Which lenders are lending money??

moatmeister

And for Wifey

7 years selfemployed salary with accounts £15 to £20k

Next card Limit £3600 balance £120

Tesco cc limit £3975 balance £3800

Capitol 1 CC limit £3000 balance £2200

MBNA CC limit £3000 balance £2850 0% interest free deal

All payments on time and up to date.

MBNA card recently opened, quite likely a major reason for Zopa rejection??

SnowTiger

moatmeister wrote: »

Salary £40k + overtime + exes

currently £2500 into £3000 o/d limit

Santander (ex A&L) Personal loan £8k/5years
£2500 owing, £186/month
13 months still to run

Santander CC
Limit £1500 balance £1066

BoS CC
Limit £4000 balance £3070 on 0% interest deal

NatWest CC
Limit £4500 balance £3198

Nationwide CC
Limit £500 balance £470

MBNA CC
Limit £5400 balance £4003 on 0% interest deal

Within last 12 months (and mostly previously) all payments on above on time and up to date

1 mortgage payment made on time but credited 1 day overdue marked late over 6 months ago due to bank error.
1 x £10 payment for mobile broadband marked late over 6 months ago due to my error

It's not difficult to see why you've been turned down for a loan. Using an overdraft is bad enough, but you're almost at the limit.

You're using 75% of available credit on your cards.

And in the past six months you've missed two payments. If they were due to banking errors get the markers removed. To a lender it might appear that you couldn't afford the payments at the time.

To my untrained eyes you appear to be living on credit, getting close to your limits and wanting more.

SnowTiger

moatmeister wrote: »

And for Wifey

7 years selfemployed salary with accounts £15 to £20k

Next card Limit £3600 balance £120

Tesco cc limit £3975 balance £3800

Capitol 1 CC limit £3000 balance £2200

MBNA CC limit £3000 balance £2850 0% interest free deal

All payments on time and up to date.

MBNA card recently opened, quite likely a major reason for Zopa rejection??

And the news isn't a lot better for your wife: three credit cards, two of which are nudging their limit and a third not far off.

The two of you really need to be thinking about cutting back, not seeking more credit to live off. Posting a SOA to the The Debt-Free Wannabe Board would be a good start.

The days of constantly borrowing to finance spending are over... at least for the time being.

tell_it_how_it_is

Just my personal view, and please don't take it the wrong way, but if a couple taking home in the region of £4K between them a month has £25k worth of (mainly) credit card debt, surely they need to be taking a long hard look at what they are frittering their money away on every month and making some alterations here and there, rather than looking to find somewhere willing to lend them even more and wondering why it's proving difficult to find that somewhere.

moatmeister

I accept we are currently overstretched but this is in a positive way. This is due to the recent purchase and ongoing renovation of a quality rental property.

Had to scrape together (successfully) the required £30k cash deposit.

Now into the renovation which will provide a substantial increase in the value even in todays market and a healthy rental income.

Should be finished by end of this month. Will then be looking for a further advance on the mortgage against the substantially increased house value to replenish funds.

I will be aiming to reduce my o/d and credit card balances as shown on my credit report to below 50% before applying for this.

Was hoping for Wife to successfully apply for small personal loan in her name to tide us over and limit the effect on my credit file prior to the remortgage which was the point of the original post.

moatmeister

@ snowtiger....

Whats an SOA please???

beccad

What's plan B if you can't get a loan?

adea

moatmeister wrote: »

@ snowtiger....

Whats an SOA please???

SOA stands for Statement Of Affairs.
Basically a list of income and expenditure
This is used to help offer advice in areas where a person could cut back on expenditure to free up some debt.

If I am wrong, someone more knowledgable will correct me.

moatmeister

There are various plan Bs based around

a) Work harder and earn more but risk early grave

b) Sell some personal assets I dont really want to sell yet

c) or just carry on muddling through which is difficult and stressful but possible

Dabooka

TBH I think you've pretty much no chance of getting anything as it stands; it also sounds as if you've maybe overstretched yourself with the rentable, and I'd be worried about getting a "good enough" mortgage deal when you hope to refinance it. I have a rented out property but I would never have funded it via credit like that.

I think you need to follow the advice on here, and try and get the late payments removed (as pointed out you only have a chance of that if it was a banking error; if you were late for whatever reason they'll stay put). Are you and the wife financially linked with joint accounts / mortgages?

When do you think you'll have some income from it, and what's the monthly surplus likely to be?

Finally, head over to the Debt Free Wannabe board and start following their advice on skimping and saving.