is a 15k unsecured loan possible?

soniar86

I am in need of about 10-15k to clear up some debt and get a decent new car.
I currently rent so I'm not a homeowner and I'm unsure what my credit score actually means
the last time I checked I was within the 800 rating but I do have a default against my rating which I believe has another 2years to go...

I have applied for loans before thinking over an 800 score is quite good but i got rejected??

I think I just want to know a) why I would be rejected and b) where I can go to get help

I earn 18k a year and am 26. does anyone have any advice? thanks x

CLAPTON

how much are the existing debts and what APRs are you paying

KingElvis

I would say at first glance your earnings are way too low and the default will kill you off even further.

The amount you want to borrow is almost your total yearly salary and the rule generally says no more than 50% in total.

bargainbetty

Lenders have no way of ensuring that you will pay off your existing debt. Therefore, you have to add the total of your existing debt to the sum you want to borrow. If the total is more than 50% of your income, you are unlikely to be accepted anywhere, as noted above.

Perhaps you could look at your outgoings using a statement of affairs (people here will help you) and find ways to cut down your expenditure to pay off your debts sooner, or save for a car. Perhaps look at paying off a credit card in full, so you can get a low-life-of-balance transfer, or 0% to save you the interest on the next debt?

My mate just bought a cracking old motor for under a grand. You don't need a 'new' car, just a solid runner. Old German cars are great for runabouts.

somethingcorporate

Another person earning 18k wanting to borrow 15k to cover existing debts? Click.

I have a feeling of deja vu.

The answer is no, not a chance.

DCFC79

somethingcorporate wrote: »

Another person earning 18k wanting to borrow 15k to cover existing debts? Click.

I have a feeling of deja vu.

Then there's this thread where the OP is on a salary of 18k and had a 15k debt and wanted to borrow another 15k to pay off the debts.

iolanthe07

I am in need of about 10-15k to clear up some debt

Statements like this always make me nervous. By borrowing £15K you are not "clearing up debt" - you are substantially adding to it.

tlh858

18k earnings & 10k+ loan?
Never going to happen, even if you had no existing debt at all.

In answer to your questions:
a. You will be rejected because you don't earn enough to afford the loan repayments.
b. You can't go anywhere for help, the simple fact is you won't get the loan.

DCFC79

iolanthe07 wrote: »

I am in need of about 10-15k to clear up some debt

Statements like this always make me nervous. By borrowing £15K you are not "clearing up debt" - you are substantially adding to it.

Its not really solving the problem of why the debt occured ( eg overspending ) but more papering over the cracks.

KingElvis

DCFC79 wrote: »

Its not really solving the problem of why the debt occured ( eg overspending ) but more papering over the cracks.

Cracks? more chasms I think.

somethingcorporate

I agree that £15k debt on an £18k income (that is not a mortgage) is a chasm!