Is my bank more likley to give me a debt consolidation loan?

tru-

Hi,

I have previously had a loan with my bank (Natwest) which was paid off in full and even a couple of months early. The past year I have tried a couple of times to get a loan to no avail. My credit scoring is approx 770 inter-bank, I have no previous CCJ's, I have 20+ clean accounts, I have only 3 late payments in 3 years (1/year on my CC through error) and I'm 25 years old. Due to this inability to get a loan I unfortuantely went down the payday route and now have several payday loans each month. I have been contacted by Natwest wishing to speak to me about reducing my overdraft (£2k) that I've had for several years. I can set up a direct debit to pay an amount each month to slowly bring this amount down.

While I have been refused personal loans in the past year will Natwest be more likely to give me a debt consolidation loan? If so I'll offer to take out one to cover my overdraft and my payday loans to incorporate it into one. Obviously this is an incentive for them also as they'll recover the overdraft quicker. I've had a secure professional job for 3.5 years now, my income will not be going anywhere.

Thanks for your time/any advice!
Steven

DCFC79

You can ask but aren't obliged to do so. What is it exactly you owe to the pay day lenders ? Its alright saying its for consolidation but the bank has no idea this will be the use of the loan.

Forgot to say consolidation loans rarely work, they only work if you have the will power to pay off the OD and the pdl's.

Apples2

Unlikely anyone will lend to you, massive overdraft, payday loans, late payments... Doesn't get much worse.

You spend too much money, throwing more in your direction is a high risk for anyone expecting to get it back again (plus interest).

You need to give more details though, salary, debt etc

liamfahy

Stop borrowing money! Why would your bank want to lend you more money when you are already overdrawn on your account? You seriously need to start living within your means and trying to get yourself out of debt not looking for more.

jonesMUFCforever

The fact that you have used Payday loans will scare off mainstream lenders including your bank!
To me a consolidation loan is not what is required - you need to have a change of lifestyle - get over to the debt free wanabe board - make a statement of affairs - and most importantly carry out the actions needed to pay off what you owe.

DevCoder

Obviously this is an incentive for them also as they'll recover the overdraft quicker.

You do know your overdraft is payable on demand don't you? They can withdraw that facliity tomorrow and you'd have to pay it back immediately.