Secure loan but mature student low income however do get £15000 year in student loan and bursary

Rigpig66

Hi I am in need of an answer as I am looking for a secure loan to consolidate some debts which will reduce my monthly outgoings by £450-£500 a month, I am however classed as a FT Masters student I do get NHS bursary and Student loan of £15000 on top of earning via PT work (£800-1220) a month my mortgage is £905 a month, £150,000 left on it and and my home is worth £275,000 I am looking to secure a loan of £45000 what are the chances? Never missed a payment my score classed as good but the companies I have spoken to wont take into account the sounder loan as income?
any one know of any companies I could talk too?

TadleyBaggie

Consolidation loans are often a poor idea, especially  a secure one. Better off if you go to the Debt Free Wannabe board and post up your situation.

retiredbanker1

From what you have written - Absolutely no chance - sorry.

RAS

You'd be unwise to use a consolidation loan to transfer consumer debt into a loan that takes longer to pay off.

You'd be very unwise to turn unsecured debt into secured debt. Fail to pay unsecured debt and you get defaults which clear in 6 years time. Fail to pay secured debt and you lose the roof over your head.

Have you spoken to the University debt advisor? Can you take a lodger (tax-free)? How long before you qualify?

And your credit score is a marketing ploy, what matters is your credit record. 

Head over to the DFW forum with the answers.