Declined for a loan

babygirl0207

Hi, I am very new to the forums, but in dire need of advice!

For the last 5 years myself and my partner have had to scrape by financially, as I have been at uni training to be a teacher. I have recently finished and we have worked out that due to financial struggles throughout this time we have gained nearly £12k credit card debt. We are also due to get married in August which will obviously come with more debt.

We have tried applying for numerous online loans based on the links we found through the 'cheap loans' section on this site, but we have be declined for all of them. We have also tried applying for 0% balance transfer credit cards, but also been declined all of those.

I fear our only option is to get a high interest loan, which neither of us want to do, but we just cannot see any other option.

Does anybody have any advice?

giorgio992

Might not be what you want to hear but if you're struggling so much is it really the right time to be getting married and putting more financial stress upon yourself?

babygirl0207

I know... the thing is, we have paid for most things - wedding dress, bridesmaids dresses, suit hire, flowers, deposit on venue... so to be honest we would waste more money if we postponed.

CLAPTON

are you employed?
what are your incomes?
what do your credit files say
how many credit applications have you made
what are your debts?

Hazzinho

You'll have to look at your credit files and see what state they're in, if you have joint accounts you will be financially associated, are you on the electoral roll? Multiple credit applications will affect you credit rating with lenders. £12k debt on credit is quite about of money. When banks assess risk they add the loan value plus current debt. Ideally this value is less than 50% of your annual wage.

babygirl0207

- My partner is employed with income of approx £1000 p/m after tax.
- My partner used to have extremely good credit, being accepted for all sorts... hence the credit cards... i'm guessing they have affected his credit? I have never really had the best credit :-(
- Today we have probably made about 10 loan applications and been declined on all of them.
- Our debts are on 3 credit cards, 2 in his name, 1 in mine.

CLAPTON

you could of course check what your credit files actually say about you

no responsible lender will give some-one with 11k of debt to some-one earning such a modest salary
think debt to income ratio of 50% or less.

10 credit applications makes you an absolute no-no for credit for at least 6 month

I would say you have zero chance of a loan

Hazzinho

10 applications in a day will hamper you big time, if he is the only earner then the debt is far too big for a lender to risk lending any money.

mrcow

10 loan applications in one day is going to put paid to you being able to borrow anything decent for many months to come.

You are going about this all the wrong way. You are being turned down for a VERY good reason - you can't afford it.

Forget the deposits. Cut your cloth to fit. Start using your brains about how you are going to make your wedding affordable.

Anything else is just blind stupidity.

chesky369

You already owe the equivalent of your partner's annual salary. Nobody will lend you anything.
Sell your wedding dress and bridesmaid's dresses on e-bay.
You will lose your deposits but cancel everything else.
Get married in a Registry Office with a dozen of your very nearest and dearest and go out for lunch afterwards.
You can't afford a honeymoon.

Welcome to the real world.

DCFC79

The ten searches is the equivalent of putting ones hand in the blender and turning it on, you need to stop applying for credit now, be more realistic with what you can borrow which wont happen for months now and maybe reconsider the wedding ( but your choice ).

Maybe a good idea you post a SOA on the dfw board as you need to cut down your outgoings.