Loan Rejected - Advice needed

Tixy

Original enquiry

You will be legally responsible for the loan, you are legally responsible for all household outgoings. Banks are correct to consider the affordability of just your income, and taking into account all those outgoings.
She isn't a tennant so you can't include that income no.

Suggestion

Wait to see what tesco's says.
Possibly you could consider your own bank if they tesco say no, if the account is run well. Do you have an overdraft with your own bank? do you use it? Is the cc with your own bank? do you pay a good chunk off the debt each month?

Are any of the previous credit cards you've mentioned still open? if so they could be counting against you in terms of affordability. Would be worth checking credit files to ensure they show as closed, and if not closing them and waiting until that updates on your files before considering applying anywhere else.

DCFC79

Jack_Maloney wrote: »

Ok I appreciate everyones concerns but seriously I have weighed up all my options very carefully and this is I feel is the best option. Im not someone who rushes into decisions and have been with her for nearly 4 years and want to spend my life with her. That may be so but you can not see into teh future and as far as i know no 1 has that special ability, if you find someone who can please let me know as like this weekends lotery numbers

We do plan on having kids further down the line but the longer she is in this debt the longer we're not going to be able to do this (or i would be the one that takes on the debt anyway if she stops working). Doing it this way means she will be debt free in 3 years and saves about £5k (Yes - including the interest payments she would have saved). You still putting your name on a loan of 7k which if the 2 of you split up you would be paying the loan irrespective of its use.

I hope you can understand where i am coming from with this. Anyway, i am not after relationship advice. If anyone can help me with me original enquiry then that would be much appreciated.

You were given a suitable answer but it wasnt what you were after which isn't our fault

Just a few things, by all means take out the loan BUT if further on down the line you split up you may well regret taking out the loan, it is your life after all.

meer53

I know you're not interested in relationship advice. BUT - 4 years is a very short relationship. One of the biggest causes of arguments is money. Plenty of evidence on here regards that ! My advice too would be not to go down this road, borrow for your car, yes, but to repay your GF debts, no.

I agree with other posters, sit down with your GF and work out a budget between you that will help your GF pay off her debts, rather than borrowing more to repay them.

Domestos1976

i think this credit rating thing is a load of baloney... i recently applied for and got accepted first time for a car loan with BMW finance for a car with a credit rating of 447. okay its secured, but I have 2 CC maxed out at 8.5k, three PL with about 16k on them and a 150k interest only mortgage. i have missed payments all over the place, one of which is 5 months in arrears for £40 at worst case but now settled (but only coz the creditor couldn't catch up with me after i moved house)

Doesn't your credit rating go on you and the people you live with?

iolanthe07

Domestos1976 wrote: »

i think this credit rating thing is a load of baloney... i recently applied for and got accepted first time for a car loan with BMW finance for a car with a credit rating of 447. okay its secured, but I have 2 CC maxed out at 8.5k, three PL with about 16k on them and a 150k interest only mortgage. i have missed payments all over the place, one of which is 5 months in arrears for £40 at worst case but now settled (but only coz the creditor couldn't catch up with me after i moved house)

Doesn't your credit rating go on you and the people you live with?

You obviously are a very high earner, hence BMW finance were prepared to take the risk. But you're right - the credit rating thing is a load of baloney.

KingElvis

Looks like old Jack "the lad" Maloney spat his dummy out when he realised he wasn't getting the answer he wanted.

Apples2

Domestos1976 wrote: »

Doesn't your credit rating go on you and the people you live with?

Sounds like financing a new car was a sensible move.

Your credit rating is yours personally, it follows you wherever you go. It has nothing to do with your address other than, "that's the dwelling they can contact you at".

It only affects someone you live with if you have a joint agreement (joint mortgage, joint loans etc), not just because they live with someone who can't control his spending.

malkyh

Jack_Maloney wrote: »

Why? Dont spout some rubbish about how you might break up as i know the risks and know exactly what im doing.

I took out a loan to clear my ex girlfriends debts as she had bad credit and I was trying to be a 'great' boyfriend. She was paying me back £124 a month. Everything was great..............then we broke up. I was left paying a £5k loan and she p1ssed off for her 'new life' debt free.

My advice. Don't do it.