Will I get a loan

malkom

Hi all,

Some advice please. I'm considering applying for a personal loan for a number of reasons. I currently have 6 credit cards totaling nearly 15K and a 2.5K overdraft at 6.9% (Halifax moneyback account). The credit cards are spread between the usual suspects (a couple of MBNA, an Abbey, a Tesco, an Ulster and a Leeds Building Society which is a goldfish). Of these around 5K is 0% for around a year, 2.5K for around 6 months, 5K for a couple of months and 2.5K is at 17.9% interest. They are all at around 90% of the credit limit except one at around 40% so my total possible credit is about 22.5K (including overdraft).

I've also just cancelled a barclaycard.

As you might expect it's past time to apply for another balance transfer card, especially as I'll be charged around 500 quid a year on just the card paying interest.

To add to my thinking, I'm getting married next year which isn't going to be cheap and the automatic gearbox on my car has died (after my previous two cars died in the space of a year!) which also won't be cheap to replace (prolly £800 for a car that's worth, at best £1500).

I'm getting sick of juggling the figures in my head and I think getting a loan to cover all of the above would be the best option, if I can get one. My annual salary is about 17.5K which doesn't seem like it will support much more credit but my credit rating is pretty good (impeccable until recently when direct debit much ups from both Tesco and the Ulster Bank meant I missed the first payment on each).

What I really want is a 25K over 60 months loan to pay off all the credit cards and to buy a new car (around 7K) with some left over for deposits on big wedding type stuff. The monthly payments would be around £500 per month (I think) and between myself and my fiance we can easily cover it.

I should explain further so as no to appear reckless. She is a dentist completing her final training year for around 28K a year which will go up considerably in around 9/10 months when she fully qualifies (around 50 grand the emasculating $*%&$:D we'll also be Dr and Mr when we tie the knot_party_ ). Also, her credit rating is bobbins after getting her cards stolen as a student and not realising/facing up to the full extent of the problem (don't tell her I mentioned it:eek: ) so unfortunately she isn't any help until we rebuild her credit more.

OK, so after all the preamble, am I likely to get a loan of this size from anyone? I'd love to think I could go for one of the 7% ish loans but I don't think they'd go for it. I don't own a house (I'm renting until July when the parents get the joy of my moving back in until I'm married, living the 25 year old dream!) so I can't get a secured loan nor would I want to.

We'll be paying around a thousand pounds a month of the credit cards and if I used the money I've earmarked for potential car repairs, could clear the 2.5K credit card paying interest on June 1st if that makes a difference.

The one other option I'm thinking about (after reading Martin's article) is going into a Halifax branch. The minimum on their loans is 8.4% which isn't great but the option of talking through our specifics seems to be the best chance of actually getting the loan.

Does anyone have any ideas on a prudent (ish) course of action or any words of warning if I've horribly miscalculated something?

Cheers for all and any help,

Malc.

Post preview EDIT: Man that's a long post, sorry for waffling on so much, and what am I doing up this late on a school night!

jonesMUFCforever

Long post to be told you have virtually no chance of getting a loan that big with your credit history and salary.