Applying for unsecured loan, but got joint loan with the wife

RobH007

When I am filling in the online application it's asking what my payments are on any loans I have and the balance of said loans.
Now do I put what I actually pay (Loan repayment per month is £202, I pay £101 and the good lady wife pays the other £101) and do I also put the total outstanding balance or just my half? (£9453 Total, My Half £4726.5)
This is also the case in our mortgage, I pay half, the good lady wife pays the other half.
Got both my reports from Equifax and Experian, both come back good (939/100 Experian, 416 Equifax) I'm applying for a Co-Op Loan for £2000.00 over 2.5 years.

I thank you in advance!

chilli_dog

Is your loan and mortgage in joint names? or just one name.

I would probable put the full amount down as they will check your credit file anyway to look for other commitments.

jonesMUFCforever

I agree. you have to put full amount of loan and repayment.
A joint loan has joint and several liability which means the bank can pursue either or both of you for any outstanding amount. One party cannot get away with saying ''I have paid my half - the other party is to pay the rest''.

RobH007

Oh yes, the loan and mortgage are in both our names. I will put the total amounts in and see how it goes.

Cheers

regularsaver1

Yes I agree you have to put the full amount due to liability

findingmyownway

conversely, our mortgage is purely in OH's name. Does that mean i don't have to put it on any loan apps?

regularsaver1

Well it won't show on your credit file and you are not liable for it. Do you contribute to it? are you on deeds?

Colplan

I'm self-employed & take a low salary from my business...& then quarterly directors dividends.
This seems to be going against me in applying for an unsecured loan...as they only seem interested in salary.
Does anyone know who offers unsecured loans but will take into account directors dividends (as well as salary) Thanks.

jonesMUFCforever

Are you sure? Most ask for income (some may seperate salary from other income) but if you can prove that you are in receipt of an amount that is what counts in the end.
Works both ways I suppose for when you put in occupation do you put on say window cleaner (no offence to any window cleaners!) or do you put down company director?