looking for advice

glasgowsteve

Hello everyone. First post - please be gentle lol
Ive over 15,000 in debt - all in credid cards. i also have a mortgage and a car loan for my wife.
The reason i have the loan in my name is my wife has a ccj.
As we are just married we are not yet financially linked.
My question is should i get a joint account or will that severely muck up my credit rating.

The main thing for wondering is that last June i was refused a loan from my bank (halifax) - also my mortgage provider. At the time i had a creditexpert score of 820.
My only main outgoings were the credit card debt (£600pm) mortgage(£450pm) and car loan(£150pm) and other usual bills, nothing excessive. My income is £2000pm after tax.

I was amazed i didnt get the loan. No missed payment history etc. The only thing i could think of was the car loan and the fact that halifax coulnt accept my wife's payment of £350pm to me (extra income)as the application was in my name only.

Really dont know what to do - if i make our accounts a joint one then apply for a joint loan would i have any chace of getting it?
Also heard a rumour that i should have money ~(+£200) in my current account when applying for a loan as that can help.

hope all that makes sense. lol

basically do i go joint accounts and show extra income and therefor wife's ccj
or do i keep going alone?
Cheers

btw - the ccj is not my wifes fault - she got it because her car insurer was late to pay out - it was so long ago we cant track down which insurer it was (we really have tried!!)

taxsaver

Firstly the CCJ is still 'her fault' as it remained her responsibility to keep paying her loan until the monies from the insurer came through to clear the loan.

To answer your question though, you will be better to not have any joint finances with your wife until after the 6 years that the CCJ remains on her credit file have passed.

This includes utilities, phones, mortgages.... ALL financial transactions. Once you are 'linked' then her CCJ will very likely have a negative effect on you I'm afraid.

opinions4u

Don't get a joint account.

But more importantly stop borrowing. Visit the Debt Free Wannabe part of this site and ask for help.

A never ending cycle of borrow and consolidate isn't helping you.

glasgowsteve

thanks for the quick reply. CCJ expires early next year so can easily wait till then - Going to try loan again when previous credit file searches have left acount. my creditexpert credit score is 974 so im hopeful everything should be ok.

thank you

glasgowsteve

opinions4u wrote: »

Don't get a joint account.

But more importantly stop borrowing. Visit the Debt Free Wannabe part of this site and ask for help.

A never ending cycle of borrow and consolidate isn't helping you.

thank you - surely i dont have any choice. As a mortgage holder with equity (granted not much - but some) if i fail to pay off debts then my house is at risk?

CLAPTON

in general there is a sort of rules of thumb that your total debt should be less that half your earnings
so if you owe 15k then you need at least 30k income

so if you were applying for say a new loan of 10k then the lender would see your total debt as 25k and would be looking for you to have an income of at least 50k

so how much in total do you owe?
and how much were you applying for?

glasgowsteve

CLAPTON wrote: »

in general there is a sort of rules of thumb that your total debt should be less that half your earnings
so if you owe 15k then you need at least 30k income

so if you were applying for say a new loan of 10k then the lender would see your total debt as 25k and would be looking for you to have an income of at least 50k

so how much in total do you owe?
and how much were you applying for?

great info!

I owe 15k in cc debts (i pay £600 pm)
i still owe 6k for the car loan (£150pm)
My salary is 30k per year.

I applied for 15k to pay off cc.

Does the bank not take into account that if they give me money the credit card debts would be £0 as they would be paid off by the loan?

CLAPTON

glasgowsteve wrote: »

great info!

I owe 15k in cc debts (i pay £600 pm)
i still owe 6k for the car loan (£150pm)
My salary is 30k per year.

I applied for 15k to pay off cc.

Does the bank not take into account that if they give me money the credit card debts would be £0 as they would be paid off by the loan?

even without a new loan you owe 21k on an income of 30K which would be seen as far too high a ratio of debt to income

although you may intend to use the 15k to shift debt you have no obligation to do so nor is there anything stopping you running up the CC again.


I think it extremely unlikely that any one will lend you further credit, better to think about joining the debt free wannabe board and try to repay as much as possible of the debts

glasgowsteve

CLAPTON wrote: »

even without a new loan you owe 21k on an income of 30K which would be seen as far too high a ratio of debt to income

although you may intend to use the 15k to shift debt you have no obligation to do so nor is there anything stopping you running up the CC again.


I think it extremely unlikely that any one will lend you further credit, better to think about joining the debt free wannabe board and try to repay as much as possible of the debts

thanks for the advice

Harling

Hi,

I am a second year PhD student applying for a PCDL of £4000 to enable me to pay for fieldwork and laboratory fees associated with my PhD.

I have a half studentship of £6000 a year and I have 2 part-time jobs (no more than 10 hours a week during the term) to try to top up my income. My husband and I have just recently moved (in last 3 months). All our utility and rent bills come out of my husbands account as I only get my grant in every three months.

I have applied to the Coop bank and have been rejected. I am on the electoral role, have no credit cards/store cards, just the usual student overdraft and student loans.

Is there any way I can get Coop to change their decision? Or anything I can do to improve my credit rating?

Many thanks!

CLAPTON

Harling wrote: »

Hi,

I am a second year PhD student applying for a PCDL of £4000 to enable me to pay for fieldwork and laboratory fees associated with my PhD.

I have a half studentship of £6000 a year and I have 2 part-time jobs (no more than 10 hours a week during the term) to try to top up my income. My husband and I have just recently moved (in last 3 months). All our utility and rent bills come out of my husbands account as I only get my grant in every three months.

I have applied to the Coop bank and have been rejected. I am on the electoral role, have no credit cards/store cards, just the usual student overdraft and student loans.

Is there any way I can get Coop to change their decision? Or anything I can do to improve my credit rating?

Many thanks!

better to start your own thread

what do your credit files say?
do they show you are on the electoral roll?
to improve credit rating get a credit card; use it regularly and then pay in full each month without fail.