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How does a stay-at-home parent take out a loan?

SuffolkMumOfTwo
SuffolkMumOfTwo Posts: 2 Newbie
in Loans
When all the loan companies want an employer?

I have a regular private income but that isn't acceptable on an application form. I want to consolidate some smaller debts of up to £7,000. At the moment I am paying a small fortune in interest. I need to get this down. I went to my own bank but their interest rates were horrendous.

Is there anyone that is prepared to lend to someone that has a private income instead of a salary? They were happy to lend me the credit card last year, now they're not so keen.
«13

Comments

  • suicidebob
    suicidebob Posts: 771 Forumite
    What's a private income?
  • Alter_ego
    Alter_ego Posts: 3,842 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    suicidebob wrote: »
    What's a private income?

    Income from a source other than employment.
    I am not a cat (But my friend is)
  • Lungboy
    Lungboy Posts: 1,953 Forumite
    Part of the Furniture 1,000 Posts
    So interest/investments? Liquidate some maybe?
  • Alter_ego
    Alter_ego Posts: 3,842 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Maybe a family trust set up by a millionaire uncle! Hard to liquidate a trust.
    I am not a cat (But my friend is)
  • Lungboy
    Lungboy Posts: 1,953 Forumite
    Part of the Furniture 1,000 Posts
    True, but then you could ask the executors to give an advance.
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    Running up £7000 in multiple debts shows you are living beyond your means.

    Rather than borrowing yet again, post a full statement of affairs on the "debt free wannabe" board and look to cut your outgoing down drastically where ever possible.
  • Gaz83
    Gaz83 Posts: 4,047 Forumite
    1,000 Posts Combo Breaker
    SuffolkMumOfTwo wrote: »
    When all the loan companies want an employer?

    I have a regular private income but that isn't acceptable on an application form. I want to consolidate some smaller debts of up to £7,000. At the moment I am paying a small fortune in interest. I need to get this down. I went to my own bank but their interest rates were horrendous.

    Is there anyone that is prepared to lend to someone that has a private income instead of a salary? They were happy to lend me the credit card last year, now they're not so keen.
    How much is this private income?

    Perhaps they're not so keen to lend you more because they've seen you can't manage on the income you receive?
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    If you don't have a regular income through employment or self-employment, and your the interest rates offered by your bank are horrific then the chances of you being able to consolidate somewhere cheaper are slim. Debt consolidation rarely works anyway. Usually people end up right back at square 1 with twice as much debt as before.


    I agree with Dealer Wins about posting a SOA over on the Debt Free Wannabe board.


    http://www.stoozing.com/calculator/soa.php


    It might also be worth using a snowball calculator to work out the most efficient way of repaying your existing debts.


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


    If you're struggling to make repayments then it might be worth contacting one of the debt charities, CAP, Step Change, National Debtline or PayPlan.
  • suicidebob
    suicidebob Posts: 771 Forumite
    Alter_ego wrote: »
    Income from a source other than employment.

    That's fairly obvious. I asked the question to provoke the OP to giving a little more detail.
  • Alter_ego
    Alter_ego Posts: 3,842 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    suicidebob wrote: »
    That's fairly obvious. I asked the question to provoke the OP to giving a little more detail.

    Maybe I'm autistic.
    I am not a cat (But my friend is)
This discussion has been closed.
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