OK - Its time for you to talk to me ...I'm waiting!!!

Miss_P_9

Ok - I've started a new thread. I'll get straight to the point. I need a loan of approximately £20,000. Whats the best one to go for - secured or unsecured? This needs to be sorted out before Christmas..................Help!!

chuckles1066

Miss_P wrote:

Ok - I've started a new thread. I'll get straight to the point. I need a loan of approximately £20,000. Whats the best one to go for - secured or unsecured? This needs to be sorted out before Christmas..................Help!!

nooooooooooo to secured!!!!!!!!!!!!!!!!

advent1122

Tough one.....
Secured and they take your house if you cant pay.
Unsecured and they dont.
Your call.

Phoenix79_2

Whats your credit history like? Thats a lot of money to borrow....

Miss_P_9

Credit history not too bad. Got in a mess when I didnt realise that making searches on website was leaving footprints on file. However I do not have any CCJs or have defaulted in any way whatsoever. Last time I applied for a loan was with Tesco - this was around 3 months ago, but was turned down. I can only put it down to this.

What can I do?

ohmsoft

Could also be down to over comitment? How does the £20K compare to your income & how big is your mortgage?

Both the above will have a bearing on who lends and at what rate.

Xbigman

Whats the 20k for? If its consolidation, don't do it until you have had a very long look at the devbt free wannabe board.

Also, whats your income? If its under 20k you are borrowing a years salary or more and that starts alarm bells ringing.
Regards



X

Miss_P_9

Yeah, you'e right. My salary is only £19,000 and my mortgage is £152,000. The loan was for consolidation. 3 credit cards and an overdraft. You can view my SOA on another thread under Debt Free Wannabe forum.

Really not sure, how this is going to work out for me.

Cannon_Fodder

I suspect the fact that you have a mortgage that is 8x salary, plus other debts, could be giving prospective lenders the heebie-jeebies...