multiple personal loans HSBC

komakino1

Dear all,
I would like to get your advise on my loans as I am on a difficult situation. I am resident in UK and I banked with HSBC for almost 6 years now since I moved. I had 2 loans with them and now I need to take another one. It's not that I am a person who can't control my finances, just my family is in a big debt and I am trying to help them. Is there any way of predicting the maximum amount of loan I can take from HSBC. I already have roughly 15 K to clean but I want to add almost the same amount on top of it. How is my chances to get this big loan in terms of salary-monthly payment ratio. I have a good credit score I suppose because last time I got an interest rate like 6 % (which is far better than 15 % I started with). And I do have a full time, good paying job. I payed my loan regularly so far. I also use a credit card which has some amount to be cleared off but I will sort this before I apply. Many thanks everyone.

[Deleted User]

You would need a decent income to double your debt to 30k, It will be based on your credit history and income, not on your credit score.

Try an eligibility checker first, but I would certainly get the card cleared first. Show them you're not entirely dependent on credit.

benbay001

Cant you give the money you would have spent on the repayments straight to your family for use on their repayments?


Seems utterly daft to me to make their debt, your debt.

komakino1

Many thanks for your response zx81
Is there any ratio of that decent income. Something like you need to earn double amount etc?
Also, where can I learn about my eligibility? Soft checks of HSBC is not that relevant as I heard? Many thanks again

DCFC79

komakino1 wrote: »

Dear all,
I would like to get your advise on my loans as I am on a difficult situation. I am resident in UK and I banked with HSBC for almost 6 years now since I moved. I had 2 loans with them and now I need to take another one. It's not that I am a person who can't control my finances, just my family is in a big debt and I am trying to help them. Is there any way of predicting the maximum amount of loan I can take from HSBC. I already have roughly 15 K to clean but I want to add almost the same amount on top of it. How is my chances to get this big loan in terms of salary-monthly payment ratio. I have a good credit score I suppose because last time I got an interest rate like 6 % (which is far better than 15 % I started with). And I do have a full time, good paying job. I payed my loan regularly so far. I also use a credit card which has some amount to be cleared off but I will sort this before I apply. Many thanks everyone.

Your credit score has no bearing on loans, your history is what lenders see and used for loans etc.

As to predicting the amount you could get isn't something we can answer, we don't work for HSBC so hence we don't know the decisions that are used to determine the rates offered. best way is to apply and see what your offered, if you already have £15k, I would be amazed if you can get another £15k. What kind of salary do you get ?

You would be better of helping them to cut back on spending or increase the income eg a second job, sell stuff.

What is the reason for the issues your parents are facing ?

You would be better off get a soa, fill it in and post it on the debt free wannabe board for help an advice or they speak to a debt charity for help, stepchange are 1, others are available.

yksi

Do the soft checks if you are determined to do this - log into the credit club here and see if you would be offered a loan. It won't harm your credit history to do this.

But to be honest you are already in a lot of debt, you are already struggling with it (we know this because you've got a credit card that you haven't paid off - even if you get paid a fortune, if you were living comfortably you would not have the credit card debt) and ALL banks considering you for a loan will credit check you and see the credit card debt and the loan history.

Even if you pay off the credit card debt they can look back over your repayment history and see that you weren't paying it off in full last month.

This won't be very promising to get you a good loan. Not to mention, everyone here will be thinking it's much better if your family member gets the loan themselves. And if they can't, it's probably because lenders think they'll fail to repay it (which will probably also happen to you). Look after yourself, large loans can cause terrible family breakdowns.

komakino1

Thanks Yksi,

Yes I am struggling indeed. But it is what it is right now. Let's say I take the debt on behalf of them as they are not as eligible as I am. Thanks for your note about credit card. I will clear the card next month and wait for 6 months to apply for another loan-perhaps consistent lack of debt in the card might help me to get better? Then I go for 10 K instead of 15 K. Do you think this is a more likely scenario?

Many thanks everyone!

DCFC79

komakino1 wrote: »

Thanks Yksi,

Yes I am struggling indeed. But it is what it is right now. Let's say I take the debt on behalf of them as they are not as eligible as I am. Thanks for your note about credit card. I will clear the card next month and wait for 6 months to apply for another loan-perhaps consistent lack of debt in the card might help me to get better? Then I go for 10 K instead of 15 K. Do you think this is a more likely scenario?

Many thanks everyone!

Who knows but only way is to apply.
Will it solve the underlying issue for the debt ?


Say in a years time they need bailing out again would you do it ?

Terry_Towelling

Do as benbay001 suggests and simply send your family some money each month so they can service their debt with it. That way, you don't get into any more debt and you can vary the amount or even stop paying if you can't afford it.

Review the situation in a few months time.