What should I put for loan application? ?

HappyGirl32

Hi All

Could really do with some help ..
I want to apply for a £10,000 personnel loan to pay of all my credit cards and an overdraft. I'm not sure when applying what to put when they ask what your living status is ie. Mortgage, renting, student, living with parents etc. So my circumstances are my partner has the mortgage in his name so what do I put so I don't mess up the application?
Secondly which would be a good loan to go for as have check my credit rating and it says it's not too bad.
I don't want my partner to know as our finances are separate.
Many Thanks in advance
Desperate and just about to sink! Ps I am employed.

DevCoder

1. Come clean with your partner, relationships are built on trust. Hiding things from each other never ends good.
2. Put "living with partner" or cohabiting.
3. Your credit score means nothing, lenders don't see a score of 1-1000 or "fair,good,poor" etc. What is on your credit file? missed payments? defaults? CCJ's ? This is what the lender sees.
4. For a 10K loan to consolidate a debt, then lenders will add that 10K to your existing debt as they have no guarantee that you'll use the loan to pay the debt off. With this in mind, you would appear to have a debt of 15-20K (including the required loan), as lenders don't really like > 50% of annual income after tax to lending then you'd have to be on a annual age of at least £35K (and closer to £45K) to have much chance of success in my option.

Pixie5740

Are you positive that consolidation is the cheapest and quickest way to pay off your debts? I've been where you are and snowballing my debts was the best way forward. Check out the snowball calculator and see for yourself.

http://www.whatsthecost.com/snowball.aspx

DCFC79

It won't get rid of the debt but just shift it from a to b, it will only work if you don't then rack up more spending on the credit card.