advice needed r.e paying off car finance please!

ladypenelope25

My partner has taken on finance for our car we now wish to pay this money off and sell the car. We are finding it incredibly difficult to get a loan to pay off the finance. We have a bank account that is run well and a credit card and things we would have had to be credit searched for but we just don t seem to be able to get any help. My partner does have a mark on his credit record from a late payment but this was a dispute between him and the company concerned.Would it be worth putting a note explaining this on his credit record? Any advice welcome.

petermb_2

Have you gone to your own bank for assistance? I would strongly recommend you try this first.

ladypenelope25

thanks unfortunately have already tried out bank only had account for a year and have been turned down. Don t know if its worth making appointment to actually speak to someone in person??

CLAPTON

how much in total does he owe

how much is his income

obviously he is on the electoral roll

how many credit searches are there on his credit record over the last six months

what does his credit record say

ladypenelope25

The car finance is 4200 and other debts amount to 1800. His income is 1100 nett a month but household income per month is 2000 (nett) We are both registered on the electoral role as of july 07. We have only been in present accomodation since june 07. Have unfortunately had several searches done on credit record due to applying for several loans.Credit record shows unpaid account as of last year but this is now being paid off regularly and was down to a dispute with a phone company. This is not stated on credit record.

CLAPTON

your potential creditors will see debts of 6,000 plus 4200 = 10,200 quite close to his annual take home salary..not good

plus an unsatisfed debt...

sorry but would you lend to someone like that?

thats why he's being refused.

jenni1188

would it not be 4200 + 1800 = 6000 not near his annual income.

Is the credit account up to its limit. If you have one more than 3 searches in the last 6 months wait until they all are 1 comes off and try again, keep regular payments etc.

CLAPTON

jenni1188 wrote: »

would it not be 4200 + 1800 = 6000 not near his annual income.

Is the credit account up to its limit. If you have one more than 3 searches in the last 6 months wait until they all are 1 comes off and try again, keep regular payments etc.

No, his existing credit is 6,000 and he is asking for a further 4,200 ..now we know that he intends using that to pay off the 4,200 of the 6,000 but potential creditors don't know that so they will see a 10,200 debt.

jenni1188

ah right yep i understand now, id he put his reason for a loan as debt consolidation will they realise that the 4200 is to pay off the 4200 debt and leave the 1800 open if you get me!

ladypenelope25

CLAPTON wrote: »

your potential creditors will see debts of 6,000 plus 4200 = 10,200 quite close to his annual take home salary..not good

plus an unsatisfed debt...

sorry but would you lend to someone like that?

thats why he's being refused.

Thanks but not really very helpful we were asking for advice not opinion s !!! don t really understand how creditors would see debt of 6,000 plus 4,200 as intending to pay off outstanding credit with loan. Debt is not unsatisfied as explained it is a dispute which is now being paid, not our fault phone company s failure to uphold contractual agreement. in answer to your question would i lend money to someone like that i d probably work out that the person applying for credit could afford to pay off any loan taken and was trying to sort their finances out. Loans are so impersonal now and just go on computer generated scores instead of taking into account individual s personal circumstances. Do you think that this system is fair???

ladypenelope25

:T

petermb wrote: »

Have you gone to your own bank for assistance? I would strongly recommend you try this first.

Although my partner had applied for help over the internet with our bank i decided it was better to go into our branch and speak to a person and explain all our incoming and outgoings and circumstances. Our manager was extremely helpful and we now have our loan ! Thanks for your advice it gave me a push to try our bank again. Car finance is now cleared (so car for sale anyone whose interested!!) along with other little debts and our whole situation is looking alot brighter.:j