Nationwide Loan - Help

banks-

Hi, i have applied for a nationwide loan for 8000 and i have got no obligation quote of 18.4% apr.

Is this a decline or am i safe to accept it?

cheers

trickycomper

Do you really need the loan?

What is it for? Paying off debts? buying a car?

somethingcorporate

That is a very high rate, what is your credit history like?

banks-

Yes the loan is needed to pay off debts ( this will make them easier to pay off with one monthly payment )
and also for some home improvements i.e. do the bathroom and kitchen up.

Credit history is ok?
I have a mortgage, several mobile phone contracts, no CC and no Loans, on the electoral role, pretty much everything is fine and oh yeah i have 2 missed payments 11 months ago

so do you think i should go for it?

Cheers

Tiddlywinks

Why did you miss the two payments? Were they two consecutive months? Could this situation happen again?

Why do you need to do up your bathroom and kitchen? Have you any idea how much the high interest rate will add to this cost?

banks-

Tiddlywinks wrote: »

Why did you miss the two payments? Were they two consecutive months? Could this situation happen again?

Why do you need to do up your bathroom and kitchen? Have you any idea how much the high interest rate will add to this cost?

I think its wrongly put on there because i made an arrangement to pay but still they came up? it was with santander because i incurred £500 of unarranged overdraft fees !!!!!

It'll cost me £195 a month and im happy to pay that much.

however no i dont think itll happen again and yeah we really do need to do up the kitchen and bathroom beacuse we've redecorated the whole house but the kitchen and bathroom is left.

thanks

Tixy

Its quite a high APR - what debts will it be paying off? are they subject to interest at the moment? if so at what APR?

How long a term were you planning on going for? If its over 5years then you'll be paying over £4k in interest.

Tiddlywinks

banks- wrote: »

I think its wrongly put on there because i made an arrangement to pay but still they came up? it was with santander because i incurred £500 of unarranged overdraft fees !!!!!

It'll cost me £195 a month and im happy to pay that much.

however no i dont think itll happen again and yeah we really do need to do up the kitchen and bathroom beacuse we've redecorated the whole house but the kitchen and bathroom is left.

thanks

If you didn't pay on time and then made an "arrangement" it is still a failure to pay and will be recorded as such.

So, you want a new bathroom and kitchen but don't need a new bathroom and kitchen - This says it all really.

Borrow money if you want to but make an informed choice based on how much you will ultimately be paying back compared to how much you are borrowing. Plus consider how your circumstances might change during the period of the loan - your last financial difficulty only occurred 11 months ago...

Your choice - personally, I'd do without the home improvements until I could afford them.

banks-

Tixy wrote: »

Its quite a high APR - what debts will it be paying off? are they subject to interest at the moment? if so at what APR?

How long a term were you planning on going for? If its over 5years then you'll be paying over £4k in interest.

Yes its over 5 years:o

The debts are not subject to interest but i would like to get the loan so that i can pay them off sooner and also to do up the utility rooms and have a bit left over.

Do you think i should go elsewhere?

Thanks

banks-

Tiddlywinks wrote: »

If you didn't pay on time and then made an "arrangement" it is still a failure to pay and will be recorded as such.

So, you want a new bathroom and kitchen but don't need a new bathroom and kitchen - This says it all really.

Borrow money if you want to but make an informed choice based on how much you will ultimately be paying back compared to how much you are borrowing. Plus consider how your circumstances might change during the period of the loan - your last financial difficulty only occurred 11 months ago...

Your choice - personally, I'd do without the home improvements until I could afford them.

yes you are correct but do you think i could do better else where? i.e. another lender?

Thanks

Tiddlywinks

banks- wrote: »

Yes its over 5 years:o

The debts are not subject to interest but i would like to get the loan so that i can pay them off sooner and also to do up the utility rooms and have a bit left over.

Do you think i should go elsewhere?

Thanks

This has got to be a wind-up...

Your current debts don't incur interest yet you want to borrow at in excess of 18% apr? Plus do a spot of home improvements?

If you haven't had the £195 needed for the repayments spare up until now then where will you find it?