Mortgage and Good Salary but can't get a loan
Hi there due to my poor credit score I have been turned down for any consolidation loan I have applied for. I have about £40K equity in my Property, I have a full time job with a good Salary but any company I have tired doesn't take these into consideration they just look at my credit score. I am struggling to make repayments to all creditors at the moment and was looking to consolidate into one manageable monthly repayment. Anyone any ideas?
0
Comments
-
No one looks at your credit score. They look at your credit history and circumstances.
If you're struggling to make repayments, you won't get further loans at any sort of acceptable rate.
Visit the DFW boards for advice on cutting costs and repaying faster.0 -
I am struggling to make repayments to all creditors at the moment0
-
Hi sorry I meant to say credit file and not score.0
-
You are clearly in too much debt hence the rejections.
Given that you aren't going to get a loan (at any normal rate that is) you need to tackle why you are in so much debt and so the best advice you have already been given is to post over on the DFW boards:
http://forums.moneysavingexpert.com/forumdisplay.php?f=76I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
I have total debts of £5K, I get I need to curb the spending and save on certain things which I have addressed but that doesn't stop the repayments that need to be made each month. I can make repayments but this is leaving me zero amount to live on each month. If I had a small repayment of one repayment a month it would make things much more manageable0
-
-
You earn roughly £2.5k a month and have debts of £5k. Where is all your money going?
Do you have a history of late payments / defaults / CCJs?I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
After tax I get around 1630.00 a month. My Mortgage and my Rent comes out of that. Payment for my parents healthcare was coming out of that for the last 8 months until they became retirement age. with food and bills the rest is taken by creditor repayments0
-
I have total debts of £5k
On a good salary, a £5k debt shouldn't be consuming all of your money. Is it pay day loans or something with a huge interest rate?
Can you give us a breakdown of what the debts are (amounts, min repayments and rates) as well as what you're incomings/outgoings are.
The easiest answer is to cut your spending to the bone (ditch any TV packages, gym, nights out, takeaways downgrade your phone plans) and try to break the back of it.0 -
There are payday loans as that was the only place I could get credit to live on month to month. I would need to check all the details on a spreadsheet I have. But again saying I am cutting spending each month I can't cut anything much lower I don't use gym tv packages etc. Freeview TV pay monthly phone plan which is 30.00 for everything calls text data.
That still doesn't help with paying what I owe every month I borrowed what I couldn't afford to pay back. I can afford a total smaller repayment each month but the creditors don't want to hear that0
This discussion has been closed.
Categories
- All Categories
- 342.5K Banking & Borrowing
- 249.9K Reduce Debt & Boost Income
- 449.4K Spending & Discounts
- 234.6K Work, Benefits & Business
- 607.1K Mortgages, Homes & Bills
- 172.8K Life & Family
- 247.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.8K Discuss & Feedback
- 15.1K Coronavirus Support Boards