Advice please...

edlondon

..........

DCFC79

You need to do a SOA but why so many cards ?

Any CCJ or late payments a sthat could affect your chances ?

1Amigo

Looking forward to hearing more about this private operation.

Tixy

I'd say there is a chance you might be accepted for a £5.5k loan, but your existing level of debt and low payments may be an issue.
I'd guess there is very little chance of a £14k loan.

Even if you get a £5.5k loan how will you afford repayments if what you pay to debts at the moment is currently the most you can afford?

A SoA is a statement of affairs - it shows income, expenditure before loan repayments and then lists debts and loan repayments - see this calculator - http://www.makesenseofcards.com/soacalc.html
Its mostly used on the debt free wannabe section of the forum where people are trying to get advice on their financial situation/suggestions how to pay more off debts or what order to tackle their debts etc.

DCFC79

edlondon wrote: »

Thanks DCFC79 - sorry to be ignorant but what is an SOA?
not sure why so many cards....
I have no CCJ's or late payments or anything like that.
thanks

1Amigo- I'm confused by your irelevant comment about my operation? not helpful.

My apologies i typed the reply quite quick but forgot to explain what SOA was.

LovelyLeeds

edlondon wrote: »

2) would I be best off consolidating my current debts? If so, would I be likely to be given a loan of £14,600 to pay these off including the £5,500 for my operation?

£5,500 for an operation implies private surgery not available on the NHS, or not prepared to wait on the NHS.
Consolidating debts and adding a whopping £5,500 too is just utter lunacy, sorry - but you seriously need to prepare a statement of affairs as DCFC advised.

Tixy

edlondon wrote: »

Does anyone know where I would be best off applying for the £5.5k loan to get a higher chance of being accepted?

thanks again

How soon do you intend to apply? If you could put off applying for a few months it would improve your file if you could pay more than the minimum of each card for the next few months, and work on clearing your overdraft (with the money you will later use for the new loan repayments). This would help give the appearance that you are not financially stretched.

You say you made a string of applications last year - how long ago was this? was it more than 6months ago?

Who do you bank with? do you get out of the overdraft every month? what is your overdraft limit? have you ever had problems going over limit or having things bounce?
If your bank account has been run well and you are not right up to the od limit them possibly they may be a good place to try - usually if your own bank won't lend people tend to struggle elsewhere. Though if your current loan is with your own bank they might mot be prepared to give a loan until the current one is repaid.

You could try nationwide soft search option - which might give you an indication and not affect your file.

You might well struggle to get a loan now, if you do get one, expect it to be at an APR higher than the representative rates they quote as you do appear financially stretched. Maybe have a rethink about whether its really something you can afford on top of your extra debts.

If you feel you do need the loan I'd have a think about whether you could wait a few months. That would allow you to use that extra monthly money to make a decent dent in your debts and make your file look better.
If you could pay off say an extra £300 for 6months and stop putting new purchases on your card this will not only reduce your debts by £1800 but also will prove to yourself that you really do have £300 spare a month to service a new loan.

dealer_wins

edlondon wrote: »

Hi all,

I'm hoping you can give me some advice. I currently have the following debts:

Credit card (open): £4500. Paying min payment £110 per month but then spending approx £50 per month on card
Credit card (now closed): £1900. Paying £50 per month
Credit card (open): £300. Paying minimum payment £10 per month
Overdraft: £500
Loan: £1900. Paying £105 per month, will be paid off November 2013.

So my total debt is £9100. My payments are managable however I am concerned at how long my credit cards will take to pay off as I can't really increase the payments on those. In addition, I am looking to try to get another loan of £5,500 for a private operation I need to have.

My questions are:

1) how likely am I to be accepted for an additional loan of £5,500 given my current situation?
2) would I be best off consolidating my current debts? If so, would I be likely to be given a loan of £14,600 to pay these off including the £5,500 for my operation?

My situation is I am employed full time earning £35,000 per year, of which £150 per month also gets deducted for a student loan. My rent is £700 per month. I am on electoral role and have been in my job and flat for a year. I have never missed a payment on a debt, however I think my rating may be down as last year I made a succession of applications which were all declined- so may need to wait a while before applying again.

Any advice would be very much appreciated.

Thank you.

If you cant increase the payments on these, then you cant afford another loan.

Firefox1975

If the Operation isnt available on the NHS then it is not an imperative operation.

Is it cosmetic? because they will not approve a loan for something like that unless the symptoms are impacting seriously on your life.

Advice - don;t tell them it is for an operation! say its for something else.

Apples2

Firefox1975 wrote: »

Is it cosmetic? because they will not approve a loan for something like that unless the symptoms are impacting seriously on your life.
.

What if his legs are too short?

DCFC79

Apples2 wrote: »

What if his legs are too short?

I actually had a thought it was the young leg stretcher.

OP dont get upset as nothing to get upset about.