Waiting for decision on Natwest Top up loan

Wutang_2

sammie28 wrote: »

Did i ask for a load of abuse??? No i didn't. So thank you but don't bother answering if you can't be nice. And for the record the new loan will consolidate the other credit, so i will be paying less each month. Then the credit cards and cataloges are being cancelled!

I did not see any abuse...? If they'd said you are a deluded paranoid fool who cannot handle life, that would have been more like it.

dantheman2010

StuTheDon wrote: »

Sammie - to get back to your original question. You already have £10k of debt, and you want a further £15k to consolidate etc. The banks add the new loan to your existing debts (as they have no guanrantee you will actually pay off your debts with the new loan). This means you would need a salary of at least £50k to get accepted, probably more because of the car.

To be honest with you, you are pretty much maxed out on your available credit. Not what you want to hear, but I can't make it sound nicer than that. I think you will do very well indeed to get accepted. I would focus on getting that debt down.

I am not sure why everyone assumes you need double the income to be able to get a new loan??

I have a loan with tesco with £16k left on it, but the early settlement figure was £13k so I have applied and been accepted for a Nationwide loan for £13k.

I only earn £26k but Nationwide saw I had a £16k loan and gave me a £13k loan, so that is more than 100% of what I earn annually.

I have however now paid off the Tesco loan, but they didnt know I would do that.

So there is no 100% proof that the OP would need a salary of atleast £50k to have the £10k loan and then be accepted for a new £15k loan.

StuTheDon

Dan,

I'm surprised because your total unsecured credit would have basically equalled a year's salary (more after you deduct tax).

I'm not saying they apply this consistently, but it is a widely used affordability test and normally gives a good indication of affordability.

The fact you had a loan with £16k left on it means it was more than £16k at some stage. On a salary of £26k i cant see how that is deemed as affordable or sensible.

dantheman2010

Yep it was £20k (29k inc interest) originally. Makes no sense to me either.