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Success Story
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BlueStringPudding
Posts: 16 Forumite
in Loans
Some time ago I posted a couple of threads on this forum about raising £25k to buy a liveaboard narrowboat and how to go about it. Admittedly I didn't get much of a response (:rolleyes: ) but despite that I wanted to share with everyone my success story.
First a recap of where I last left you:
For those of you who've not seen my previous postings, I had "tested the proverbial water" some months earlier and applied for a loan to see if I'd be accepted for a full £25k personal unsecured loan, despite living in rented accomodation and having moved house several times due to working fixed term contracts (I work in the theatre industry). Eskimo Loans accepted me - so I paused the application and went boat hunting. Six months later, I finally found the perfect bargain boat and reapplied for the loan. Shock horror - I was turned down! It turns out that I had recently had my credit rating blighted by a previous landlady who's currently going through court under credit-card and benfit fraud charges - and it appears she was registered at living at my old address! :mad:
So after being turned down twice in quick succession for personal loans I needed to raise the deposit to take the boat off sale, and then to raise the £1000 for a survey and finally the remaining payment for the actual boat.
In the end I spoke to HSBC where I have my current account, £4k flexiloan (which I needed for the deposit) and £1500 overdraft (also needed for the deposit!). I have to say they were great – I explained to them that I’d been turned down for a loan elsewhere, what I wanted the money for and how I still needed the flexiloan and overdraft to pay for the deposit (£4k flexiloan + £25k personal loan – more than any one lender will provide unsecured). They managed to give me a £23.5k personal loan, reduce the overdraft to £1000, close the flexiloan account BUT give me a credit card with £7k limit (interest free for 6 months) - more than enough for my needs. And a year’s cheap upgrade to Bank Account Plus which knocked my loan interest rate down to 7.9% which makes a total saving of about £1000 over the course of the loan. AND what’s more, when I explained that if the surveyor’s report wasn’t good, and I didn’t go through with the purchase I’d need to know that I could return the loan and have my flexiloan reinstated for no additional fees or interest, they said yes and put a note on my file to ensure that would be the case. And the customer service was great. :T
Well, the surveyor’s report was good, and now two months later my partner and I are living aboard our own 65ft narrowboat! It’s the first time we’ve owned our own home and we’re loving it. It’s not a lifestyle to be launched into lightly, we happen to have some experience boating and have always enjoyed it.
Financially our living costs are right down (no council tax, no tele license, no water rates, no gas or electric bills) just our £700 a year BW license and our insurance. We produce our own electricity from cruising or from the wind turbine on our roof, and in the winter we’ll be supplementing the diesel central heating with a wood-burning stove. Simple pleasures! In six months time I intend to have paid off the credit card, and in a years time I can change my Bank Account Plus back to a current account for free to save any charges.
I wanted to let everyone know that despite moving house repeatedly, despite changing jobs because of the nature of the industry in which I work, and despite my credit rating having taken a battering, I got what I needed just from my own bank! It can be done with a bit of effort.
Good luck to everyone else trying to raise money for a positive lifestyle change. :money:
First a recap of where I last left you:
For those of you who've not seen my previous postings, I had "tested the proverbial water" some months earlier and applied for a loan to see if I'd be accepted for a full £25k personal unsecured loan, despite living in rented accomodation and having moved house several times due to working fixed term contracts (I work in the theatre industry). Eskimo Loans accepted me - so I paused the application and went boat hunting. Six months later, I finally found the perfect bargain boat and reapplied for the loan. Shock horror - I was turned down! It turns out that I had recently had my credit rating blighted by a previous landlady who's currently going through court under credit-card and benfit fraud charges - and it appears she was registered at living at my old address! :mad:
So after being turned down twice in quick succession for personal loans I needed to raise the deposit to take the boat off sale, and then to raise the £1000 for a survey and finally the remaining payment for the actual boat.
In the end I spoke to HSBC where I have my current account, £4k flexiloan (which I needed for the deposit) and £1500 overdraft (also needed for the deposit!). I have to say they were great – I explained to them that I’d been turned down for a loan elsewhere, what I wanted the money for and how I still needed the flexiloan and overdraft to pay for the deposit (£4k flexiloan + £25k personal loan – more than any one lender will provide unsecured). They managed to give me a £23.5k personal loan, reduce the overdraft to £1000, close the flexiloan account BUT give me a credit card with £7k limit (interest free for 6 months) - more than enough for my needs. And a year’s cheap upgrade to Bank Account Plus which knocked my loan interest rate down to 7.9% which makes a total saving of about £1000 over the course of the loan. AND what’s more, when I explained that if the surveyor’s report wasn’t good, and I didn’t go through with the purchase I’d need to know that I could return the loan and have my flexiloan reinstated for no additional fees or interest, they said yes and put a note on my file to ensure that would be the case. And the customer service was great. :T
Well, the surveyor’s report was good, and now two months later my partner and I are living aboard our own 65ft narrowboat! It’s the first time we’ve owned our own home and we’re loving it. It’s not a lifestyle to be launched into lightly, we happen to have some experience boating and have always enjoyed it.
Financially our living costs are right down (no council tax, no tele license, no water rates, no gas or electric bills) just our £700 a year BW license and our insurance. We produce our own electricity from cruising or from the wind turbine on our roof, and in the winter we’ll be supplementing the diesel central heating with a wood-burning stove. Simple pleasures! In six months time I intend to have paid off the credit card, and in a years time I can change my Bank Account Plus back to a current account for free to save any charges.
I wanted to let everyone know that despite moving house repeatedly, despite changing jobs because of the nature of the industry in which I work, and despite my credit rating having taken a battering, I got what I needed just from my own bank! It can be done with a bit of effort.
Good luck to everyone else trying to raise money for a positive lifestyle change. :money:
0
Comments
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ahoy blue string pudding
#
I really enjoyed reading your post and congratulations on your new home
I live right by the thames and we see quite a few long boats go by.
well done on getting your loan also
best wishes julie0 -
Congratulations!
It sounds wonderful and I hope you will be very happy in your new home.
CP x0 -
Thanks everyone. Much appreciated. The new home is lovely, we're adoring the lifestyle aboard a boat and I'm managing the loan and credit card well.
:money:0
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