Help. Need a loan to reduce outgoings

GraemeG_2

Hi,

I was wondering if anyone had any advice on what is the best way to go about my situation.

Im currently looking to sell my car, as I have just moved in with my partner and i can no longer afford the repayments, (as they are £390 a month + insurance- £110 a month)
I owe on the finance £16000 approx, and i could possibly sell the car for around £14000-£15000 - leaving me with £1/2000 negative equity.

So im looking for a £6000 loan to pay the negative equity, and to get myself a new car. I have a clean credit history, and have never missed a payment.
But i have been refused two loans.

I think this is due to me just moving, and the amount of loan i have outsanding at the moment. But what the loan companies arnt getting is that - if i get this loan - my outstanding blances will be vastly reduced.

Any ideas anyone.

Much Appreciated.

rainbowstar

Don't know if this will help but it might so i'll tell you!
I applied for a Tesco loan and was refused as they came to the conclusion I could not afford the repayments. The loan was to pay off existing debts (loans, credit cards, etc) so once that was done, I'd be able to afford the repayments no problem.
So, I wrote to their underwriting dept (i think that's what it's called) and told them what I was going to do with the loan and that since the repayment was LESS than what I pay out at the moment, I'd be able to afford it no problem.
I got the loan.
So, if the companies who refused you have sent you a letter with instructions on how to appeal, I would do that and explain your situation & exactly what you're going to do with the money and how you CAN afford the repayments. If they haven't specified a way of appealing, maybe you could call them & enquire.
I used to think that appeals would never be considered but my example shows that they are.
Hope this helps! x

GraemeG_2

Thankyou, yes that certainly seems like the right way to go about it. Ta