Husband has bad credit rating and can't afford loan on my own

Valleygirl1981

Hi my husband has a very bad credit rating and managed to get out of debt with a debt management plan a few years ago. With him changing jobs and me going down part time due to having our daughter we have got credit card debt and an overdraft. I want to put all my debt in one place and take out a loan to pay it all off with one interest rate. However the bank has told me I can't afford it by myself and have tried and failed to add my husband on (even though his income goes into my bank account but his name isn't on it and I am unable to add him on). Can anyone recommend a sensible loan company that may be able to help? (We have a mortgage through a company ycalled Kensington as that is only ones that would accept but don't want to add more to our mortgage)
Thanks for any help in advance!

[Deleted User]

You won't find a lender.

Head to the DFW boards for advice on how to cut costs and pay down the existing debt quicker.

ampersand

Saw your post by chance.

My hope, in posting, is that you'll read my signature, re CAP - and read Martin's praise for them, among other debt charities, such as stepchange.

Keep a daily spending diary. Start with your little one absorbing the fun and satisfaction that are natural benefits of good frugal home-making ways. You'll be giving her an inheritance for life.

You NEVER need to pay for help.

You DO need to post an SOA on the debt free wannabe board, where you'll be welcomed, encouraged and VERY wisely advised by other msers on similar journeys.

Check CAP out, please.

You do not NEED more debt, which is what you're asking for. Your bank has been straight with you.

Echoing zx81, you need to be on the dfw boards.

Take that first constructive step. Good luck!

Ilona

Simple answer, you don't NEED more debt, you NEED to pay off your existing debt. As it has been suggested, complete a Statement of Affairs SOA, and post it on the the Debt Free Wannabe board. People on there will be able to make suggestions on how you can cut down your spending to free up some cash to pay off your debts.

Ilona

ViolaLass

Your issue is overspending, not the number of interest rates that you have.

Valleygirl1981

Sorry I think you misunderstand I am paying £150 a month on my credit card and the only spending that goes on it now is my husbands expenises from work which her paid off at the end of the month when he gets it back from his employers. The previous amount is mainly from fees gotten while buying house . Then an extra £7 a month on overdraft. The loan I offered before credit rating checked was £120 therefore I wouldn't be getting in extra debt just putting everything I one payment.

Valleygirl1981

Also I do need to pay for help - childcare fees i don't believe in not working because I have a chik. I want them to know you need to work to earn things

zippygeorgeandben

No sensible loan company would lend you money with the circumstances you described. Either increase your income or reduce your debt. There is no magic money tree alas.

DCFC79

Valleygirl1981 wrote: »

Sorry I think you misunderstand I am paying £150 a month on my credit card and the only spending that goes on it now is my husbands expenises from work which her paid off at the end of the month when he gets it back from his employers. The previous amount is mainly from fees gotten while buying house . Then an extra £7 a month on overdraft. The loan I offered before credit rating checked was £120 therefore I wouldn't be getting in extra debt just putting everything I one payment.

As far as the lender is concerned it is extra debt.

Its seen as a big risk for the lender if they were to lend, theres no guarantee you will do as you say with the loan.

Dobbibill

Hi Valleygirl,

Welcome to the forum.

As this is a money saving forum, you will struggle to find anyone who agrees with consolidation and with good reason.

Consolidation doesn't work as no sooner you have all your payments in one place then life throws in a curve ball which knocks everything off balance. Forum members come looking for consolidation for £1000 or £3000 - whatever the figure may be and once it's done, life's curve balls come along and then they come back here -normally within 12 months asking about consolidation loans for £6000 or £10000...you see where I'm going with this.

The best advice has already been given, head over to the DFW board, complete a SOA and tackle the debt bit by bit, attacking the highest interest bearing debt first.

The bank declining you has been a blessing in disguise - you won't like or agree with this at this moment in time but trust us when we say, approached in the right way you will be glad it happened when you look back.

I wish you all the best.

enthusiasticsaver

As others have said debt consolidation does not work. You will not get a favourable interest rate even if you find a lender prepared to give you a loan and it will take longer and be more expensive to pay it off.

You should not be borrowing to pay childcare. Check if you are entitled to tax credits, set up a proper budget with your part time wage and your husbands income and work out how much you can afford to pay off the debt each month. Pick the most expendive debt to focus on first.

What makes you think putting your credit card and overdraft in one place is going to help you?