Joint Loan?

KayJ066

My cousin and I would like a joint Loan, mostly to consolidate debts we both have and a little left over to start paying it back.
Both of our credit ratings are poor, so we arent having much luck. Does anybody know if we can get a joint loan and if so where is the best place?

Thanks in advance.

CLAPTON

Why ever do you want a joint loan.... it means you are financially linked so the credit rating will be the worst of the two

it may cause endless problems if one of you can't pay... the other will be responsible. for the whole payment.

Dont do it... try for separate loans

And getting a little bit over to start paying it make is financial madness.

You need to look at your lifestyle and cut all un necessary spending and look for ways of increasing income (overtime, parttime job etc ) so you can pay the debts off quicker

dannynixon

I agree with Clapton, not a very good idea at all. Both of you need to get your credit reports (cost £2) and see what is making your score so bad. If you have a decent one, and your cousin has a rubbish one, he will bring you down and vice-versa. You will be financially tied and this will make obtaining credit in the future more difficult if you both have a bad one.

Post your SOA on Debt free wannabe and see if they can help you cut back as Clapton suggests