- it really makes me wonder why some people bother replying.

It is not helpful and doesn't answer the Q I asked.

Thanks to reply no 2 x

sadly your judgement that it's ok for him to be in debt because previously he wasn't earning as much as now, is part of the problem.

I'm afraid is obvious that the lower one's income, the less one can afford to be in any sort of debt.

On a low salary why spend a lot of it paying interest to banks.
From what you say he has quite a long history or getting loans, PCs Currys etc.

The first step is for both him and yourself to see this as inappropriate financial behaviour and not normal.

He needs to stop spending until the debts are paid off and only spend what he can afford. And you need to support him in this.

It's not a judgement call, it's just plain common sense
8,000 of debt on a salary of 18.5k for some-one living at home is a very very high level of debt

tressls

but we already have this debt and with high interest rates, paying minimum payments and gettnig nowhere- to put it all in one place with a lower interest rate (even if not much lower) and spent the same or less as we already do per month on paying but knowing it will be paid in 3 yrs or whatever, surely that makes more sense?

i am aware its not normal, seriously, please stop patronising us, i am not asking him to borrow more, i wanthim to put it in one place and pay it OFF!!

inmypocketnottheirs

Yet again wise words from CLAPTON and CHR1S.

tressls

if fact can someone close this thread- its clearly a pointless thread and its only use is for the people so far up their own !!!!!! on here to patronise people. in fact, somebody delete my !!!!in account on here its absolutely pointless.

Wutang_2

tressls wrote: »

somebody delete my !!!!in account on here its absolutely pointless.

true! See you later!