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£50k income + 6 houses but 0% chance of a loan

in Loans
21 replies 1.3K views


  • MrFrugalFeverMrFrugalFever Forumite
    910 Posts
    500 Posts Second Anniversary Photogenic Name Dropper
    If I was a lender looking at your situation, my immediate thought is, I could very well double your debt and put myself in to a situation whereby I’ll never get the money back without taking some form of legal proceeding against you.

    now, I don’t know your full circumstance, the property net worth (equity etc) and any savings tucked away you may have, but what I do know is that if I were to lend you £30k to ‘pay off your cc’s, how do I know that you won’t then proceed to do this and load the cc’s back up with another £30k, effectively putting you in to £60k worth of debt. That’s more than your annual income.

    as mentioned by previous posters, debt consolidation rarely works and is a slippery slope - I learnt the hard way.
    Save £12k in 2023 challenge

    Jan = £715 / £1,000 - Feb = £1,275 / £1,000 - Mar = £400 / £1,000  (fallen behind will make up in April)
    Apr = £ May = £ Jun = £
    Jul = £ Aug = £ Sept = £
    Oct = £ Nov = £ Dec = £

    Saved Total = £2,390 / £12,000
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