If rejected for loan which company best try

Aghhh

Help

I am trying to get a 10000 loan to pay all dept off and have less monthly payments. The interest on my present dept is crippling me. I have been refused by my bank due to my score.

I am on SMP so my wage has dramatically dropped and when I do return my child care will be high. I feel forced to go back to work and the thought of my 4 month old being away from me for 9 hours a day is killing me.

Does anyone know where I can go and who may be more likely to grant me a loan.

I know I can pay this easily too.

Thanks

Tixy

Is your only income at the moment SMP? If it is then its very unlikely you will find any company willing to give you a loan of that amount.

How are you managing the repayments at the moment on the debt on just SMP?

How much are your monthly repayments at the moment?
You say you know you can pay easily - how much is it that you can easily pay a month?

gb12345

I'm assuming that your current debts are £10k, so on that basis you would probably need to be earning around £40k for a mainstream lender to consider allowing refinancing (ignoring the fact that you are currently on SMP).

When you do return to work what is your salary lilely to be?

heartbreak_star

Try going to the Debt-Free Wannabee board (note debt, not dept!) and posting an SOA. They might be able to help you without the crazy idea of taking on more debt.

HBS x

OneLife_OneShot

Imagine having to work to feed your children. God forbid.

You won't get a loan as you are on SMP plus there is always that chance you might not go back to work again so would you give you a loan based on that?. Do not try anymore applications for loans as it will look desperate.

If you can "pay it off easily" why not try and pay off the highest interest debts first and then once you are debt free you'll have money to yourself??? This is called snowballing there should be a link about somewhere for it.

Aghhh

I don't appreciate the comment " imagine having to work to feed your children"

I have worked since I was 16 and never claimed benefits, and to make that comment doesn't help my situation. I came here for guidance, not to be judged. I have every intention to return to work but would give anything to be able to take my full SMP allowance so I can be with my baby as long as possible.

I do a appreciate all the advice

Thanks

OneLife_OneShot

Sorry I do apologize at least you seem to appreciate working and not being a scrounge, I just know far too many people who are content to not work and be on benefits and have kids just so they do not need to work.

But like I said the bank won't give you a loan as you might not want to return to work and then you might not be able to make repayments. Not saying you won't but thats how they look at it.

For example its like job offers if I was offered a job earning £80k a year and asked for a loan because I had an offer they would still refuse. It is all about your ability to repay based on your income other debt etc.

Have a look at this http://www.whatsthecost.com/snowball.aspx

If you maybe do a Statement of Affairs http://www.stoozing.com/calculator/soa.php and post it on the Debt Free Wannabe forum.

DCFC79

If your own bank has refused you due to your score ( although the score is meaningless ). Id forget about applying elsewhere for a loan and look at cutting back on your spending as has been suggested.