£8000 loan needed for other half who has credit score of 0

haydar_2

Hello guys and girls

My other half has got herself in a bit of a pickle and needs help on clearing some of her debt.

Does anyone know of any reputable places that would loan her £8000 over 4 years.

This is her current debt at the moment

£4000 Barclay loan @ 14.9%
£1800 Barclay CC @ 17.9%
£1000 Halifax CC @17.9
£250 overdraft Barclays
£250 overdraft Halifax
£700 owed to parents

She has finally realised she needs to do something as she is always in the red each month.
We have applied for a few loans from her main bank and other banks and they have all refused and it is now getting her down emationally and physically.

Your help would be greatly appreciated.

Thank you

Richie(UK)

Hi,

It is quite worrying that her own bank have declined a loan as they are the ones that are often best-placed to judge the financial situation.

How much income does she have coming in each month?
What is her monthly expenditure?

If she can't get a loan from one of the main lenders (please avoid the high APR sharks, even if they are prepared to lend, as this will compound the problem rather than make it better) you may have to just focus your efforts on paying off the existing debts and focus on the higher APR debts first.

Also, be aware that multiple applications for credit in a short space of time will ring alarm bells with potential lenders (they will do a credit search). Perhaps try again in 3 months time.

haydar_2

She has £1000 coming in and her minimal outgoings are £1028.

She has applied for about 10 loans in the month and they have all turned her down. So this may have something to dow with it.

The problem is that she cant afford to continue for three months in the same situation. And none of the banks are willing to help.

Devo

All of these credit checks will have battered her credit rating and I think she will just keep getting refused whilst these recent checks are still on her report. Unfortunately, these checks stay on there for approx 6 months (although someone else may be able to confirm this for definite)

That's just my two pence worth and the uber money savers will hopefully be along shortly to offer further advice

Ember999

Devo wrote:

All of these credit checks will have battered her credit rating and I think she will just keep getting refused whilst these recent checks are still on her report. Unfortunately, these checks stay on there for approx 6 months (although someone else may be able to confirm this for definite)

That's just my two pence worth and the uber money savers will hopefully be along shortly to offer further advice

Hi Hon,

The rules changed some time ago, the credit searches are listed on your credit reports/records for 12 months now. 12 months of footprints on your credit files.

Devo

Ember999 wrote:

Hi Hon,

The rules changed some time ago, the credit searches are listed on your credit reports/records for 12 months now. 12 months of footprints on your credit files.

Oops, my bad. Thanks for the heads up. Although I don't think it's something the original poster will want to hear

haydar_2

Cheers for all the replies guys and girls.

The main thing that has really annoyed us both is that when you are down and in a bit of trouble with your finances and you need some help, noone, not even your main bank is willing to help.

We have worked out that if she was to get a loan for £8000 it would save her over £200 a month which she would then put towards a saving account to pay off the loan early.

But will anyone help??? No they wont.

She has made her errors and just wants a little help getting out of a tight situation.

She is not blaming anyone apart from herself and she knows that she needs to sort herself out but when everyone keeps closing the door on you it makes you wonder how she is going to get out of this.

We_Laugh_Indoors

it's sad to see somebody have such difficulty.

have you thought about taking the loan out yourself?

haydar_2

I would but I already have a £10k loan outstanding for another couple of years.

Also if we broke up and I am sure we wouldnt, I would not want to be held liable for her debt.

She has got herself into this mess and she needs to sort herself out and I am helping her as much as I can.

I hope that doesnt make me sound bad.

Ember999

haydar wrote:

I would but I already have a £10k loan outstanding for another couple of years.

Also if we broke up and I am sure we wouldnt, I would not want to be held liable for her debt.

She has got herself into this mess and she needs to sort herself out and I am helping her as much as I can.

I hope that doesnt make me sound bad.

No hon, that doesn't make you sound bad. I think anyone should think twice before taking on a large loan to clear someone else's debts. If you have been married forever then fair enough, I would do it if it was my husband, but just dating someone, living with someone? No way....they might cut and run and you are left with the debt.

I think you are doing the right thing trying to help her sort it, but ultimately, the debt was run up by her and should be paid by her.

rog2

Hi haydar - personally I think that you should consider posting this on the DFW board as there are many other alternatives to what is, in effect, the 'Consolidation Loan' that you are looking for.
Given your partner's credit rating, the only people likely to consider her for a loan would be either the 'Glitzy' advertisers, such as Welcome Finance, or the 'sub-prime' lenders. Either way, she is going to face exorbitant interest rates and, most probably, high penalties for early repayment.
Whilst the monthly payments may 'reduce' she would need to look at the overall cost of such a 'loan' and could find that she is paying a lot more in the long term.
Basically she has a 'debt' problem - that's not a crime - and there is advice, freely available, that can show her all of the options available to her.
I think, therefore, that she should talk to one of the following Debt Counselling Charities:

National Debtline: http://www.nationaldebtline.co.uk/england_wales Tel: 0808 808 4000
CCCS: http://www.cccs.co.uk Tel: 0800 1381111
CAB; http://www.citizensadvice.org.uk

All of the above organisations are registered charities. They are fully endorsed by Martin Lewis and will give your girlfriend FREE, PROFESSIONAL, IMPARTIAL and CONFIDENTIAL advice on the various options that are available to help her resolve her 'debt problem'.

This may, or may not, include 'Consolidation'.

Equally, you would be welcome to post on the DFW forum of this website, where you will find many others who have been in the same situation.

Good Luck.