Thinking of applying for a loan - not got the best credit score!!

plum44_2

5k Loan = More debt. Honestly.

boogiemaster

We are not being rude but so many people have asked the same questions being in the same position as you have not got a loan due to the amount of debt they owe already.

They will look at your credit file and that will tell them what they need to know and they will not lend more money and get you further into debt.

How do they know once they lend you the money you will pay your debts? so its a risk they are not willing to take and a lot of people on here work in finance so they know what they are talking about.

Its a credit crunch and only people with perfect credit get loans more or less.

You also mention accounts but what are the outstanding balances on these accounts?

LovelyLeeds

cheekyboo wrote: »

im thinking of applying for a £5000 loan.

Why are you leaving the forum just because you're not getting the answers you wanted? You'll now waste time on other forums on the internet, but you'll get the same answers.
You need to get yourself on the electoral roll, save your money in the meantime to pay down your debts, get your fiance to pay off his own overdraft (what a way to start a marriage - paying off his debt and you taking it on for him - jaysus!). He certainly saw you coming - money does not buy love.

poppasmurf_bewdley

cheekyboo wrote: »

geezo you lot are helpful haha. ill go elsewhere for advice, thanks for nothing!

Ok. I'll change the advice I gave you earlier.

Of course you will get a loan at a low rate.

Now is that better? Off you go and get that loan. :wall:

Emmala

Genuine question here.......just hopping through some threads and read this one.......why do some of you advise against consolidating debts? Sorry if that's a daft question, but is it not better to have a fixed payment for a fixed amount of time than lots of individual debts with different interest rates? And I know about the idea of shuffling to 0% cards and so on, but surely if you're in debt already, there are only so many time it can be done without it getting to a point where you can't shuffle again?

I'm not trying to be awkward, and I know some of you have way more knowledge than me, which is why I'm asking, it's just got me a-wondering........thanks!

Derivative

im thinking of applying for a £5000 loan. i have £2300 in debt, £1100 left to pay to my wedding and my fiance has £1200 to pay on an overdraft. i would just like to consolidate it into one payment and pay it off in 3 years.

So you have £2300 of debt, or £3500 including your partner's debt.
Where does the £5000 come from?

You're going backwards not forwards in wanting to loan more money.
I'd love to have £1100 to spend on a fancy day out, unfortunately.. I don't have £1100 to spend on a fancy day out.

Derivative

rae18 wrote: »

Genuine question here.......just hopping through some threads and read this one.......why do some of you advise against consolidating debts? Sorry if that's a daft question, but is it not better to have a fixed payment for a fixed amount of time than lots of individual debts with different interest rates? And I know about the idea of shuffling to 0% cards and so on, but surely if you're in debt already, there are only so many time it can be done without it getting to a point where you can't shuffle again?

I'm not trying to be awkward, and I know some of you have way more knowledge than me, which is why I'm asking, it's just got me a-wondering........thanks!

Consolidating debts, if you can actually save money by doing it, is a sensible idea - the problem is that it's very rare that people can save money by doing so.

If it were that easy to get a low interest loan of enough to pay off your existing debt, people wouldn't be getting the high interest loans in the first place.

Our poster here wants to borrow money to pay for a wedding, and is using 'consolidation' as justification.

jonesMUFCforever

You would not believe in my lifetime the number of people who think after they have been accepted for a loan to 'repay their debts' their problems are over .....before they have made the first repayment!

Linus2864

rae18 wrote: »

Genuine question here.......just hopping through some threads and read this one.......why do some of you advise against consolidating debts?

Consolidating debts, although it sounds a good idea, is not addressing the root cause of why that person is in debt. Consolidating debts with another, larger, loan is just sweeping things under the carpet and putting off the inevitable, ie getting out of debt.

The best way of someone escaping debt is to look at what caused them to be in debt, and to change the way they live, such as not frittering away money on non-essentials, comfort buying, keeping up with their friends etc.

Hope this helps.

Emmala

Linus2864 wrote: »

Consolidating debts, although it sounds a good idea, is not addressing the route cause of why that person is in debt. Consolidating debts with another, larger, loan is just sweeping things under the carpet and putting off the inevitable, ie getting out of debt.

The best way of someone escaping debt is to look at what caused them to be in debt, and to change the way they live, such as not frittering away money on non-essentials, comfort buying, keeping up with their friends etc.

Hope this helps.

Yes it does, thank you - and to the other posters, sorry I don't know how to multi quote!