Fair Credit. Can i get a loan?

fwor

themull1 wrote: »

Its how you manage money

So... you're saying we should be taking advice about how to manage money from someone with debts of £11,800 on a salary of £15,800?

themull1

fwor wrote: »

So... you're saying we should be taking advice about how to manage money from someone with debts of £11,800 on a salary of £15,800?

If you had read my reply properly, you would have read that I advised debt is not capped at 50% of your salary, i'm getting a garage conversion on my property at a good rate of 4.6% over ten years, Debt only becomes a problem if you can't afford to pay it back. And my credit card is 0% for 29 months. I don't use my card anymore.

BillJones

themull1 wrote: »

To everyone going on about only borrowing up to 50% of your salary - rubbish. Im on £15800 a year, got a credit card of £4000 using £1800 of that, and just got a loan from Tesco for £10,000, didn't even have to send anything with my application. Its how you manage money, not percentages.

It's not rubbish, it's a pretty decent rule of thumb to use as a guide to how much lenders are comfortable with.

As others have said, if you are in such a low wage, with such high debt, you maybe are not in a good position to give other people money management advice. It comes a cross like the fat man in the pub shouting at the telly telling Suarez where he went wrong with his run on goal.

Apples2

themull1 wrote: »

If you had read my reply properly, you would have read that I advised debt is not capped at 50% of your salary,.

if you had read any of the posts which mention the 50%, you will note it is a guideline figure as all lenders have their own criteria for lending.

Not only is it a guideline figure, it is also a sensible figure to maintain control of debt.

It is puzzling how some people feel somehow proud to be accepted for debt as if it is some kind of achievement.

The only interesting thing in your case is that you have just taken on a very large debt whilst you were already servicing existing debt. Your lifestyle will now change for the worse to keep on top of your repayments..... For a very long time.

themull1

Apples2 wrote: »

if you had read any of the posts which mention the 50%, you will note it is a guideline figure as all lenders have their own criteria for lending.

Not only is it a guideline figure, it is also a sensible figure to maintain control of debt.

It is puzzling how some people feel somehow proud to be accepted for debt as if it is some kind of achievement.

The only interesting thing in your case is that you have just taken on a very large debt whilst you were already servicing existing debt. Your lifestyle will now change for the worse to keep on top of your repayments..... For a very long time.

Will my lifestyle change for the worse? i don't think so. Im not on my own now, and i can comfortably afford the £125 a month thanks. I was pointing out that lenders won't lend more than 50% of a persons salary is rubbish - and i still stand by that. Sorry if you holier than thou people disagree - but to be honest i don't care!!

poppasmurf_bewdley

themull1 wrote: »

- but to be honest i don't care!!

You will when your own advice comes around and bites you in your ar*e! And it will!

Apples2

themull1 wrote: »

Will my lifestyle change for the worse? i don't think so.

Because you weren't saving £125 a Month before this loan (you were already in debt) but now you have to save it, by way of loan repayments.