Loan decision for wife

spreadtrader

Hi
If i have a bad credit history (no missed payments or ccjs just a lot of debt) would this affect my wifes chances of getting a loan.
all the cards are in my name only but the bank account and mortgage are in joint. thinking if she could get the loan then that can pay the card off with a lower apr as at the moment the interest is killing us.

forgot to say she has no credit in her name apart from next account paid in full every time

jonesMUFCforever

You will be financially associated through the bank account and mortgage.

Pixie5740

You are financially linked so your credit files impact hers and vice versa.

I rarely think debt consolidation is a good idea. You need to tackle the root cause of the overspending and why you have accrued so much cc debt otherwise consolidating isn't going to help. You'll just end up back at square 1 with twice as much debt as before.

If you are struggling to keep up with your repayments then it might be time to contact CAP UK or Step Change to discuss your options.

BrassicWoman

If your wife were posting I'd be telling her not to; why put your bed debts into her good name so she is soley responsible when you run off, have to stop working through illness, for example?

Best to deal with your own stuff and leave her finances alone....

spreadtrader

thank you for some helpful and not so helpful comments.
I have today logged into my halifax online account and checked out there clarity loan.
in the past i have logged in and clicked on and it has said that sorry no loans are available to you. Today it gives me a personalised quote with a rate of 11.9 not ideal but better than the 29.9 on cc.
Does this mean i have a chance of getting the loan?
I dont want to risk applying if it s a no go.
It would bring my monthly payment down by £200 and pay off the debt quicker

[Deleted User]

You have a chance.

Voyager2002

spreadtrader wrote: »

Hi
If i have a bad credit history (no missed payments or ccjs just a lot of debt) would this affect my wifes chances of getting a loan.
all the cards are in my name only but the bank account and mortgage are in joint. thinking if she could get the loan then that can pay the card off with a lower apr as at the moment the interest is killing us.

forgot to say she has no credit in her name apart from next account paid in full every time

A 'bad' credit history is one with late or missed payments... if you are servicing your debt then that makes you attractive to lenders.