stressed and stuck.....help

chrisemo

hi this is my first thread and its going to sound a sob story so i appologise...im 25yrs old with a wife and 2 young kids.when i was young i ran up some debts eg-not paying mobile bill etc ..i have since sorted them out.anyway i rent a house as we are saving for our own place and mortagage and finally the penny dropped with me that i have to look and keep a tight check on our finances not just for me and the wife but so i can be a good model for the kids.the house we rent is owned by my dad. i have decided to set a goal that by june i would pass my hgv licence and be in a well paid job so my wife could go back to uni to study child care i want to be a driver and i need to cover her wages ,i have had a job offer of £35,000 per year if i pass by june 1st..anyway we made the decition to get £2000 loan ,£1000 to keep in back for my driving course (cost £1250) so i didnt have to do overtime and £1000 to get new tv and laptop so i can sell on ebay,how ever i was rejected by my bank and one other loan company,i have previous missed payments but they are now all settled so the only thing i can think of is my dads credit history which is a disaster as all his bad debt is at our house.it doesnt help that he has a bad attitude to debt even though he is 63yrs old..we ended up with welcome finance the only people to help and the accepted us but then the day we were due to be paid they declined the loan with no reason given.and as little britain says "computer says no" especially as my details have been passed from pillar to post...one company calling from india sent 11 application to welcome finance and after the 5th started changing my d.o.b this has caused a huge amount of credit checks in short space of time......i can afford loan but this is effecting our future..thanks for your time any advise is welcome to a stressed man :mad: :mad: :mad:

Merlot

Chrisemo, please can you make your font a wee bit bigger, sorry i'm having trouble reading it, I need new glasses I think.

Welcome to the board!

Merlot

splishsplash

Hi Chrisemo,
Well done for sorting out all your old bills.
Your dad's debts shouldn't affect your loan application unless you're tied to him financially - did he guarantee any of your old phone contracts or did you have any joint accounts/finance plans with him?
You need to stop applying for a loan for the moment. The run of credit searches that have already happened will take about six months to drop off your files.
You need to get copies of your credit reports from all of the three major agencies - there may well be something on one of them to account for the last-minute refusal.
At least you're not applying for money to put food on the table - you can wait for the tv and laptop - these things don't have to be new for you to do eBay sales. (em, I don't do eBay, so I'm clueless, but why do you need a tv?? Wouldn't a camera be better )
Your loan applications may have been affected by your defaulted payments - even if you've sorted out the outstanding bills, they may well be marked in your file as defaults - this is why it's a good idea to get your reports to see what's going on.
In the meantime, don't worry, you'll get lots of help here. Even if you have to do overtime for a while to finance your HGV course, it wouldn't be the end of the world, would it?
Best of luck. Have a think about posting a full SOA to see if there are cutbacks you and your wife can make to take some pressure off...

splishsplash

chrisemo wrote: »

hi this is my first thread and its going to sound a sob story so i appologise...im 25yrs old with a wife and 2 young kids.when i was young i ran up some debts eg-not paying mobile bill etc ..i have since sorted them out.anyway i rent a house as we are saving for our own place and mortagage and finally the penny dropped with me that i have to look and keep a tight check on our finances not just for me and the wife but so i can be a good model for the kids.the house we rent is owned by my dad. i have decided to set a goal that by june i would pass my hgv licence and be in a well paid job so my wife could go back to uni to study child care i want to be a driver and i need to cover her wages ,i have had a job offer of £35,000 per year if i pass by june 1st..anyway we made the decition to get £2000 loan ,£1000 to keep in back for my driving course (cost £1250) so i didnt have to do overtime and £1000 to get new tv and laptop so i can sell on ebay,how ever i was rejected by my bank and one other loan company,i have previous missed payments but they are now all settled so the only thing i can think of is my dads credit history which is a disaster as all his bad debt is at our house.it doesnt help that he has a bad attitude to debt even though he is 63yrs old..we ended up with welcome finance the only people to help and the accepted us but then the day we were due to be paid they declined the loan with no reason given.and as little britain says "computer says no" especially as my details have been passed from pillar to post...one company calling from india sent 11 application to welcome finance and after the 5th started changing my d.o.b this has caused a huge amount of credit checks in short space of time......i can afford loan but this is effecting our future..thanks for your time any advise is welcome to a stressed man :mad: :mad: :mad:

PS Merlot - is that better?:D

Merlot

Much better splishsplash, I never thought of that, quoting and then increasing font size...gosh not only do I need glasses but I need a few more brain cells..thank you.

Sue-UU

splishsplash wrote:

PS Merlor - is that better!

Cor...not arf!

Hi Chrisemo,

I was all set to put some advice here for you, but on reading splishsplash's post to you, I certainly could NOT do any better. Read and re-read his/her advice through thoroughly, it all makes such perfect sense, especially the part about the not worrying - there's NO point and nothing can be achieved if you do! The main thing you've done is to realise that you have problems and ACT on them as best you can. My lad had the same problems as you 10 years ago, but after very strict budgeting he and his wife have come through it all. I agree entirely with the TV/laptop issue, a TV isn't necessary for what you need and a 2nd hand laptop could be far more easily bought. Still, well done for trying to think of every way possible around the problems, it'll happen - with time! Meanwhile, all the VERY best with that HGV, your wife and kiddies too!

Sue.