Can anyone get a loan?

iosullivan

Has anyone who has applied for a loan been successful at all?

I am looking for a loan of £20k OR £25k to clear all debts and have one payment - currently have number of credit cards and a loan

We have tried a joint application as this is to clear both our debts before my partner has our baby

So far been declined even though both credit files have everything up to date - no mised payments etc etc and both have been careful on applications etc

Have tried so far this year (bearing in mind we have been careful on when we apply for searches on file reasons) Tesco, Halifax, Sainsburys and the AA

Any ideas on who is a good company and if anyone has managed to get a loan for this value?

Homeowner loan is not what we want as we do not have the value in the home to do this and plus dont want to secure a loan to our home anycase

Clive_Woody

iosullivan wrote: »

Has anyone who has applied for a loan been successful at all?

I am looking for a loan of £20k OR £25k to clear all debts and have one payment - currently have number of credit cards and a loan

We have tried a joint application as this is to clear both our debts before my partner has our baby

So far been declined even though both credit files have everything up to date - no mised payments etc etc and both have been careful on applications etc

Have tried so far this year (bearing in mind we have been careful on when we apply for searches on file reasons) Tesco, Halifax, Sainsburys and the AA

Any ideas on who is a good company and if anyone has managed to get a loan for this value?

Depends on your income compared to your current level of debts and how any new lending would increase the outstanding amount.

Your posts suggests you are currently around £20k in debt, a similar sized loan would effectively double this debt to £40k (the lender has no guarentee you would pay back the current debt so pleading that this is for debt consoliation would most likely fall on deaf ears). To be considered for this level of I debt I suspect you would need a salary around the £80k level.

You would be better off head to the debtfree wanabee board on here and look at ways of clearing your current debt that does not involve further borrowing.

iosullivan

Clive_Woody wrote: »

Depends on your income compared to your current level of debts and how any new lending would increase the outstanding amount.

Your posts suggests you are currently around £20k in debt, a similar sized loan would effectively double this debt to £40k (the lender has no guarentee you would pay back the current debt so pleading that this is for debt consoliation would most likely fall on deaf ears). To be considered for this level of I debt I suspect you would need a salary around the £80k level.

You would be better off head to the debtfree wanabee board on here and look at ways of clearing your current debt that does not involve further borrowing.

The reasons for trying for a loan of £20Kish is the basis that my partner goes on merternity leave shortly and though get paid for 6 weeks that then goes down to 1/2 pay for 6 months and such will put a big strane on our finances leaving not enough to live on if we make just min payments on everything.

Between us both (joint salary) we are on just short of £45K

Clive_Woody

iosullivan wrote: »

The reasons for trying for a loan of £20Kish is the basis that my partner goes on merternity leave shortly and though get paid for 6 weeks that then goes down to 1/2 pay for 6 months and such will put a big strane on our finances leaving not enough to live on if we make just min payments on everything.

Between us both (joint salary) we are on just short of £45K

I think that may be the issue, if they lend you £20k this would take you total debt to around £40k, which on your combined salary would be too high ratio.