Joint Loan

Fidge2872
Fidge2872 Posts: 19 Forumite
in Loans
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
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Comments

  • Gaz83
    Gaz83 Posts: 4,047 Forumite
    Combo Breaker First Post
    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.
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  • kelevraz
    kelevraz Posts: 192 Forumite
    Fidge2872 wrote: »
    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

    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
    jonesMUFCforever Posts: 28,898 Forumite
    Name Dropper First Post First Anniversary
    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.
  • Fidge2872
    Fidge2872 Posts: 19 Forumite
    You can ring up Halifax to apply, just can’t do it online, although they do have information online for a joint loan.
  • Fidge2872
    Fidge2872 Posts: 19 Forumite
    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
    Fidge2872 Posts: 19 Forumite
    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
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    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
    Willing2Learn Posts: 6,294 Forumite
    First Anniversary Name Dropper First Post Photogenic
    edited 21 May 2019 at 5:51AM
    Fidge2872 wrote: »
    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?
    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
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  • DCFC79
    DCFC79 Posts: 40,598 Forumite
    Name Dropper First Anniversary First Post
    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
    foxy-stoat Posts: 6,879 Forumite
    First Anniversary Name Dropper First Post
    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?
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