Put me out of my misery

moran73

I currently have a loan with EPF and was trying to switch my mortgage - as we have only had this loan for 6 months EPF would grant a deed of postponement. They wrote me a letter saying that if i wanted additional funds that they may be able to help. I called them and advised that i need to borrow around £10k to clear my wife and I's credit cards. She said they could do £9.5k - she played the data protection/credit check etc tape to me and said she would callback. That was on a friday and I eventually managed to call her back on wednesday - she told me how much extra i would have to pay and passed my application back to the search dept. All I am worried about is that will do a credit check and turn us down even though we are already clients of theirs and they know we have the means to pay the additional amounts each month.

I know this is a bit long-winded but is there anyone out there who has borrowed an additional amount? Did a credit search make them turn you down? Any experiences are welcome.

:A

Xbigman

In general.

Borrowing like this is a bad idea. From what you have said so far you have a mortgage, then you took out a loan with EDF whilst running up 10k on credit cards. Borrowing more to 'pay off' the credit cards is a mistake. You don't actually pay anything off you just move it around. On top of that they will not lend you the 10k you want but will leave you short and still paying credit card interest.
Please post your SOA (statement of affairs). This is a listing of all your (and your wifes) income, a list of debts including APR's amd minimum payments plus a detailed budget. After that you will get detailed advice. It *might* be that a remortgage or loan is a good idea but it is highly unlikely.
Regards




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