Debt consolidation question
Houndog6105
Posts: 140
Forumite
in Loans
When I'm applying for a loan it asks what the loan is for.
If I select it's for debt consolidation will they reject me as I'm basically saying I'm in debt so why would they want to loan me the money in the first place
Or should I just put it's for a new car instead?
If I select it's for debt consolidation will they reject me as I'm basically saying I'm in debt so why would they want to loan me the money in the first place
Or should I just put it's for a new car instead?
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Comments
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You should put down the truth, anything else is fraud.0
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Houndog6105 wrote: »When I'm applying for a loan it asks what the loan is for.
If I select it's for debt consolidation will they reject me as I'm basically saying I'm in debt so why would they want to loan me the money in the first place
They already know you're in debt when they check your credit file.0 -
Interest rate goes up though for selecting debt consolidation0
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It could go up anyways if you select for a car. The rate you see for the product doesn’t mean you will get itMortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment start date 1/3/23.
Starting balance £66,565.45
Current balance £63,787.160 -
Houndog6105 wrote: »Interest rate goes up though for selecting debt consolidation
Any other purpose they might decline you or charge an even higher rate.0 -
Houndog6105 wrote: »Interest rate goes up though for selecting debt consolidation
Applying for a loan and lying about the purpose is fraud.
Will they find out? Maybe not, as long as you pay it off.
But if you don't, and they find out you lied about it all along... well, then you're in for a world of hurt - CIFAS markers and the like."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
GO to the debt free wannabe board instead of getting yourself deeper in debt.Shampoo? No thanks, I'll have real poo...0
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Are you sure its a wise decision, how much are the debts and how much are you asking for ?0
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My debts total about 9k
4k is on an interest free card for 28 months.
Was trying to get a loan for 5k at low interest to pay off the rest of the credit cards and store cards I have
I'm paying crazy interest on 3k of the 5k outstanding so that's why I was trying for the loan but unfortunately I got refused anyway
Just have to keep plodding on till I get that 5k done0 -
Pay minimums on the 0% cards and throw as much as possible to the expensive ones. Debt consolidation never helps in getting rid of debt. You need to change your spending habits.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0
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