Natwest loan approved in principle

Annieareyouok91

Hi
This is the first time I gave posted anything so not sure if anyone can help me.
In my late teens I foolishly took out credit cards and have ended up in £8k debt. I earn £25k PA and pay around £500 each month off my debt at horrendously high interest rates. I have a "fair" credit score from experian. I recently applied for a loan from natwest bank, for £8k at a much lower rate than what I currently pay which will mean I pay much less per month and also have an end date that my debt will be paid.

I know that no one knows the answer to this except natwest and their computer but i understand they will want copies of my payslips etc which is fine as I was honest in the application. Has anyone ever had this before? WEre your loans eventually approved after giving them the extra evidence? Did they change the rate once they had received the further info? Thanks in advance, all advice much appreciated.

Foxy-Stoat_3

Annieareyouok91 wrote: »

Has anyone ever had this before? YES

WEre your loans eventually approved after giving them the extra evidence? YES

Did they change the rate once they had received the further info? NO

This won't help you unfortunatley as my finanical circumstances will be totally different to yours.

Good lucks with your loan and if you do get approved do you and your future self a favour and cancel all of your current credit cards - or at very least keep one with a £500 limit and if they increase the limit, reduce it again.

If you take the loan out, clear your cards and rack the debt up again you will be back here asking how to get a £15,000 loan to clear all your debts.