Need advice on getting ready for a 25K loan

harryfrombarry_2

I dunno, I don't think the OP is being truthful. Might just be me.

Quimoi

Sanjjj - I have a similar salary and have around £42k of unsecured personal loans with the bank that my salary is paid into.

My loan offers started once I stopped dipping into my overdraft and carrying any balances on a CC.

I never reduced my CC or overdraft limits (about £17k on three cards and £3k overdraft) after stopping using them.

If you've cleared yours now then I'd give it at least a couple of months and then try your own bank.


Good luck.

(Just to preempt any questions about why I borrow; it's cheap money at 3.7% and is invested)

AndyT678

Quimoi wrote: »

Sanjjj (Just to preempt any questions about why I borrow; it's cheap money at 3.7% and is invested)

I bet that's not what you told the bank!

Sanjjj1189

harryfrombarry wrote: »

I dunno, I don't think the OP is being truthful. Might just be me.

For what reason would you think that? nothing I have said is out of the ordinary.

Quimoi wrote: »

Sanjjj - I have a similar salary and have around £42k of unsecured personal loans with the bank that my salary is paid into.

My loan offers started once I stopped dipping into my overdraft and carrying any balances on a CC.

I never reduced my CC or overdraft limits (about £17k on three cards and £3k overdraft) after stopping using them.

If you've cleared yours now then I'd give it at least a couple of months and then try your own bank.


Good luck.

(Just to preempt any questions about why I borrow; it's cheap money at 3.7% and is invested)

Thanks mate! appreciate the help, do you bank with Barclays by any chance? hoping my pre-approved offers come out now I have cleared all my debt. Oh and I have no problem with your signature as the banks screw us over all the time.

AndyT678 wrote: »

I bet that's not what you told the bank!

I see nothing wrong with it as long as he pays the bank back what they're owed.

AndyT678

Sanjjj1189 wrote: »

I see nothing wrong with it as long as he pays the bank back what they're owed.

You might not see anything wrong but the bank would call it fraud.

If Quimoi had told the bank that he wanted to take a personal loan to invest then they would not have given it to him. By disguising the purpose of the loan Quimoi has tricked the bank into exposing themselves to more risk than they would want at 3.7%.

Southend1

You can't afford to do what you want to do right now. My advice is to save up until you can.

chesky

I think banks might just look askance at the fact that you had debt quite recently, until you paid it off more or less in one go. They may think that although your income is high, you don't manage money very well.

Also, the building will be in your parent's garden, so who will own it?

purdyoaten

[QUOTE


purdyoaten - im not sure what your point is (maybe saying im lying?), but lets take my previous months payslip, with some overtime I managed to get paid £5722.51, tax & NI at £1792.46 = Net £3930.05, so it is not high at all[/QUOTE]

Good God - would never accuse you of lying! My point was that the net of £3770 was high on a gross of £5000 but you have now clarified the matter somewhat!

chesky

In post 5 You said that your credit card was maxed out - £8,000 - but on another thread you said you'd only had a credit card for a month. If you managed to spend that much in a month, it's not really a surprise that any potential lender would look askance at your request.