Debt Consolidation Loans

EmsLdn

None if this advice here seems very encouraging. I guess that was your point? 
If you have demonstrated through your account maintenance over months/years that you've been paying down on your debts, have made lifestyle changes (moving closer to work to save on travel costs, not eating out pre pandemic etc) and have not been spending on the credit cards for a significant amount of time, these things should be taken into consideration when assessing someone for a loan. Especially when it's for debt consolidation. I have no doubt the various algorithms used by banks are efficient but they don't always consider the full picture. Asking to see examples of lifestyle changes and demonstrating good fiscal responsibility should be part of the application. 

[Deleted User]

EmsLdn said:

None if this advice here seems very encouraging. I guess that was your point? 
If you have demonstrated through your account maintenance over months/years that you've been paying down on your debts, have made lifestyle changes (moving closer to work to save on travel costs, not eating out pre pandemic etc) and have not been spending on the credit cards for a significant amount of time, these things should be taken into consideration when assessing someone for a loan. Especially when it's for debt consolidation. I have no doubt the various algorithms used by banks are efficient but they don't always consider the full picture. Asking to see examples of lifestyle changes and demonstrating good fiscal responsibility should be part of the application. 

No idea why you felt the need to bump this 6 month old form but the answer to your questions is all in the text above. 

Simply put debt consolidation assessment works on the basis that OP has say £10k of debt and if they take out £10k loan to pay that debt, they might equally spend it somewhere else, say the car breaks down or the dog is sick or their garden wall blows down or equally, they chuck it on Lasty in the 3:30 at Kempton and and the money is dribbled away and now they have 20k of debt and have to pay it all back. Gone are the days when a bank manager might approve the loan while the OP is in the bank and the money is immediately put on the debt, cards cut up etc