debt consolidation loan/personal loan???

pinkdrink

Hi folks - if i applied for a debt consolidation loan from my bank Lloyds TSB (£5k) whats the chances of getting one based on the fact that if i have debt it stands to reason i have a poor credit history - but given the loan 'product' is for debt in the first place do they ignore or expect poor credit anyway??
I can pay any loan off in full within 6 weeks (i know they have a minimum of 1yr term of the loan so would be stung with an early repayment fee, i would be prepared to swallow that) but my main concern is why debt consolidation loans exist as a product given that applicants surely must have bad credit??
Can anyone advise me on if its worth me approaching them for a loan at all? Thanks.

BonkersBonkers

If you are expecting money in 6 weeks then why apply for a loan at all - after all you will pay 2 months early settlement fee for the pleasure.
IMO with a poor credit history you won't get the loan.

opinions4u

Debts where you are maintaining the payments on time are not bad credit.

Debts where you are missing payment or paying late are bad credit.

Delree

I'm with Bonkers. Why can't you wait the 6 weeks?

Caz3121

In your other post the loan was not for debt consolidation but for a deposit on a house...which is it?
https://forums.moneysavingexpert.com/discussion/4861240

gb12345

More info

Caz3121 wrote: »

In your other post the loan was not for debt consolidation but for a deposit on a house...which is it?
https://forums.moneysavingexpert.com/discussion/4861240

I'm guessing the bridging loan was a no go, so they're trying to condsolidate their existing borrowing, but will probably forget to pay of the existing debt when they get the money and use it as a deposit .

It's always good when a customer doesn't accept poor service and takes their business elsewhere (from 2010)

pinkdrink wrote: »

So glad to hear i'm not the only one who has suffered outrageously poor customer service at LTSB. I was so gobsmacked by my treatment (very much like Martin's) that i have now closed all my accounts with them as of last week. I would highly recommend everyone else do the same!

The grass obviously wasn't greener.