Wanting to borrow £1000. Help needed quite urgently

molt_head

So...

I'm looking to take out a loan for £1000 to pay off my girlfriends student loan. Her balance currently stands at around £960 and we pay back £80 a month. The intrest rate on that is 16.5%. Were looking at paying that off using a loan or any other means and then paying back the money on a smaller intrest rate. We are quite short on the money front so paying smaller amounts for a longer time would be helpful. So far ive looked at the site, used the information and applied for loans but have been turned down for all of them. Any help would be greatly appreciated. Thankyou.

YorkshireBoy

In the absence of any personal detail re salaries, home owners etc, I would suggest the best way forward would be to obtain £2 copies of your credit file from both https://www.experian.co.uk and https://www.equifax.co.uk

This will hopefully give you an idea of the reason for the declines.

Maybe you...

1. are not on the electoral roll
2. have late payments/defaults on your file
3. have a financial association with someone else with a poor credit rating
4. have too much available/used credit already when compared to the income you stated on the loan application form
5. have moved around a lot in the last 6 years
6. have too many searches made on your file recently for credit

Your credit reports will give you the answers you are looking for. If you're still unsure when you receive them, post back for more help.

molt_head

thanks, i may just do that. ive just been looking around at what i can do and i came up with an idea. to firstly get a alliance and leicester credit card to 'super balance transfer' the funds to pay off the loan, then get a capital one credit card to pay off the alliance and leicester credit card so then i have 0% on balance transfer till january 2007. would this work?

HelenR_3

molt_head wrote:

thanks, i may just do that. ive just been looking around at what i can do and i came up with an idea. to firstly get a alliance and leicester credit card to 'super balance transfer' the funds to pay off the loan, then get a capital one credit card to pay off the alliance and leicester credit card so then i have 0% on balance transfer till january 2007. would this work?

What you need to do is get the credit reports first , because if youve been turned down on numerous occasions for loans already its unlikely you will be accepted for premium offers like 0% credit cards


good luck

maj22200

Molt_head have you considered opening a halifax bank a/c they offer a 4 month interest free overdraft for £1000 if you say you are 'switching' your a/c from your current bank.

The credit checks maybe slightly more relaxed than when applying for credit cards/loans etc.

You can apply online, tick the options for switching your a/c (you dont have to go ahead with the swith once the a/c is opened!)

Hope this helps............

welf_man

You also need to check the Student Loans Company has got the amount right - £80 a month seems very high. Have they got up-to-date information on her income?

Mel.

johannamse

Student Loans Company also do not charge 16.5%. You might want to check this?

Mandles

if your debts are on a credit card get another one with 0% interest & transfer it to that for 6 months if you can get one..cut it in half so you cannot spend on it though & then transfer again when 0% runs out , thats what i do thanks to this site.