Best solution to credit card debt = Tesco loan? Any advice?

BAILEYS6904

Read the forum, Tesco is apparently one of the hardest to get a loan with. Thats notwithstanding your income to debt ratio, as the above posters are trying to explain.

by the way, are you throwing a strop, after not being told what you want to hear, as you're certainly sounding that way to someone that is trying to help you

anyusernameleft

I'm not throwing a stop Bailey6904, I'm trying to get unbiased information and I don't think USM is unbiased and I don't know why he keeps posting here when he's said his bit. He's not helping me by carrying on hassling me having said his bit and I'd prefer he cleared the way for other people.

Thank you for your input Bailey6904, I searched the forum before starting the thread and couldn't find specifically Tesco related stories, I'll have to keep trying.

anyusernameleft

I'm having no luck with the search. "Tesco loan" brings up this thread but nothing else specifically on Tesco's loans.

BAILEYS6904

If you use the advanced search function, keyword Tesco or Tesco Loan, and in the category of loans, theres loads that come up. No matter what you may think of USM, hes right. You're debt to incoma ratio is too high, ie you have over 50% of annual income owed out. Times are hard, Bank criteria for lending is stricter than in the past, you're really going to struggle. It may be worth looking at other ideas.

anyusernameleft

Thank you Bailey6904 other ideas are what I'm after, have you got any? And thanks for the search tips, I'll try Advanced.
Cheers

USM

Christ, give good, reasoned advice and get shot down - some people.

Whilst we're on the topic, I've checked out your other posts and it looks like whilst you haven't got the money to pay back your extensive debts, you have found the cash for a nice new iPhone 4 - classic.

BAILEYS6904

To be honest, I can only repeat what the other posters have said. Head over to the Debt Free Wannabe forum, and stick up an SOA (statement of Affairs) and a brief summary of what you want/need to do. Its not all about working out how to starve yourself, it gives everyone a clear picture of your incomings/outgoings, suggest ways to get rid of the debt or at least give you ideas. I would be especially tempted to do this, and get a clear route of how you're going to tackle things. While you're working out different options, and getting different companies doing credit checks etc, it may damage your credit report.

Emmzi

OP, I understand that you are frustrated, but no one here has a magic wand. What they do have is a lot of experience of getting into money troubles for various reasons, and some of us have been/ are lenders for banks for a living.

You can rant and snark all you like, but no one is going to magically make the answer you are looking for appear if it does not exist.

The only way to know for sure if you will get a Tesco loan is to apply for one. Things like home ownership, security/ length of employment, etc, will all help. But no one knows until you actually do it.

btw I thought I knew it all on the cutting back front. But I didn't. Took me a long time to accept I didn't. A longer time to accept help. Pride's a killer.

fozmcfc

Your only real hope of a consolidation loan would be with your bank, particularly if one of the cards is theirs as well. They will know your current finances the best after yourself.

Lenders look at the £23k and when it's for consolidation will add another £23k as there is nothing to stop you paying the cards off and then respending back on them. So you end up with the loan and £23k on the cards again.

If one of the cards is with the bank, you could as part of the loan say you wish to pay off and close down the credit card, so at least there is no risk of you running it up again.

Many of us have had consolidation loans and then done exactly the above, paid off the original debt and then spent back on cards again, so we have ended up with 2 debts to pay.

You've had great advice already, look to cut back on current spending if you have a high tariff mobile phone bill monthly, that is definately one place to start.

Debt is nothing to be ashamed of and with the support and help of members particularly in the debt free wanabee sections many are now debt free. There are people willing to help, but until you realise that you will get nowhere fast.

Good luck.

anyusernameleft

Thank you Bailey for the Advanced search info, now I'm getting somewhere.

OK here are Tesco turn downs I've found so far:

1: declined: self employed (been there!) plus asking for more than me on a rather lower income.
2: declined: someone with no credit history.
3: declined: this guy I'm not sure why he was turned down, being 22? Otherwise he seems OK, but he doesn't state how much he was trying to borrow.
4: accepted: no trouble but don't know his loan to income ratio.
5: accepted: no trouble but don't know his loan to income ratio.
7: declined: income being paid into partners account and therefore no provable income in own name.
8: accepted: got £15,000 Tesco loan with no trouble but lower declared debt amount than me. Income stated as "average" which covers a lot of ground. Says 66% of applicants get advertised rate. Doesn't say how he knows.
9: declined: someone with missed payments on their Equifax report.
10: declined: someone with a low income trying to borrow nearly the same amount who wasn't on the electoral role.
11. approved: 8K at 7.8%
12. approved: guy with big overdraft as well as loan but we're back in 2009 now.
13: approved: £15,000 at 7.9% but income not stated.
14: accepted: at 8% then rate hiked to 10% after application accepted so he told them to stick it.
15: accepted: no trouble after turned down by A&L
16: accepted: no trouble after being turned down by Nat West

Assorted other muddled stories some good some bad.

Suspect overall that more decliners than accepters would post here having more to worry about while most accepters can live happily ever after and don't really need to hang out here trying to solve their problems.

You may be right guys about the loan to income issue I have here. It's too much to expect lenders to realise if you're not paying 30% interest you've got more money to pay off the capitol in this day and age.

I guess I'll wait and see what, if anything comes of the card application, and take it from there. One bit of good advice I've picked up here is apply over the phone then you can discuss the debt consolidation issue. I think the best thing is to call them and ask before I apply for anything.

Thanks.