Help re unsecured loan

Angelcake1_2

Hi,

I am new on this site and I hope someone can help me. My situation is, my partner deals with our finances and has done since we moved in together five years ago. Our mortgage is in his name as at the time we purchased our home I had been made redundent.

Anyway we had applied for another mortgage as I wanted it to be in both our names and to get a better interest rate. Well we were refused and so I checked both our credit files with Experian. Well to say I was shocked was un understatement. My partners file is in a complete mess and the whole terrible truth has since come out and I am an emotional wreck. My partner had got into arrears with just about everything and has taken out further loans to try and resolve (which he has also fallen into arrears with) it rather than come to me a long time ago to sort it out together.

We would be able to pay everything on our current incomes but I have just applied to go back to working part time due to family commitments.

Sorry to ramble I should get to the point. Well after talking with our mortgage lender and the loan provider for the biggest loan they have agreed to reduce our payments and are getting back to us Monday.

My credit file isn't too bad although I do have a few status (1)s on my file which is purely down to my own forgetfulness. I want to get an unsecured loan to pay off some of the smaller loans that add up to approx £8000 but need to know if anyone can reccomend a company that could help.

Ironically I work in the collections department for the company I work for so I know a little about the information lenders look at on your file but each company differs. I know that anyone looking at your credit file leaves a "footprint" so I don't want to apply to several different lenders.

Many thanks in advance for any info or advice offered

H
x:A

momisa

Hi and welcome

Posting on here at this ungodly hour tells me you're not sleeping?? I'm at work so you don't get to argue back on that one

First things, don't fret too much. You may need to cut back on some things until the debts are paid, but you know what you're dealing with now (and I'm sure that both of you will be involved in anything financial from here on). Make yourself a cuppa, have a read of the link below and take one step at a time (apologies for the cliche).

Here's a link which may help you from here - make sure you read it all to give you ideas and there are listed some organisations who offer free advice; http://www.moneysavingexpert.com/loans/debt-help-plan

Did you also get your credit files from "Call Credit" and "Equifax"? I check all 3 reports once a year. As you said, different companies use different criteria - they also use just one, or two or sometimes all three credit file companies so all need to be uptodate.

Check the loans that you have for any early repayment charges - no point moving them if it'll cost you more!! Also check the details to see if you can pay additional payments towards the loans without being penalised.

Was payment protection taken with the loans? If the situation is really bad you may want to consider calling the creditors, explaining the situation and ask that they cancel this to lower the cost. I don't know if they'll do this but it's worth a try.

You say your OH has got into arrears? Start the process of reclaiming all charges from your bank, loans, credit cards.

If you get a loan, don't just use the money to pay of other debts straight away. Give some thought to approaching the creditors for a "Full and Final Settlement" figure as this may save you hundreds of £'s, leaving spare funds to go towards any other debts.


HTH

CLAPTON

the first thing you need to do is to consider the causes of the debts rather than simply borrowing more money to sort out the mess.

I would suggest you go over to the debt free wanabees board and post full details of your income, spending and the full debt details (amounts, aprs, minimum monthly payments and debt status)
only then can sensible realistic advice be given about the best way forward... dont simply rush into trying to get a new loan.

Angelcake1_2

Hi Momisa & Clapton,

Thanks for responding I am just going to take the time to check all this info out. I never really consider early payment penalties etc. I will definetly post the full details on DFW and see if anyone can help me there. I have cut back I have quit smoking cold turkey as I can't afford it now!! Apart form that we don't really have any luxuries.

Many thanks
H
x