Loan advice needed?

montasura

Hi folks, first post so be easy on me

Anyway, I'm on the hunt for some advice.

basically I need to borrow £9k within the next 30 days to pay my separation agreement. I have just applied with M&S loans and, much to my surprise, was declined.

the last time I checked my credit rating (about 3 months ago) my score was 996 so no problems there and I have taken no credit since and not missed any payments.

So I'm wondering should I bang in another application with a different lender or do I now need to think of another plan i.e. poorer credit lenders or a secured loan.

I suspect I was turned down possibly because they don't think I could afford it. I bring in about £1500 per month with a mortgage payment of £550 and a credit card bill of £1k, currently about £700 into my overdraft.

Thanks in advance

chalkie99

Different lenders have different criteria so it might be worth a try elsewhere.

However, living in an overdraft is a bit of an alarm bell. If you are relying on that now then how will you afford the repayments of further credit?

That is what the lenders will be thinking.

Tixy

You mention a seperation agreement - are you financially associated to your ex partner on your credit files? do you still have any joint agreements with them open? is the mortgage in joint names or just your name?

If you are financially associated then its worth filing a notice of disassociation.

I suspect you are right - they lender thinks you cannot afford another loan on top of our existing commitments. You could possible talk to your own bank and see if they may consider a loan application (possibly incorporating your overdraft into it).

Aside from that - what does the agreement state if you cannot raise the funds? is there an option to pay in installments?

[Deleted User]

Agree with chalkie. You appear to have - £1700 to your name. And only £950 for food and bills a month. I think you're going to struggle to get anyone to lend to you, except POSSIBLY at a very high rate over a very long period.

montasura

Damn, I never thought of financial association.

The mortgage is still in joint names and my ex has a very poor credit rating. The problem is that this separation agreement is for her to transfer the house into my name only upon getting the £8k....catch 22.

I do have the backup option of my brother borrowing the money as he has about £150k equity on his property but would rather not be dependant upon him. Still I suspect it may be the best option.