Taking out a loan, in the UK for 2 years

Ilse123

Hi there!

Not really sure where to start so hoping anyone here can advise!

I moved over to the UK almost 2 years ago from Ireland. In Ireland I have a credit card debt of 7000 EUR which I would love to get rid of with a loan I take out in the UK (reasons: bit of Brexit, bit of starting afresh). I tried applying at my current bank (Nationwide) but was declined, despite a good credit score. They could not tell me why but after a bit of Googling I discovered some banks would decline as I haven't been in the UK for 3 years yet.

Any pointers how to go about this?

If nothing else works, I can look at a joint loan with my boyfriend but tbh: I'd rather keep love and money separated . But if all else fails: would a joint account solve the above issue..?

Any thoughts? Thanks loads!!

Socajam

Sorry, but if I was your boyfriend, they is no way on God's earth am I taking on a loan (too many ifs, what if the relationship breaks down - then I am left with paying a loan that had nothing to do with me.
Find some other way to get the money to repay this loan, but not fair to boyfriend - get a second job or something.

jonesMUFCforever

Without 3 years residency no mainstream lender will touch you.
How much of the original debt have you repaid over last two years?

Ilse123

Thanks for your reply!

Hmmz... tough to summarise but I think the short version would be: credit card was around 2000 until I got laid off the job I moved over with, moved over 2 years ago, lost the job a year ago. I topped at approx 8000 which I started repaying 3 months ago, so I repaid a 1000 in the last 3 months. I am fine in terms of repaying (steady job, made other adjustments in order to repay). But still would prefer to move away from any debt in Ireland with Brexit looming.

But it's good to know that the 3 year thing is fairly 'universal', would have been handy had the bank just called that out

Ilse123

@Socajam: Thanks for reply but no need to worry about the boyfriend

Ilse123

@Socajam: Thanks for your reply but no need to worry about the boyfriend

Socajam

Ilse123 wrote: »

@Socajam: Thanks for reply but no need to worry about the boyfriend

I am not worried about the boyfriend, but I would hate to see him on here as asking: I signed a loan with my girlfriend, we broke up, now she is not repaying the loan and the banks are coming after me.
This is a daily occurrence on here and it's sad to read that people think that love will conquer all.
As I told my cousin yesterday, we were having this same conversation: love is a wonderful thing, but the breakup is worse then hell on earth. When you are left with a debt that your "love" refuses to repay, then one have to ask themselves: was the love worth it?
Maybe you are an honourable person and would not do something like this, but there are 9% of unscrupulous people out there when the pressure becomes too much, would just walk away and leave the debt to their ex.
In your naivety, you may think that is not possible, and I hope it does not, but there is always that 10% of doubt.

Ilse123

@Socajam: I have no doubts you have sincere intentions but I hope you do realise it comes across really (really) offensive to insinuate such a thing. I am also not sure what in my original post triggered such a response anyway as i think it is quite clear I am looking at solutions on my own. BUT I do understand we are online, you don't know me and the scenario you talk about does happen so I appreciate what you are saying

Ben8282

Ilse123 wrote: »

@Socajam: I have no doubts you have sincere intentions but I hope you do realise it comes across really (really) offensive to insinuate such a thing. I am also not sure what in my original post triggered such a response anyway as i think it is quite clear I am looking at solutions on my own. BUT I do understand we are online, you don't know me and the scenario you talk about does happen so I appreciate what you are saying

Sorry but it doesn't come across as really offensive. It is in fact very good advice not to take out loans on behalf of another person.
As for good advice, could you perhaps clarify exactly why you want to transfer this credit card debt from Ireland to the UK. You say you want to start afresh but taking out a large loan is not exactly the way to go about starting afresh.
It may well be possible for you to obtain a loan in the UK but almost certainly it will be at a high APR.
The length of residency may or may not be the reason for the decline. You have made an assumption based on the result of your googling.

Do you already have any UK credit products which are reported on your credit files beyond the current account with Nationwide? You mention having a good credit score but as credit scores are a meaningless number made up by the providers of credit scores for marketing purposes, having a good credit score does not in any way indicate your eligibility for a specific product as you have just discovered.
Try using the loans eligability checker and see what results you get https://www.moneysavingexpert.com/eligibility/loans-calculator/search/

Ilse123

Ben8282 wrote: »

Sorry but it doesn't come across as really offensive. It is in fact very good advice not to take out loans on behalf of another person.
As for good advice, could you perhaps clarify exactly why you want to transfer this credit card debt from Ireland to the UK. You say you want to start afresh but taking out a large loan is not exactly the way to go about starting afresh.

Well, it's offensive to me but perhaps I just a sensitive petal . Maybe I misunderstood what a joint loan is - I understood it to be shared responsibility, rather than taking out a loan on behalf of someone else..?

Anyway, leaving the joint part out of it: I find the credit card loan expensive and harder to repay. Also would prefer to not have to internationally transfer money on a monthly basis. And for me it feels like a fresh start, compared to keeping one leg in Ireland.

If a loan here is not possible, so be it & I'll obviously just repay the credit card the way I am now. But if there's any advice on how to get it over here, that would be appreciated - see countless threads here on how to consolidate debt etc so figured it was the place to go.

Ilse123

Ben8282 wrote: »

Sorry but it doesn't come across as really offensive. It is in fact very good advice not to take out loans on behalf of another person.
As for good advice, could you perhaps clarify exactly why you want to transfer this credit card debt from Ireland to the UK. You say you want to start afresh but taking out a large loan is not exactly the way to go about starting afresh.
It may well be possible for you to obtain a loan in the UK but almost certainly it will be at a high APR.
The length of residency may or may not be the reason for the decline. You have made an assumption based on the result of your googling.

Do you already have any UK credit products which are reported on your credit files beyond the current account with Nationwide? You mention having a good credit score but as credit scores are a meaningless number made up by the providers of credit scores for marketing purposes, having a good credit score does not in any way indicate your eligibility for a specific product as you have just discovered.
Try using the loans eligability checker and see what results you get

Ah, I see you added more. That's helpful, thanks - I'll also give that eligibility checker a go!