Problem wanting to switch an expensive loan for a cheap one

valut

I was recently overdrawn and my high street bank phoned me and offered me a loan which I accepted. A week later I've noticed how enormous the Early Settlement Charges were. On a £5000 loan I'd pay an extra £1160 if I managed to pay it off next month. Once half the loan is paid off the Early Settlement Charge is down to around £500. Following the advice of MSE on loans I looked at Northern Rock online which offers both slightly cheaper monthly repayments and NO Early Settlement Charge at all.

Here's my problem: filling in the Northern Rock online forms they ask me - I'm self employed - how much profit I made in each of the last 3 years. So little over the last 3 years that I stopped filling in the form, certain that my request would be rejected.

The bank loan has a 2 week period in which it can be cancelled. I have until next Friday left by which time I hope to have replaced it with a cheaper loan. But how do I get one given my low profit situation? My bank gave me the loan on the basis that I've been a good customer with them for years. Any advice appreciated.

GOLFER

Northern rock do not ask you to produce any documentation for loand under £10,000. so if your just trufull on the form and your accepted you dont need to produce any documentation.

valut

GOLFER wrote:

so if your just trufull on the form and your accepted you dont need to produce any documentation.

If I'm truthful it would show almost no profit for 2 years and a slight loss for 1. I just can't imagine Northern Rock taking a chance and accepting this. If they reject it it affects my credit rating negatively for future loans, Credit Cards etc. Of course I could make up some figures for the 3 years... Not sure if that's wise.... ??