A Very Frustrating Situation

AFCDXB

Hey Guys,

Was wondering if anyone could help me out on this. I've just graduated university and have been offered a very well paid job overseas (Base Salary 57k, Bonus anything between 30-100% of base).

I have about 50k of debts from university that I need to pay off, they're multiple credit cards, overdrafts etc.

50k might sound a lot but I went to university in London, for 4 years and didn't get much of a student loan. I was extremely tight but London is not cheap.

I am looking for a loan that can consolidate all of my debts and that I can repay from December 2012, I can afford to pay about £1,000 a month off, and a big payment in the region of £10,000 once a year, so can definatley repay within 3 years.

Is there anything that exists for me? Will anyone be willing to lend to a graduate who has a job overseas?

Also incase you are wondering, the credit cards are all in my Dad's name, thats how I got so much credit.

Cheers.

SeanG79

No bank is likely to finance you £50k in unsecured loans and especially not if you aren't even going to be in the country...

Can you not leave the finance in your fathers name like it currently is and send back money monthly to him to settle the debt? Or does he now want all his money back?

AFCDXB

Nope it's not my father who wants anything, it is me who wants to consolidate them all and have just one repayment monthly. I have a degree in finance and my job is in finance, so I understand interest rates pretty well and know that consolidating these debts is my best bet by far. Ironic, that I have so much debt, but I was desperate at the time.

[Deleted User]

I very much doubt you will get a loan of that size. And moving overseas will pretty much eliminate any possibility. Added to the fact you don't have any income at present, until you start the job.

But it looks as if you will be able to make big inroads into the repayments when you start working.

AFCDXB

Yeah.. that is why it is so frustrating, because I have a signed work contract right infront of me and so much income on the horizon, but cannot do anything right now, so was wondering what my options were, but as suspected they seem to be almost non existant.

SeanG79

AFCDXB wrote: »

Nope it's not my father who wants anything, it is me who wants to consolidate them all and have just one repayment monthly. I have a degree in finance and my job is in finance, so I understand interest rates pretty well and know that consolidating these debts is my best bet by far. Ironic, that I have so much debt, but I was desperate at the time.

Consolidating the debt is only better if you can secure a better rate of interest and take all the fees into account. Still I cannot see any bank lending £50k to an "unemployed" (in the UK) graduate who will be moving abroad. Since you work in finance, think in in terms of the risk from the banks perspective, if you stop paying, what recourse would they have??

The only real option is for you send 1 payment to your father who then splits that amongst the various payments as required.

ILW

Your father could consolidate and then you pay him.

AFCDXB

Yeah absolutley, and the calculations I have done show that it doesn't even take a great interest rate to beat what I am currently paying on these cards. I agree with what you've said, in terms of risk profiling, I don't line up great and I wouldn't lend to someone who had my profile if I was a bank, but since I don't know the retail market that well I was just wondering if their was an option I did not know of.

No need to send the payment to my father, all the direct debits come out from my own account, so I will continue to send monthly payments to my UK account and then pay down the cards.. would have been great to get that loan though.

AFCDXB

If my father had that sort of money then I wouldn't have this much debt to begin with.. and his credit rating is appalling, no bank will lend to him (and hence I have insane interest rates to deal with)

DCFC79

Jeez 50k of debts from going to uni in london,

SeanG79

AFCDXB wrote: »

If my father had that sort of money then I wouldn't have this much debt to begin with.. and his credit rating is appalling, no bank will lend to him (and hence I have insane interest rates to deal with)

How did he manage to get you £50k in credit cards and overdrafts with shocking credit?