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    • Fidge2872
    • By Fidge2872 20th May 19, 9:06 PM
    • 17Posts
    • 0Thanks
    Fidge2872
    Joint Loan
    • #1
    • 20th May 19, 9:06 PM
    Joint Loan 20th May 19 at 9:06 PM
    Hello,

    After some advice please, my partner & I are considering a joint loan to avoid me doing an IVA. As my partner is self employed, does anybody know how many years proof of earnings he needs? Also, can anybody recommend who would be better to apply for a joint loan please? I have been looking at Halifax as we have our joint account with them.

    Thank you
Page 1
    • Gaz83
    • By Gaz83 20th May 19, 9:27 PM
    • 3,772 Posts
    • 7,048 Thanks
    Gaz83
    • #2
    • 20th May 19, 9:27 PM
    • #2
    • 20th May 19, 9:27 PM
    Different lenders will have their own lending criteria. Some might want a year's worth, some three years. It's up to them to decide.
    "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."
    • kelevraz
    • By kelevraz 20th May 19, 10:06 PM
    • 189 Posts
    • 53 Thanks
    kelevraz
    • #3
    • 20th May 19, 10:06 PM
    • #3
    • 20th May 19, 10:06 PM
    Hello,

    After some advice please, my partner & I are considering a joint loan to avoid me doing an IVA. As my partner is self employed, does anybody know how many years proof of earnings he needs? Also, can anybody recommend who would be better to apply for a joint loan please? I have been looking at Halifax as we have our joint account with them.

    Thank you
    Originally posted by Fidge2872
    Definitely don't mean to sound unkind, but if your on the verge of having to do an IVA. Is a loan something you should be considering?
    • jonesMUFCforever
    • By jonesMUFCforever 20th May 19, 10:06 PM
    • 25,854 Posts
    • 13,059 Thanks
    jonesMUFCforever
    • #4
    • 20th May 19, 10:06 PM
    • #4
    • 20th May 19, 10:06 PM
    How much do you want to borrow?
    Do Halifax do joint loans in branch? Reason I ask is that Lloyds don't and they are the same bank back office wise.
    Joint loans are done by phone in Lloyds - again don't know if they can be done online.
    What goes around - comes around
    give lots and you will always receive lots
    • Fidge2872
    • By Fidge2872 20th May 19, 10:19 PM
    • 17 Posts
    • 0 Thanks
    Fidge2872
    • #5
    • 20th May 19, 10:19 PM
    • #5
    • 20th May 19, 10:19 PM
    You can ring up Halifax to apply, just can’t do it online, although they do have information online for a joint loan.
    • Fidge2872
    • By Fidge2872 20th May 19, 10:24 PM
    • 17 Posts
    • 0 Thanks
    Fidge2872
    • #6
    • 20th May 19, 10:24 PM
    • #6
    • 20th May 19, 10:24 PM
    I was hoping a joint loan would be a better option then an IVA then can pay one amount each month rather than the five I do now & it not hurt my credit score as much or impact our future plans with our house. Am I just being stupid?
    • Fidge2872
    • By Fidge2872 20th May 19, 10:37 PM
    • 17 Posts
    • 0 Thanks
    Fidge2872
    • #7
    • 20th May 19, 10:37 PM
    • #7
    • 20th May 19, 10:37 PM
    Just wanted a chance to get everything sorted debt wise but feel like I am being pushed towards an IVA. Don’t want to remortgage as that stops our future plans with our house. Unless we win the lottery, I feel there’s only two options joint loan or IVA. I don’t know, not sure what to do
    • zx81
    • By zx81 21st May 19, 4:31 AM
    • 22,537 Posts
    • 24,759 Thanks
    zx81
    • #8
    • 21st May 19, 4:31 AM
    • #8
    • 21st May 19, 4:31 AM
    You're very unlikely to get further borrowing if you can't manage your existing debts.

    Visit the DFW boards for advice in managing your current debts.
    • Willing2Learn
    • By Willing2Learn 21st May 19, 4:48 AM
    • 3,322 Posts
    • 2,899 Thanks
    Willing2Learn
    • #9
    • 21st May 19, 4:48 AM
    • #9
    • 21st May 19, 4:48 AM
    I was hoping a joint loan would be a better option then an IVA then can pay one amount each month rather than the five I do now & it not hurt my credit score as much or impact our future plans with our house. Am I just being stupid?
    Originally posted by Fidge2872
    If you are on the verge of entering an IVA, it may be that a (joint) consolidation loan would be a risk. If your budget has fundamental flaws that have led to your current financial situation, then you need to be certain that those budget weaknesses have been fully addressed before deciding to go ahead with a loan. There are so many MSEers before you, who have gone down the same road, only for it to end in tears with a doubling of debt due to continued poor budgeting.

    As suggested by zx81, I strongly recommend you post up your current financial circumstances on the DFW board. If you complete an SOA (a Statement of Affairs), then folks can give you advice, support and guidance on the best way forward for you both.

    http://www.stoozing.com/calculator/soa.php
    Last edited by Willing2Learn; 21-05-2019 at 4:51 AM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • DCFC79
    • By DCFC79 21st May 19, 8:02 AM
    • 34,435 Posts
    • 21,782 Thanks
    DCFC79
    Remember though, your score is only seen by yourself. Lenders see your history which is what your wanting to improve.

    I agree with previous replies, you dont need more finance, what you need is debt advice. More finance will just paper over the cracks and not deal with the reason for the debts.
    • foxy-stoat
    • By foxy-stoat 21st May 19, 8:07 AM
    • 4,483 Posts
    • 2,643 Thanks
    foxy-stoat
    IVA is one step behind going bankrupt.....does anyone else think a consolidation loan is a good idea if you are nearly bankrupt?

    What are your debts, interest rates, earnings etc.

    Can you not overpay the smallest debt first and then hit the next one and so on?
    • Fidge2872
    • By Fidge2872 22nd May 19, 9:17 PM
    • 17 Posts
    • 0 Thanks
    Fidge2872
    Thank you everybody, I really appreciate all your advice. I just don’t know what to do. The thing letting me down is that the debts add up to more than my annual salary so thought a joint loan with my partner may be the answer but he hasn’t got a great credit history as he has never had any. We did get a credit card with a 200 limit on to build his score up & we do have a mortgage together. I will post in debt free wannabe as any advice is appreciated. Slightly off topic but who would be able to explain the information behind your credit score / credit history? Financial advisor? Just if I someone could point out where we are going wrong (& right) we can work on it
    • zx81
    • By zx81 22nd May 19, 9:28 PM
    • 22,537 Posts
    • 24,759 Thanks
    zx81
    Slightly off topic but who would be able to explain the information behind your credit score / credit history?
    Originally posted by Fidge2872
    You build a good credit history (not the score) by sensible, low risk use of credit.

    Use a credit car and clear in full each month, avoid carrying interest bearing debts, make payments on time, don't go overlimit, make sure you're on the ER.

    In short, show you can handle credit, but that you aren't reliant on it.
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