A question of loans

Wulfrune

Hi, I'm hoping someone might be able to advise me.

I live in an ex council maisonette to which I'm the lease holder. The council enforced work on the property to bring it up to the energy standards for the 21st century and they're now presented me with a bill for £15000 to which I must pay.

Needless to say, I do not have £15000 lying around, so I need a loan. I have a well paid job (50k +) and I have a mortgage on my property. I have a good credit record with no CCJ's or arrears. What I would like to know, given that when you do a search for finance, you're only given a representative APR and that could be considerably higher than what they state, can I shop around or will this flag me up on my credit score?

It's a mine field out there, I need to get this loan to pay off this debt, but I don't want to walk into the first loan that hikes up the APR.

Any advice that anyone could give would be gratefully received.

Many thanks in advance.

Wulfrune

glennstar

£15,000! Ouch!

On a side note, did you agree to the works? Did you fail to take the require remedial action when requested by the Council, forcing them to take action?

You comment suggests that you were minding your own business and suddenly the Council workmen turned up, carried out works, necessary or otherwise, cost effectively or otherwise and now you have a bill, which seems unorthodox to say the very least. Whilst all Councils are obliged to carry out such works for tenants where the landlord, for example, has failed to do so, this seems excessive without prior agreement.

Wulfrune

glennstar wrote: »

£15,000! Ouch!

On a side note, did you agree to the works? Did you fail to take the require remedial action when requested by the Council, forcing them to take action?

You comment suggests that you were minding your own business and suddenly the Council workmen turned up, carried out works, necessary or otherwise, cost effectively or otherwise and now you have a bill, which seems unorthodox to say the very least. Whilst all Councils are obliged to carry out such works for tenants where the landlord, for example, has failed to do so, this seems excessive without prior agreement.

No, we knew it was in the works. We all knew about it in advance and the work they've done is to a fair standard and we're more or less happy with it.

The reason I mentioned this in my post we to give "information" about the needs, rather than to question the actions of the council.

So my original post where I'm asking for help pertaining to the loans still stands.

But thank you for taking the time to reply anyway.

Regards

Wulfrune

DCFC79

I would only make 2 applications, 1 with your own bank and 1 elsewhere. Nothing will happen regarding your score that lenders will see, only you can see your score.

foxy-stoat

I would go to your own bank and see if they will lend you the money.

Have you got any savings?

The cheapest loan on compare the market for £15K over 5 years is 3.2% interest at £270 a month, 10% interest is £315 a month.

If you have no savings on £50K a year salary then you wont be able to afford to pay back the loan.

Wulfrune

foxy-stoat wrote: »

If you have no savings on £50K a year salary then you wont be able to afford to pay back the loan.

Why not? are you making a misguided assumption that just because one doesn't have savings then one has to be a financial moron?

I can assure you, we can adequately meet any repayment criteria on a £15000 based on our current circumstances.

All this post was originally asking was "will applying for loans affect our good credit score".

I'm trying not to go "off topic here"

glentoran99

Rather than get a loan can you not come to a repayment plan with the council?

Wulfrune

DCFC79 wrote: »

I would only make 2 applications, 1 with your own bank and 1 elsewhere. Nothing will happen regarding your score that lenders will see, only you can see your score.

Sound "on topic" advice, thank you, I will go for that option.

Wulfrune

glentoran99 wrote: »

Rather than get a loan can you not come to a repayment plan with the council?

They actually offer a ludicrously high APR and a short term repayment option when compared to various lenders out there.

Gaz83

Wulfrune wrote: »

Why not? are you making a misguided assumption that just because one doesn't have savings then one has to be a financial moron?

I can assure you, we can adequately meet any repayment criteria on a £15000 based on our current circumstances.

All this post was originally asking was "will applying for loans affect our good credit score".

I'm trying not to go "off topic here"

I will answer your question:

No, because there's no such thing as a credit score.

Wulfrune

Gaz83 wrote: »

I will answer your question:

No, because there's no such thing as a credit score.

Ok, now I'm confused. I thought that each lender be they loans, credit cards etc contact people like Experian to check on your score to see if you're a risk to repayment. Are you saying I'm wrong, can you offer more details please?