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In trouble with Debt - Now cannot get a loan

edited 30 November -1 at 1:00AM in Loans
33 replies 3.8K views
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  • SnowTigerSnowTiger Forumite
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    And if a credit rating is made up, why is it so bloody important to everyone?!

    It's not.

    Ask yourself why you're finding it difficult to get a loan if your credit rating is so good.

    Post a Statement of Affairs to the The Debt-Free Wannabe Board for others to comment on.

    Or talk to a free organisation that will give you advice about managing and repaying your debts. Stepchange for example.

    The problem with taking out loans to pay off loans is that the well eventually runs dry.
  • Our total debt is £24,000. Between all the multiple payments its costs her around 800 a month and me 450.

    Ive been looking for £24,000 over 6 years(ish) and / or monthly payments of £350 each (saving us both money)

    I agree with the drowning man explanation, but i see it as a full replacement.

    Im not trying to get rid of my debt fast, Im just lost on how to make make my monthly payments easier
  • cymruchriscymruchris Forumite
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    In terms of unsecured lending you're unlikely to get very far in your current circumstances, from what you've said so far. Someone asked above - is there any equity in your property? If for example the house was worth £150k, and you have a mortgage for £100k, there may be an opportunity to look at remortgaging - alternatively you'll have to sit down, and work out what you can reduce your spending on, and start working on reducing your balances through overpayments where possible.
    An ex-bankrupt on a journey of recovery. Feel free to send me a DM reference credit building credit cards from the usual suspects :) Happy to help others going through what I've been through!
  • Ive only had my mortgage for 4 years. It was £95.500. Think i have £85.000 on it.

    Ive tried to cut back all our spending but its hard with 2 kids.

    Its getting to the point where i/we cannot afford to shop for food and im scared. Im failing my family because i cannot fix this, even tho 75% of the debt is my wifes i still see it as my duty to fix this
  • boo_starboo_star Forumite
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    Ive only had my mortgage for 4 years. It was £95.500. Think i have £85.000 on it.

    Ive tried to cut back all our spending but its hard with 2 kids.

    Its getting to the point where i/we cannot afford to shop for food and im scared. Im failing my family because i cannot fix this, even tho 75% of the debt is my wifes i still see it as my duty to fix this

    You haven't said how much you earn between the two of you but any financial institution would be looking at you not paying off the existing loans and offering based on roughly 50% of your combined salary as a maximum.

    You'd be looking at a joint income of 100k or thereabouts. Is that even close to what you're earning between the two of you?
  • Apologies i meant to put that in my last post

    I get around 1900 a month and she gets around 1600
  • boo_starboo_star Forumite
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    Apologies i meant to put that in my last post

    I get around 1900 a month and she gets around 1600

    Then your current borrowing would be viewed as unsustainable, let alone how it would be viewed under a consolidation (basically double what you've borrowed now.)

    Probably best to go over to the Debt Free Wanabee and post your SOA.
  • MallyGirlMallyGirl Forumite, Board Guide
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    I'd suggest you stop thinking about 'me and her' and start thinking about being partners addressing a joint problem. You both should keep a spending diary to see where the money is going and should put together a joint budget with all your combined income and outgoings.
    Debt free wannabe is the place to get this under control - with direct debits in place and a simple spreadsheet it should not be that difficult to manage the multiple payments
    I'm a Board Guide on the Debt-free Wannabe, Loans & Credit Cards boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to [email protected]
    Any views are mine and not the official line of MoneySavingExpert.com.
  • Money_makerMoney_maker Forumite
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    Probably a poor idea to put your wifes debt in your name. If she had spending problems prior to the marriage then a bit of a spree with PD loans, you clearing her balances would likely cause her to run it all up again unless the cause of these debts was tackled.
    Post your SOA on the debt free board, they can work magic figuring out where you're spending too much. I suspect even now that there is unaccounted money spent which doesn't pay loans or household bills. This is why a spending diary for every single penny will show you where it's going.
    Please do not quote spam as this enables it to 'live on' once the spam post is removed. ;)

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  • LungboyLungboy Forumite
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    Have you spoken to your own bank? The only possible chance of a consolidation loan happening would be with your own bank because they could personally cover the other 3 outstanding loans to them, ensuring you don't end up with double the debt. However even that is unlikely to be accepted. The Debt free board people are very very good at this kind of stuff, so as others have said, post a Statement of Affairs over there and be prepared for some temporary belt tightening.
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