Advice needed please :)

loulou02

So this means that they would only see 7600 of debt as the credit card amount they would take off?
As the this remainder debt of 7600 is in my husbands name only (I have not changed my name yet and we do have 1 joint bank account with Natwest which is not in any debt at all) would i be more sensible to apply for this on my own instead of jointly?

My husband has had a couple of late payments a couple of years ago that are probably still on his history!

loulou02

ejc81, thank you for that. I will post the rates on here tomorrow for everyones advice if that is ok.

Really appreciate everyones help, hope i can do the same for someone one day when i've been on here a few years!

ejc81

loulou02 wrote: »

So this means that they would only see 7600 of debt as the credit card amount they would take off?

Basically you currently present £5400 worth of 'risk' to HSBC if you went to another bank you would be asking for £13,000 worth of 'risk'.

By going to HSBC you are asking them to increase there risk by £7600 ie you would owe them £13000 on the loan, instead of £5400 on the card.

Does that make sense? They would basically be giving you an extra £7600.

ps. if your husbands credit history isn't perfect, I would be very wary of applying for anything jointly as you would then become financially linked and his credit history will then affect yours.
I would also be wary of taking on £7600 worth of your husbands debt in your name. If anything went wrong, you would then be solely responsible for paying it all back.

loulou02

Yes, that all makes sense, thank you.

I completely understand what you are saying about taking on my husbands debt but although it is in his name, it was for things like our car, our wedding, etc so it really is as much my debt as it is his. We will both be paying off any new debt equally

ejc81

loulou02 wrote: »

We will both be paying off any new debt equally

Me and my OH take this same approach, all the debt is currently in my name but we both pay. Just the lenders don't see it that way is what I'm saying, they see you owing 13000k on just your salary

loulou02

Yeah, i understand. Just really want to be able to start saving for the baby rather than putting that on credit too! I only see this possible by consolidating the debt we have at the moment

CHR15

loulou02 wrote: »

Really appreciate everyones help, hope i can do the same for someone one day when i've been on here a few years!

you can start doing just that right now.
I've lost count of the amount of posts asking where they can get a £10k loan for a wedding.

We all cry, Don't do it!, do not start married life in debt, you will regret it, but it always falls on deaf ears.

Those with previous experience are best placed to talk others out of it, even though you will always get flak for trying to convince people.

loulou02

Ok, will do my best to do this on other threads!
We really wanted to get married here with family and friends but couldn't afford to so we went abroad to do it on our own (half the price - although still got a little in debt). It's funny, when you think about it, the fact that actually it is all for just one day but you don't think about that at the time!