loan refused i think

hopeless_case_2

Just been refused a loan by welcome finance for £35000 secured debt consolidation.Well i am really worried now as i must be the lowest of the low of credit ratings. i already have a secured loan of £30000 but was after a better rate O(currently 12.5%). Oh house worth £180000 and got a mortgage with £97000 left to pay.

chambta

hopeless_case wrote: »

Just been refused a loan by welcome finance for £35000 secured debt consolidation.Well i am really worried now as i must be the lowest of the low of credit ratings. i already have a secured loan of £30000 but was after a better rate O(currently 12.5%). Oh house worth £180000 and got a mortgage with £97000 left to pay.

I wouldn't worry unduly but the fact that a company such as Welcome turned you down is a concern. Did they say why? I presume it was a secured loan?

If you have the income and it's provable why not go to a broker, or indeed your own bank if they know you and your circumstances and look to take out something to cover the lot?

Lizzy

Have you read this ? lucky escape I would say. Start a new thread asking who you should go with you may get some help. Flexible loans are really a no no, the low starting rate is very attractive but then shoots up. Try and get a fixed rate.

http://forums.moneysavingexpert.com/showthread.html?t=544240


PS request your credit file from the credit agencies and see exactly what you are up against.

ormus

a secured loan at 12.5%!
OMG.

you really need to look at your spending habits, or your financial knowledge needs updating, fast.
or both.

as been said, get your credit file and check it out.
good luck.

hopeless_case_2

well i am a bad payer as in i always pay but not on time so i presume this is why i get a high rate

Mark7799

Rather than trying to hawk your debts around for a cheaper rate, I would suggest from your comments above that you address your own financial organisation, ensure that all accounts ARE paid to date and that will improve your credit rating in about 6/8 months when you could consider looking again at refinancing when you may then get a better deal.

hopeless_case_2

I do agree with you MARK7799 but it is due to a reduced income that i pay late rob peter to pay paul. I do intend to see about earning more so i can pay things on time and in full.

Debt_Free_Chick

hopeless_case wrote: »

I do agree with you MARK7799 but it is due to a reduced income that i pay late rob peter to pay paul.

Have you reduced your spending since your income went down?

The two go hand in hand.

Lucky escape from "Welcome" I'd say.

hopeless_case_2

well yes have reduced spending but things like loan repaments dont go down with reduced wages if only wish i could get the secured loan at less than 12%.Any ideas