Getting a Loan with no Visa

iolanthe07

Txerja wrote: »

Hello MallyGirl,

Thanks for your reply. Those are the most common numbers I can see in the quotations.

Is there any lender you could think of?

Kind regards, thanks in advance

These are headline rates, but they only apply to 51% of successful applicants. Many posters come on this board to complain that they do not get offered the headline rate.

foxy-stoat

Txerja wrote: »

Any lenders you could think of?

You have asked 5 times now...no one is going to recommend a lender and no one really whos your financial situation nor the lenders underwriting criteria.

You probably wont get a single figure interest percentage, so your monthly payment will be around £400 - try a couple of lenders and report back with results.

I wish you all the luck.

Nasqueron

Lenders only give 3-6% for prime candidates, someone with a lot of debt who is struggling to pay it back and trying to consolidate is not prime, you'll probably find it's higher than 10-20%. Lenders see consolidation as your existing debt + new debt not the new paying off the old as there is no guarantee you will pay off the debt or if you do, no guarantee you won't run up new debt due to the underlying issue of spending problems.


With a potential refusal of a visa in 14 months, no lender is going to give her 12k at prime rates when she could just disappear in a year

Sncjw

How much does your wife earn?

How will she fund paying back the loan if she is in education full time.

You do realise consolidation is doubling the debt you have in the first place. The lender will be assessing you on the debt you have on top of the consolidation loan. Plus the loan you want for education. There’s no garubtee you will use it to pay off exsisting debts.


If your struggling to make the monthly payments now how do they think you will manage double plus education loan on top.

Txerja

iolanthe07 wrote: »

These are headline rates, but they only apply to 51% of successful applicants. Many posters come on this board to complain that they do not get offered the headline rate.

Ok, thanks for the info. Those are the numbers we are getting in the quotations but it is also true that what you are saying comes in the fine print. We will have that into account. Cheers!

Txerja

foxy-stoat wrote: »

You have asked 5 times now...no one is going to recommend a lender and no one really whos your financial situation nor the lenders underwriting criteria.

You probably wont get a single figure interest percentage, so your monthly payment will be around £400 - try a couple of lenders and report back with results.

I wish you all the luck.

Ok, thanks. I will see what we can do and post the results here

BrassicWoman

hi,


what is your residency status? It may be more likely that you would get a loan than her.

Txerja

Nasqueron wrote: »

Lenders only give 3-6% for prime candidates, someone with a lot of debt who is struggling to pay it back and trying to consolidate is not prime, you'll probably find it's higher than 10-20%. Lenders see consolidation as your existing debt + new debt not the new paying off the old as there is no guarantee you will pay off the debt or if you do, no guarantee you won't run up new debt due to the underlying issue of spending problems.


With a potential refusal of a visa in 14 months, no lender is going to give her 12k at prime rates when she could just disappear in a year

Hi Nasqueron,

Thanks for the info. I just referred to those numbers because of the quotations we are getting.

Kind regards

Txerja

Sncjw wrote: »

How much does your wife earn?

How will she fund paying back the loan if she is in education full time.

You do realise consolidation is doubling the debt you have in the first place. The lender will be assessing you on the debt you have on top of the consolidation loan. Plus the loan you want for education. There’s no garubtee you will use it to pay off exsisting debts.


If your struggling to make the monthly payments now how do they think you will manage double plus education loan on top.

Hi Sncjw,

She is making 29k/year. She is not in education anymore. We would like to pay her education debt. Originally 50k USD. Now it is around 30k USD. However, the debt spans across many years and we know that we can clear the debt by paying the principal; around 12k USD. We would like to get rid of the high interests and reducing our outgoings (due to debts) to £300-£400 as opposed to £250 (current credit card + car loans) + around £325 of education loan. It is a matter of streamlining. We have never missed a payment in our lives. We can afford to pay up to £950 in debt outgoings but we just want to consolidate in one single payment extended over quite a lot of months. Over the paper, everything works, on the practise, the residential status would cause problems (which I completely understand)

Kind regards

Txerja

BrassicWoman wrote: »

hi,


what is your residency status? It may be more likely that you would get a loan than her.

Hi BrassicWoman,

Thanks for your reply. I am a citizen of a country of the EU. I am also applying to “Settle Status” in 14 months. We are saving my credit score because I would the one applying to a mortgage. I have been advised privately and by my bank (HSBC) that there should not be any problem in doing this. However, they are really strict about mortgages and visa. Now that I think about it, I can ask my Indian colleagues tomorrow at the office. I am sure that they are in temporary visas (3-5 years) and they have mortgages; some of them even in the very expensive London.

Kind regards