advice for someone overseas please!!

geordiead

okay, i am new to this board although i've been reading a lot for some time so here it goes!!
because of mounting debt, i decided to teach english in asia to cut my outgoings and so far, it is working which is good. however, i really want to cut my monthy outgoings down further. last year, i took out an a+l loan at a poor rate of 12.9% apr. now, i am looking to find a new loan at a lower rate. i fit the brief criteria of halifax, mint and a few others but my main question is, does my employer have to be based in the U.K? i called mint to enquire and they said because my employer is Asia, i am not eligable to apply ( they have no office in the U.K ).
part of me is tempted to use my previous employers address in the U.K but that is, i believe, fraudulent. When i applied for the loan i have now, i just filled in my employer details ( in Asia ) and i was excepted.
basically, i will cut my monthly outgoings by 100 quid a month if i get a loan over 7 years at a rate below 9%.
is this possible if my employer is not in the u.k.
oh, and i still have a permemnant residence in england ( parents house ) and a U.K bank account with no ccj and, i believe, a decent credit rating!
please give me god news!!!

foxwales

It could be a bit difficult as you are not in the UK; lenders might think it risky lending to you as you could be hard to trace to recover the money if you defaulted.

It would be dependent on their actual lending criteria. Unfortunately the best thing for you to do is to shop around.

standupguy

I agree - different lenders have different criteria but the more searches you create from shopping around the higher the chance of a decline.

A joint loan with a parent would make it a more attractive proposal to a lender with one party always based in this country?

dannynixon

Could you not apply for a loan with someone who is the UK as a guarantor?

geordiead

thanks for the reply, people. unfortunatly a joint loan is a no go for many reasons. i did get excepted by halifax but at 13.9 apr, higher than the loan i have now. however, it does fit my aim reducing monthly payments ( hence paying off my credit cards quicker).and i have a 3 month payment break. i said i'd think about it.
one option i was considering is to ask A+L if they could re-arrange my loan. for example, will they extend the term of my loan thus reducing the monthly payment amount. is this a common practice and what best excuse should i give them?This is a good option if they say yes as it is less intrest than the halifax.
i am waiting for the result of my mint loan application but that will have to be the last one i apply for as i don't want to affect my credit rating.I am an exsisting mint customer so i get a favourable amount of apr, or so they say.
we'll see what happens today i suppose but any info on the A+L option would be appreciated!