If my Partner takes on debts to resolve my dire credit, will I get loan offers?

LearningSlowly_2

Hi All,

Just wondering if anyone knows how likely it is that I'll get new loan offers if my partner takes on a big loan to try to resolve my lousy credit situation?

I'm in dire straits - £20,000 in credit cards, plus £20000 in my partner's name that are my debts, and I also owe him £15000. Aside from being unspeakably lucky to have such a supportive and patient partner, he also happens to have a relatively strong credit rating and can take out £19000 with Barclays, which would more than halve the interest rate, and also reduce the monthly repayments. Does anyone know how likely it is I'll then get new offers through from anyone, particularly Halifax loans, and if so, how quickly, so that I can then transfer it back into my name? Also, would I then be better off changing banks, to try and then build a better credit history, (perpetually overdrawn and charged massive fees), or should I stick with the same bank?

Be eternally grateful for input,
LS

yorkshire-lad

taking out more debt to pay other debt is very rarely the best idea.

you already have 20k of debt in your OH name, would you be happy that he is going to take another 19k for you?
i think you should pop over to the DFW board and post up a full SOA (statement of affairs), and let them advise further.

pink_princess

Please don t do that to him ,you already owe him far to much.Join the debt boards and they ll help you work out the best way to start paying this all off ,taking out more credit will just make it worse.Id also make the first thing you do is to write your OH a letter saying its all your debt etc.That way if you s split he won t be stuck with it .Sorry if that sounds harsh but it does happen ,the debt free boards really can help .I wish you luck OP.

CLAPTON

you've forgotten to say what his salary is
and your salary

WelshPaul

Your going to ruin your partner if you don't wise up.

welshmoneylover

LearningSlowly wrote: »

Hi All,

Just wondering if anyone knows how likely it is that I'll get new loan offers if my partner takes on a big loan to try to resolve my lousy credit situation?

I'm in dire straits - £20,000 in credit cards, plus £20000 in my partner's name that are my debts, and I also owe him £15000. Aside from being unspeakably lucky to have such a supportive and patient partner, he also happens to have a relatively strong credit rating and can take out £19000 with Barclays, which would more than halve the interest rate, and also reduce the monthly repayments. Does anyone know how likely it is I'll then get new offers through from anyone, particularly Halifax loans, and if so, how quickly, so that I can then transfer it back into my name? Also, would I then be better off changing banks, to try and then build a better credit history, (perpetually overdrawn and charged massive fees), or should I stick with the same bank?

Be eternally grateful for input,
LS

I think you need to seriously stop spending money that you simply don't have.

You'll ruin your partners credit rating otherwise.

paddyrg

I don't know if you've serviced every payment of every loan on time, but I'd be surprised if any lender will want to go near you again to be honest, so your OH would be lumbered. I don't think this is a good idea to be honest - he may be the loveliest most tolerant and patient guy in the world, and you may be in debt for really good reasons, but this is the kind of thing that could build trouble between you. Keep him as your rock, not as your bank, it'll be much better for you both in the mid and long terms. And probably the short term too.

Ive_A_Horse_Outside

do you really want your OH to take on 19k more debt meaning you would owe him FIFTY FOUR THOUSAND pounds (plus £20000 in my partner's name that are my debts, and I also owe him £15000)

really think you should take a long hard look at your finances and do not try to take more credit out to pay current debts...!

fozmcfc

Have you got anything to show for your debt. I.E. something you can sell towards clearing the debt.

I'm no expert, but possibly bankruptcy is the only sensible route. Hopefully someone can advise you.

Rather than take on more debt, I would say post over on the debt free wanabee section of the forum and get some advice and support on your situation.

barbarawright

Your post mentions 'resolving your lousy credit situation'. What it doesn't mention is actually paying off your debts. Why are you worried about poor credit? Do you want to borrow even more money? :eek: Please get over the the DFW's forum and get some advice about clearing your debts, not bringing your partner down with you.

LearningSlowly_2

Thanks everyone, many true words. The intention is to get rid of the debt rather than be acquiring more, so trying to find cheapest way to repay - hoping I'll be on £28000 this year, which makes it very almost servicable but difficult, so trying to find light at the end of the tunnel. Sobering reminders from everyone though, so thanks, will have a good long look at all the options.