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Declined joint loan
Hi first post but just looking for some general advice,
My fiance and I applied for a joint loan today to consolidate our debts and a small amount extra for home improvements. The loan was declined but my partner was told he could apply on his own and it would go through, but the loan could not then be used to pay off any of my debt.
In hindsight it was probably not the best time to apply as I have recently started a new job so my income has not been consistent for the past 3 months due to tax code issues etc. I did check experian last month and my rating was good, but I know this does not necessarily guarantee acceptance.
We were wondering what would be a reasonable amount of time to wait before we try again? I'm assuming as we have made a joint application we are now financially linked but this is not a great problem as we do not intend to apply for any other finance any time soon.
Would really appreciate any advice,
Thanks:)
My fiance and I applied for a joint loan today to consolidate our debts and a small amount extra for home improvements. The loan was declined but my partner was told he could apply on his own and it would go through, but the loan could not then be used to pay off any of my debt.
In hindsight it was probably not the best time to apply as I have recently started a new job so my income has not been consistent for the past 3 months due to tax code issues etc. I did check experian last month and my rating was good, but I know this does not necessarily guarantee acceptance.
We were wondering what would be a reasonable amount of time to wait before we try again? I'm assuming as we have made a joint application we are now financially linked but this is not a great problem as we do not intend to apply for any other finance any time soon.
Would really appreciate any advice,
Thanks:)
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Comments
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6 months or so.0
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The loan was declined but my partner was told he could apply on his own and it would go through, but the loan could not then be used to pay off any of my debt.
If it's an unsecured loan, I can't really see why it's any business of the loan provider what the loan is used for.
Can your fiance take out the loan and give it to you as a gift? If you're a wise person you could use the gift to pay off any outstanding debt you have
Optimists see a glass half full
Pessimists see a glass half empty
Engineers just see a glass twice the size it needed to be
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I'm pretty sure they wouldn't know what your husband were to use the money for..No loan provider has ever checked this after the money was paid?0
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This could be a blessing in disguise. Forget about debt consolidation and get yourself over to the Debt Free Wannabe section of the forum. See how many people have been there, done that and got the t-shirt.0
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