Getting a Loan with no Visa

Ben8282

I didn''t realise that loan providers checked visas?
Can't she just apply if she is legally employed?

Gaz83

No-one is going to give someone with permission to stay in the country for another two years a long-term consolidation loan. Particularly on an income of £29,000 and £12k of overseas debt - lenders won't trust that a new loan would be used to repay an old one.

You need a new idea OP, because I can't see any way of this one working.

Txerja

Ben8282 wrote: »

I didn''t realise that loan providers checked visas?
Can't she just apply if she is legally employed?

Yes, she can apply (and she will be granted the loan) However, at the time of submitting all the paperwork, she will be asked for a valid visa covering the length of the loan. She had to do that a couple of years ago when she got the car loan.

Kind regards

Txerja

Gaz83 wrote: »

No-one is going to give someone with permission to stay in the country for another two years a long-term consolidation loan. Particularly on an income of £29,000 and £12k of overseas debt - lenders won't trust that a new loan would be used to repay an old one.

You need a new idea OP, because I can't see any way of this one working.

Hi Gaz83,

I understand what you mean. The thing is we are refusing to pay such a hight interest. I am starting to realise that we do not have many choices. “The poor always pays twice” is said in my country. We are very lucky and fortunate but in terms of elite/peasants, believe me, we are poor.

Kind regards

-taff

Consolidating your debt always sounds like a great idea.
However, all this talk of one easy payment, spread out over a couple more years than the original debt means you are paying much more in total.

And then there's the temptation to round it up to a nice figure, to have 'a little extra', which means you spend that too.
I say again, go to the debt free wannabe board, post up your SOA and people will try to find a way to help you pay off your already exisiting debt, by cutting corners somewhere.
If you are paying lots of interest, have you looked at ransferring to 0% cards, have you applied and been rejected from those?
If she is already in debt from educational courses, unless those educational courses she proposes to take will help her to find a higher paying job, then there's not much point.

Gaz83

Txerja wrote: »

Hi Gaz83,

I understand what you mean. The thing is we are refusing to pay such a hight interest. I am starting to realise that we do not have many choices. “The poor always pays twice” is said in my country. We are very lucky and fortunate but in terms of elite/peasants, believe me, we are poor.

Kind regards

It is, of course, your right to refuse to pay such a high interest.

It is also, of course, a lender's right to impose whatever terms and conditions they feel. No-one has the right to credit.

You need to find a new plan.

Nasqueron

Txerja wrote: »

Hi Nasqueron,

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

Kind regards

Quotes without doing a hard check, confirming income and other debts will mean they will up the rate. Remember as above, representative is always subject to credit checks - only 51% need to get the headline offered rate, the other 49% could get 6, 10, 15 whatever the lender considers

DCFC79

Txerja wrote: »

Is there any lender you could think of?

No I don't know of a lender who would help in the situiation.


If the VISA issue is a requirement across all financial institutions then answer is going to be no isn't it.

Txerja

-taff wrote: »

I say again, go to the debt free wannabe board, post up your SOA and people will try to find a way to help you pay off your already exisiting debt, by cutting corners somewhere.
If you are paying lots of interest, have you looked at ransferring to 0% cards, have you applied and been rejected from those?
If she is already in debt from educational courses, unless those educational courses she proposes to take will help her to find a higher paying job, then there's not much point.

Thanks for your words. I will visit the Debt Wannabe Board, investigate and, most likely, post our little story. I have already considered a credit card but the greatest credit limit would be around 3k. It has nothing to do with the educational courses; after she finished her degree, she signed a payment document for 50k USD. After 2 years of paying, she only owes 30k, which we would like to clear at a significant lower interest by killing the principal.

Kind regards

Txerja

Nasqueron wrote: »

Quotes without doing a hard check, confirming income and other debts will mean they will up the rate. Remember as above, representative is always subject to credit checks - only 51% need to get the headline offered rate, the other 49% could get 6, 10, 15 whatever the lender considers

Thanks for the reminder. We will see what we can do.