Need a loan, please advise

shopaholicsan

Hi,
Long story but I need to pay a relative £10000 for helping me out in the past.
I earn £24000 per annum and have no late payments on any mortgage/regular payments with only 1 credit card (1800 owed out of 2000 limit). I moved house a year ago and 12 searches were recorded for mortgage apps/utilities/phones/credit card etc
Since I panicked yesterday when I was asked to repay urgently I made a number of applications, all of which were refused and now I have more searches against my name. From what I have been told, the only issue is this excessive number of searches - how can I get this loan now and convince a company that they were just searches and I don't have a problem paying back credit??
I have 2 main banks, one has refused based on searches, the other I have still to try. Would I have any more chance if I applied in branch rather than online with my bank so that I can explain or does it not work like that??

Thanks
Sandra

dresdendave

If you do manage to get a loan make sure the monthly repayments are well within your means. You don't want to overstretch yourself and find yourself struggling to find money for your mortgage and utility bills etc.

One of the reason I mentioned this, if you are sitting on £1800 of CC debt, it suggest you have little spare cash at the end of each month, surely if you did, this wouldn't have built up?

shopaholicsan

The 1800 was a one-off purchase on an interest free deal - I have a comfortable amount of spare money each month but have been doing up my house for the last year. Obviously my priorities will now change.
Any suggestions retgarding my original question gratefully received

CH27

Lots of things affect your chances ie your income to debt ratio.

Could you not arrange to repay the money monthly?

[Deleted User]

you have a cc limit of 2k you want to borrow 10k that would total 50% of your income,added to the large number of searches that could also be a problem
be honest with the relative tell them you cant borrow the money having tried and that you can and will repay them at £x per month

Tixy

You say you think the searches are the only issue - if that was the case then the first one you made yesterday would have been approved. Its likely there are other factors being taken into account that have meant you were turned down.

Can you talk to the relative and offer monthly payments? they likely won't be surprised you are unable to get a loan, as many people are struggling to get credit at the moment. Alternatively you could maybe try to get a loan for a much smaller amount (4k? maybe) and offer to pay that to them now, but explain you won't be able to start repaying the rest until you have paid that loan off.

shopaholicsan

Thanks for all the suggestions. Unfortunately paying them back monthly isn't an option although a lower amount loan may be ok for now if I can get one. The searches from 11 months and 6 months ago were apparently the issue with the first application but I only found this out after the next application when I had obviously worsened the situation.

Anyone know if a branch application would be better than online?

Thanks