Advice please, trying to get a loan

somethingcorporate

Icikle wrote: »

And to the cretin (I jest) who said I cant afford my holiday, its paid for, just could do with a windfall in terms of spending money as its Las Vegas :P

Put it all on black!!

meer53

Icikle wrote: »

Well, I have worked out that taking into account EVERYTHING, I have about 280 quid to dispose of per month. I fail to see the point in this other than to work out my own personal knowing of affordability, which i already knew, as the lender cannot possibly know this information.

Mer my existing loan will be paid off in 7 months, Im going to up the payment I make to my credit card each month. Bobs my uncle.

And to the cretin (I jest) who said I cant afford my holiday, its paid for, just could do with a windfall in terms of spending money as its Las Vegas :P

I know YOU fail to see the point in working out your disposable income, BUT any lender who you approach for a loan will ask very detailed questions about your income and outgoings. They aren't going to take your word for it i'm afraid. Your knowledge of your situation will be fantastic, people who lend money tend to base their decisions on hard facts, not what the customer tells them.

You sound as though you've made your mind up now anyway about what to do !

Icikle

meer53 wrote: »

I know YOU fail to see the point in working out your disposable income, BUT any lender who you approach for a loan will ask very detailed questions about your income and outgoings. They aren't going to take your word for it i'm afraid. Your knowledge of your situation will be fantastic, people who lend money tend to base their decisions on hard facts, not what the customer tells them.

You sound as though you've made your mind up now anyway about what to do !

Online applications are not as in depth as you describe.

BoGoF

From your first post you have had 4 rejections already.....what makes you think it'll be any different if you applied again. More searches = less likely to get credit.

meer53

Icikle wrote: »

Online applications are not as in depth as you describe.

An online application is just the first stage in an assessment when applying for credit. As you have found, having a disposable income doesn't help if everything else is not in perfect order.

Icikle

meer53 wrote: »

An online application is just the first stage in an assessment when applying for credit. As you have found, having a disposable income doesn't help if everything else is not in perfect order.

My credit HISTORY is in perfect order from 2006. But rather Im being told Im being rejected simply because of the existing credit I already have.

Poosmate

So you have a CC with £900 owing and a loan of £500 which is £1400 if my maths is correct.

You want a loan of £2000 to pay these two off and have some holiday spending money. Forgive me if I'm wrong but isn't £2000 £600 MORE than £1400? But you won't be increasing your debt because you will only be paying £65 per month?

By jove MSE'ers we've been doing it wrong all this time!! We need to borrow more to reduce our debts!!!

For heavens sake Icikle wake up to yourself and re-read what you've typed!! If you can't reduce the debt you already have by more than the minimums then reduce the amount of available credit to yourself i.e. reduce the credit limit of the card you have and close the accounts of any which have a zero balance (if you have any).

Bravehearted_2

Icikle wrote: »

My credit HISTORY is in perfect order from 2006. But rather Im being told Im being rejected simply because of the existing credit I already have.

Your "credit HISYORY" is far from perfect. You mentioned you had successive missed payments - that is not a sign of a someone who has their finances in order.

There are people on this board who have far finer credit histories, nothing missed, all green ticks but wouldn't claim to be perfect.

You're unbelievably deluded, and as Poosmate pointed - your maths is appalling. You want to increase your total debt, but decrease your monthly payments. How does that sound like a good punt to any lender?

dtsazza

For what it's worth I agree with the other posters, that if you could get this loan it would put you in a worse situation than before - and how long would it be until you wanted a £2,600 to consolidate this one?

If you really have hundreds of pounds of disposable income every month, then cutting back for a few months (to pay for the things you've already bought) will take you all the way out of debt. You'd then be in the great situation where you can spend as much of that money as you wish without making your long-term situation worse by racking up interest.

If it would take years to clear the debt I could see the reluctance, but increasing your debt load (and reducing monthly payments giving a double-whammy increase in the cost of interest) for a few months' sake seems foolish.

Icikle wrote: »

As it has a fixed repayment schedule, Itll be easier for me to settle, as for some reason i begrudge paying more than the amount the credit card asks for lol, a bad mindset but one i cant shake lol, therefore the credit card could last forever and cost me a !!!!!load in interest.

Simple solution then - get your credit card company to change the monthly direct debit to £200 or so. That's exactly equivalent to the process that would happen with a loan (a fixed amount of money goes out by the same DD every month), you'll get your debts paid off quicker, and there's no problems with trying to get an application approved.



Also - borrowing money to spend on gambling, while already in debt.

Really??

Think about it.

jamesd

The change of address is a negative factor for stability calculations and will have reduced your ability to get credit at least a little.

If you're able, pay £1 extra a month of the card and loan so that there's no indication that you're making only minimum payments. I set up a standing order to do this for my cards when I have a 0% balance on them, in addition to the direct debit for minimum payment.

The car loan is probably the biggest deal in your credit difficulties. Lots of unsecured credit compared to income.