loan credit check

thewidder01

hi there i applied for a loan from tesco to consolidate my debt and was turned down on affordabilty ,so i was advised my hubby and i could do a joint application which we have done ,but this morning got the letter from tesco ,refusal for the original loan lone application and it said that they had run a credit check and i wasnt suitable ,never been late with a payment have a great credit score as far as im aware, anyone know if the new loan app will be affect ed ? would they have known that when i applied for the joint loan ?as we were approved on the phone just wanted bank statements as we are self employed
thanks for any advice

CLAPTON

audited income?
current debts?
how much did you ask for?

thewidder01

hi there i asked for £24000. current debt is almost 24000 2 loans 2 credit cards thats why i wanted to consolidate and my income is about 1,500 per month

CLAPTON

24k is a huge debt on only 1,500 pm
and lenders will see your total exposture as 24k plus 24k = 48k as there is no guarentee you will use the loan to pay the other debts
I would say there is no possibility of geting such a loan
depending upon the details of your debts, maybe you could try for 0% CC or low life of balance card and shift the highest APR debt

thewidder01

hi there my hubby and i earn 3000 joint income i have been with barclays for 24 years and been self employed 22 years both my loans are with barclays one i pay 433 a month and and that was originally 25 k its now down to 12 k but my cc payments are 350 per month and i thought maybe consolidation loan over 6 years would be best way to go i need to get a grip of these debts now i want to go in to next year with a plan of how to do this i need to get my head out of the sand this is the first i have spoken to anyone about my debt problem thank you for your help

USM

There is no way on earth you're going to get £50k of credit on a £50k joint income. Forget this option now.

thewidder01

im sorry im new to this forum but i want to use the money to pay off the loans and cc s and i will do this ,,i know they dont know that but i do ,,so surley my debts are then 24 k

KingElvis

I don't think you'll find anyone willing to lend you that much or even a fraction of that much.

USM

Because the lender can't guarantee you'll pay off your existing debts, they'll see your total exposure as £50k.

drew2k9

i dont think anywhere will give you what you are asking for, you just need to pay off the same debts they way you are doing now, but paying off the higher apr ones first etc.

thewidder01

thank you all for your advice as i said im new to this and didnt understand that they would do so ,,im going to have to try and solve my debt problem another way i wish i knew how to put the thanks green tick at the bottom of my message but have not read that bit yet,, i will keep coming on website its nice to know people are here to help and not judge