Loans for Self Employed

tarka1

Hi there,

I was wondering if anybody could help me here - I am self employed and have 2 years of tax returns so far (I guess it will be 3 soon). Now, the first year's income was pretty dire with start up costs etc, and slowly getting better. My income in the 2nd year was about 8k, and this year will probably be about 10k.

I am a home owner with no mortgage and I would say I have a fair credit history.

I have current debts of almost 10k in total, which are being paid regularly each month, but I would really like to lower my monthly repayments and also just make things simpler each month so that I don't miss any payments, and pay off my credit cards etc rather than sometimes only paying the minimum off.

I applied for a loan from Natwest (my bank since I had a piggy bank account with them probably 25 years ago!) for 10k last October and was refused due to my income not being sufficient apparently. I guess the difficulty is that they have to take my current debts into account which would mean that they are correct - I couldn't afford to pay them all off. But the point is to consolidate my existing debt and significantly reduce my monthly outgoings!

Now, £6k of that debt is with Natwest, so the cynical side of me says that it wouldn't be in their favour to give me the loan to consolidate their debt as they are making more money from me already - could that be correct?

So, what are my chances of getting a 10k loan with my circumstances? I would have thought that owning my own home outright (and therefore not having a mortgage or rent to pay each month) would help me, even though I am self employed with a fairly low income at the moment?

What loan companies can I try as I am really concerned about having another loan refused, after already having one refusal in October? I really want to get this sorted, but I just don't know what to do!

Any help would be much appreciated!

CLAPTON

few organisation will allow you to borrow unsecured more than 50% of your earnings
so basically you have no chance at all
maybe you could try mortgaging your property but you then risk losing your home

I don't knopw your circumastances but if after three years you are only making 10k maybe you should rethink your employment options