how much personal loan can i get

adamjw3

Hi i'm 14k in debt to 5 lenders (credit cards, loans, overdrafts

i want to consolidate and just have one payment and reduce my monthly cost a fraction but mainly just get a date that i know they will be paid off. you all know the score!

i see tesco's, sainsburys and some other are doing a 7.8% apr and i want to apply.

whos the best?

i don't own a home, i earn 25k a year

credit history wise, i always pay by direct debit, had a bank charge for going over my aggred liimit the other month but apart from that never missed a payment.

i'm paying out £370

do you think i would get the loan?
i would really like one were if i wanted i could pay a bit more off each month if and when i have spare cash.

any advise would be helpful, but not as much as if you gave me 14k to pay it all off!

zppp

adamjw3 wrote: »

Hi i'm 14k in debt to 5 lenders (credit cards, loans, overdrafts

i want to consolidate and just have one payment and reduce my monthly cost a fraction but mainly just get a date that i know they will be paid off. you all know the score!

i see tesco's, sainsburys and some other are doing a 7.8% apr and i want to apply.

whos the best?

i don't own a home, i earn 25k a year

credit history wise, i always pay by direct debit, had a bank charge for going over my aggred liimit the other month but apart from that never missed a payment.

i'm paying out £370

do you think i would get the loan?
i would really like one were if i wanted i could pay a bit more off each month if and when i have spare cash.

any advise would be helpful, but not as much as if you gave me 14k to pay it all off!

Consolidating is sometimes a phony option as you may have a slightly lower repayment, but means that you have it tied aroun your neck for years.

What are the APRs on your existing credit? You may want to try and pay off the highest APR debts quicker, to reduce your monthly outgoings.

A loan for that amount is unlikely for the following reasons;

- The amount of credit is more than 50% of your annual income.
- A charge on your account recently may not help your credit file.
- If you apply for 14k loan, it will be assessed as additional credit, in case you don't pay off the other debt.

I suggest that you may get some hints from the DFW board for tips on reducing your debt without consolidating.

adamjw3

i've had the debt for years.

egg credit card is 19 0r 20
think virgin is the same.

overdrafts are 0.794 per month.

believe me if i had the money each month to pay off more i would but i don't. consolidation is the only way for me to go.

i'm at the point now where i might as well just tell them i'm on 35k a year as i know i can afford the payments 0f £280 permth

Only other option is bancruptcy and i don't want to do that cause i would like to buy a home one day and not have a rip of mortgage.

BoGoF

I don't think you'll get a loan for £14k on £25k and no point lying about your salary.

I think you need to look at your overall spending. On £25k a year you'll be taking home roughly £1600 per month. £370 you're currently paying should be well affordable unless your rent is mega ?

adamjw3

BoGoF wrote: »

I don't think you'll get a loan for £14k on £25k and no point lying about your salary.

I think you need to look at your overall spending. On £25k a year you'll be taking home roughly £1600 per month. £370 you're currently paying should be well affordable unless your rent is mega ?

370 is fine, but that includes minimum payments on my credit cards and just a couple of pound above the interest on my overdrafts.

rent is pretty high which is why i'm moving to cheaper house by the start of july.

my two loans have 3 yrs left which amount to 170 a month, but can't wait that long need to get it sorted now.

other costs i have a month food, car insurance, mobile phone.

BoGoF

Have you tried getting a 0% credit card deal to transfer your current balances to ?

I really can't see you getting the £14k but you may be able to take some steps like getting the 0% card and having a critical look at your spending.

I've been in your position a few years back and it was a case of me just grinning and bearing it, a couple of years of quite living didn't harm anyone. There just came a point when the loan companies said no and that was back in the easy credit days.

zppp

adamjw3 wrote: »

i've had the debt for years.

egg credit card is 19 0r 20
think virgin is the same.

overdrafts are 0.794 per month.

believe me if i had the money each month to pay off more i would but i don't. consolidation is the only way for me to go.

i'm at the point now where i might as well just tell them i'm on 35k a year as i know i can afford the payments 0f £280 permth

Only other option is bancruptcy and i don't want to do that cause i would like to buy a home one day and not have a rip of mortgage.

I would not suggest lying on a loan application - that would be obtaining credit by deception. (The lender will ask for proof of income) You are not limited to bankrupcy only, however the chances of a loan are very slim.

What I would suggest is that you post up a full SOA, list of all of your creditors and APRs and we can then advise you on what could be done.

adamjw3

well the credit cards are 7k in the red. i don't go out much, once a month maybe. spend most of my time in the gym, for 2 reasons, i want to lose abit of weight and the company i work for pays for it so it gets me out the house and its free.

i don't think i will get one and friend tried the other day and he was only transfering 4k and they said he could only have 2500 as a new customer plus don't you have to pay 2% or 3% in interest on what you transfer?

BoGoF

adamjw3 wrote: »

well the credit cards are 7k in the red. i don't go out much, once a month maybe. spend most of my time in the gym, for 2 reasons, i want to lose abit of weight and the company i work for pays for it so it gets me out the house and its free.

i don't think i will get one and friend tried the other day and he was only transfering 4k and they said he could only have 2500 as a new customer plus don't you have to pay 2% or 3% in interest on what you transfer?

No, what you pay is a one-off 2-3% balance transfer fee which gets added to your balance. So if you transfer £3000 and the fee is 3% then £90 will be added to your balance. But surely that is less than one months interest on your current balance. Even if you can't balance transfer the lot every little helps.

adamjw3

zppp wrote: »

I would not suggest lying on a loan application - that would be obtaining credit by deception. (The lender will ask for proof of income) You are not limited to bankrupcy only, however the chances of a loan are very slim.

What I would suggest is that you post up a full SOA, list of all of your creditors and APRs and we can then advise you on what could be done.

virgin:
Outstanding Balance: £3,316.74
Credit Limit: £3,500.00
apr: 19%
pay: minimum

egg:
Outstanding Balance: 3,447.81
credit limit: £5,000.00
apr: 20%
pay: minimum

Hsbs grad loans x2

grad loan 1 = 646.99
3 yrs left
apr 6%
£22.50
grad loan 2 = 2562.58
3 yrs left
apr 6%
£150

Natwest overdraft
bal:968.47p
limit:£1000
apr: not sure but probably around 0.079per month
pay:£20
(some months the interest is more than that)

barclays overdraft
bal:2973.94p
limit: 3000
apr: 0.079 pr mth
no fee on first £200

Kavanne

What are you spending all your money on then? You should be able to comfortably afford your repayments at the moment on your salary. Is your rent + bills £1000+???