Joint loan to consolidate?

Will_Eye_Arm
Will_Eye_Arm Posts: 16 Forumite
in Loans
Between me and my spouse (unmarried) we have about £30k of credit card and overdraft debt.

We would like to get a consolidation loan to pay this all off.

Do you think we would have more chance of getting if it we applied for a joint loan?

My thinking is that we would have a higher combined income, so would be able to qualify for such a high amount (£30k).

Ideally, I just try a few different options and see how would give us what.

But I don't want to make lots of applications as it could affect my chances of getting anything.

Any thoughts?

Thanks.

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    You probably have no chance even with joint incomes. £60k is a huge amount of debt to hold between the two of you.

    What are your relative incomes?
    Who has what debt - and at what rates?
  • MallyGirl
    MallyGirl Posts: 6,611 Senior Ambassador
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    First off - you would not be paying off any debt, you would just be moving it.
    Do you have salaries to support £60k of debt - they would not assume you are raising the loan to pay off the cards. So you would need to be earning £120k plus
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  • Brock_and_Roll
    Brock_and_Roll Posts: 1,207 Forumite
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    Looking at the OPs previous post with regards to their self-employment etc, a consolidation loan of this amount is a non-starter.


    Much better to get to grips with spending and start to snowball debts. Has the OP seen the light? - currently asking questions elsewhere on here about all inclusive foreign holidays in October.......
  • zippygeorgeandben
    zippygeorgeandben Posts: 1,273 Forumite
    Name Dropper First Anniversary First Post Debt-free and Proud!
    READ MY THREAD! It's the sticky at the top.


    :)
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • BrassicWoman
    BrassicWoman Posts: 3,202 Forumite
    First Anniversary Name Dropper First Post Mortgage-free Glee!
    edited 29 May 2018 at 8:12PM
    In March you were worried about renting with "bad" credit.


    And now you think you're getting a 30k loan? While posting about buying adult scooters. The dots are not yet joined for you....



    Read zippy's thread, it is a brilliant read!
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  • System
    System Posts: 178,093 Community Admin
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    As above. Won't work because you've not addressed the reason you're in the debt you're in, your spending habits.
  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
    Between me and my spouse (unmarried)


    (Pedant alert) Sorry, but if you're unmarried then you don't have a spouse.
    I used to think that good grammar is important, but now I know that good wine is importanter.
  • Dobbibill
    Dobbibill Posts: 4,134 Ambassador
    First Anniversary Mortgage-free Glee! Name Dropper First Post
    A consolidation loan is not necessarily the right solution.

    Read zippy's thread - look at the snowballing method.

    You also need to address the reason you have the debt - without doing that there is good chance of it happening again.

    If you want to look at areas in your budget where you can make savings to throw at the debt, visit the DFW board and post a SOA. Fresh eyes can sometimes see things you haven't considered. It will also do you good to write it all down to see where every penny is going.
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy 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.

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