refused a loan

[Deleted User]

Blimey. So in trying to avoid a £9 fee, he incurred a £6 fee on cash withdrawals. Plus interest. So let's call that another £2, so £8 incurred so far.

Now he's been declined for a loan and you're intending to move your mortgage somewhere else in retaliation. Which will no doubt be at a higher rate than you're on at the moment, or you would have moved the mortgage before if there were savings to be had. So maybe another grand lost there.

Was it really worth it?

CH27

lindahapps wrote: »

hi guys cheers for the replies, my husband s bank told him to apply single, as a personal loan as they knew i had bad history, sadly after reduncany a few years ago, as ya know it be there for 6 years with me as bad...its a personal loan he went for, i wasnt mentioned in the application.......

does anyone know where he could try?, we explained to the bank the cash withdrawl was due to the garage not having the swipe facility but sadly it didnt matter...my husbands bank know he has never missed a payment and that has a weekly ( good) income......any ideas where he could apply to?

Are you financially linked?

lindahapps

Deleted_User wrote: »

Blimey. So in trying to avoid a £9 fee, he incurred a £6 fee on cash withdrawals. Plus interest. So let's call that another £2, so £8 incurred so far.

Now he's been declined for a loan and you're intending to move your mortgage somewhere else in retaliation. Which will no doubt be at a higher rate than you're on at the moment, or you would have moved the mortgage before if there were savings to be had. So maybe another grand lost there.

Was it really worth it?

we had no choice but to do a cash withdrawl as the garage the car was in had no swipe, in an emergancey when the car was in accident it hadda be fixed, the garge we didnt know didnt have a card facility, hence the cash withdrawl..i can understand what ya all saying, however the reason for the post is to ask is there anywhere he can apply for the loan? that possibly people here have tried..i know i have a bad history like the majority of the people in this forum.however that is getting back on track as my debt is less than 2,000 and is being paid off....i am maybe not explaining things right...

he wanted to move morgarge before anyways.....

lindahapps

im prob not explaining things right, ive never posted for advice like this before, i know my credit score will effect my husbands, sadly like most in the uk im the same as them....but have also done something about clearing it, the little that it is compaired to many i know... what i am asking is, how long should my husband wait before applying somewhere again?, or should we go to a place that accepts someone with a poor history even if the history could be from two to three years ago?......the reason we need the loan is a personal one yet important its not being taken willy nilly........he cash withdrawl sadly couldnt be helped at the time..... i aint making excuses here, just wanted some advice as to who to go to or ask, i already know how bad i am ..

vax2002

You say your mortgage is £27k, but what is the repayment cost of that 27K, how much will it cost to pay back, this is what they will have gone on, the amount of loan is immaterial, it is the total cost of payments owed that is the adopted figure in working out how much you can afford..
In General It amazes me how many people dont actually know how much money they have left to pay off on a mortgage, not the loan value, the cost of that loan, not knowing this figure is a recipe for debt .

lindahapps

vax2002 wrote: »

You say your mortgage is £27k, but what is the repayment cost of that 27K, how much will it cost to pay back, this is what they will have gone on, the amount of loan is immaterial, it is the total cost of payments owed that is the adopted figure in working out how much you can afford..
In General It amazes me how many people dont actually know how much money they have left to pay off on a mortgage, not the loan value, the cost of that loan, not knowing this figure is a recipe for debt .

we pay 210 a month for our morgage......... i only mentioned the morgage due to give an insite of our fianacial state..27k.that is the amount we have left to pay then the house is repaid and will be in 8 years time...

lindahapps

I think i prob should re join and start again, as i think i must have confused folks..with my lack of posting skills....... as many are picking up on things i hadnt asked, and im replying to things i know about already like my history, its help i was asking for , where to go next etc... i know there are places ya need to avoid etc thats bascialy what i need to know, is there anywhere we could try? I know many people are in a worse situation than we are yet seem to get loans at the drop of a hat ( even now)........ can anyone actually give advice as to where to apply?

CH27

It is highly unlikely you will get a loan or be able to change mortgage companies with your credit history.
The best thing to do would be wait until all the bad info falls off the credit reports.

chalkie99

the one thing that seems to have been asked many times and i cannot see [STRIKE]ya[/STRIKE] you have answered:

Is the mortgage in joint names?

lindahapps

chalkie99 wrote: »

the one thing that seems to have been asked many times and i cannot see [STRIKE]ya[/STRIKE] you have answered:

Is the mortgage in joint names?

sorry yes it is....... but we dont have to change banks for it........ my husband wanted to but its not a priority,,,........ can stay as is...

what i am trying to ask is i know there are loans ya can get if one person has a bad history, im trying to avoid that if at all possible, if i cant then i would have to go with one of them as i have no opition then... which im trying not to do.. as the funds needed are of importance not just to squander.. what i need advice on is, should my husband reapply to somewhere like tesco etc as a single applicant? as he pays the morgage from his account my name is just listed as im the spouce. all payments are made from his bank and he never misses.....or do we go for one of the companys that offer loans to people who have a bad history? ... i honestely wouldnt be here writing this if it wasnt important enough.