Nationwide Loan - Help

Tixy

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

I can't understand why you would want to move the debts anywhere if they are not currently incurring interest? Do you have to pay them off now? because if its just for 'all in one place' it really shouldn't make any difference if you have organised your personal finances - paying 3 dds/standing orders a month of £100 should be no harder than paying off 1 for £300.

And (not meant nastily) borrowing money to 'have a bit left over' is financially nonsensical. Say you put the bit left over in a savings account and earn 2% on it, all the while you are paying 18.9% on the debt. And chances are the money will get frittered away on things that were not essential. I absolutely would not borrow for this regardless of what else you decide its worth borrowing.

As to doing up the kitchen and bathroom - will then want doing up again in 5years time when the loan is paid? if the bathroom costs £1000 to do up, are you happy to pay £1500 rather than wait and save for it? if you are and think its worth it thats ok, but do remember whatever you spend on them is really costing 1.5 times the cost price.

banks-

Ok thanks for that! ill take your advice into consideration cheers

banks-

Ok so i decided to go ahead and apply, and they declined me!

What was the reason, my credit history is perfect!

creditcardhelp11

Your credit history is not perfect you have 2 missed payments in the last year you're too much of a risk for Nationwide.

banks-

ok so do you think i should appeal because these late payments where 11 months ago?

skintandscared_2

Does this loan, added to your existing debt, total more than 50% of your salary?

BoGoF

banks- wrote: »

ok so do you think i should appeal because these late payments where 11 months ago?

Are you mad....you want to appeal because you got turned down for an 18% loan. They've done you a favour.

ILW

Looking at some of OPs other posts, they seem to be applying for credit cards all over the place as well.

creditcardhelp11

Ok OP I don't know whether you're a troll or just dim? However, you have a poor credit history now due to multiple searches and missed payments and no doubt you've a high debt to credit/income ratio. I suggest you start acting with more sense and take yourself to the DFW board and post a SOA. You need to stop getting credit and start managing your debts not adding to them.

banks-

No i am not a troll and you need to stop assuming that i have applied for lots of credit!
This is the first credit application filed on my credit report in 5 months, and i have not applied for any other credit cards... although idid want to.

So you are saying not to appeal for it?