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Borrowing dilema
Hello Money Savers,
I'm hoping someone might be able to offer me some advice about the best way to go about consolidating some debt.
I have just completed a full time postgrad degree, so have not been working for the last year. During this time my wife and I have been living off her salary, and off money borrowed through a career development loan. Now I am at the end of the course, we need to pay off the (bad rate of interest) career development loan and combine it with a (good rate of interest) personal loan, which we have in my wife's name. In addition to combining the two loans, we need to reschedule them from five years to seven years to make the monthly payments affordable.
My wife has just been refused an extension on the existing loan (with MBNA), but have said that they may consider a joint application from her and 'someone else' (i.e. me). The problem is that I do not currently have a permanent job, so am concerned that adding me to the application will actually be detrimental to our chances of being offered the credit. We are house owners, but would rather not get a secured loan if we can help it.
It is very frustrating because prior to taking on full time study I had been in continuous employment for over six years, had an excellent credit record and was regularly offered credit. I am not sure how lenders regard temporary employment and wonder how long I will need to be in permanent employment before my creditworthyness is back where it was.
I'd be most grateful for any advice on the best way of going about borrowing this money!
I'm hoping someone might be able to offer me some advice about the best way to go about consolidating some debt.
I have just completed a full time postgrad degree, so have not been working for the last year. During this time my wife and I have been living off her salary, and off money borrowed through a career development loan. Now I am at the end of the course, we need to pay off the (bad rate of interest) career development loan and combine it with a (good rate of interest) personal loan, which we have in my wife's name. In addition to combining the two loans, we need to reschedule them from five years to seven years to make the monthly payments affordable.
My wife has just been refused an extension on the existing loan (with MBNA), but have said that they may consider a joint application from her and 'someone else' (i.e. me). The problem is that I do not currently have a permanent job, so am concerned that adding me to the application will actually be detrimental to our chances of being offered the credit. We are house owners, but would rather not get a secured loan if we can help it.
It is very frustrating because prior to taking on full time study I had been in continuous employment for over six years, had an excellent credit record and was regularly offered credit. I am not sure how lenders regard temporary employment and wonder how long I will need to be in permanent employment before my creditworthyness is back where it was.
I'd be most grateful for any advice on the best way of going about borrowing this money!
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