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ukfamilysolicitor
ukfamilysolicitor, Solicitor
Category: Law
Satisfied Customers: 1086
Experience:  Qualified Solicitor Currently specialising in Family. Also experienced in Corporate, Employment, Civil Litigation, Debt Recovery
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I am looking to consolidate debts . I have a poor credit history

Resolved Question:

I am looking to consolidate debts . I have a poor credit history going back to days in self employment, i am now employed at Coventry City Council 20 hours a week contract and also recieve £560 a month company pension and another £26 a month from another pension, my wife works full time, 30 hours a week and been there 28 years she gets approximately £1000 a month. We have a number of credit cards and i have recently spoken to someone who worked out these debts to £95 a month for 5 years and then the rest is written off. I also have a debt with Nat West Bank of just over £19000 split in two parts one foe £7000 the other £12000. Both these loans are subject to charging orders.
I received a letter recently from them offering a reduced final settlement so i rang them and spoke about the 7k and offered £4000 as a settlement, they are considering that proposal and will get back to me in a couple of weeks, as yet i haven't talked the higher amount thought i would see what their answer is on the 7k first. I still have a mortgage but only owe about £3k on a house i estimate to be worth approximately £160000. I am looking for a secured loan/re mortgage for about £10/11000 over no more than 5 years or £15/16000 if i can negotiate down the credit card debts i haven't gone down that avenue yet but i think that would be about £5/6k. What i would like is to see is if a secured loan/mortgage is possible preferably from a high street bank/ building society. I ahve had mortgage arrears over the years but this has now been caught up. I pay about a £100 a month over and aim to have paid it off completely in abiut 6 months. My name is***** and i am 63 years old. My wife Ann is 60 years old....thanks My e mail address is***@******.***
Submitted: 2 years ago.
Category: Law
Expert:  ukfamilysolicitor replied 2 years ago.
Hello Thomas
The best advice is not to make lots of applications as the credit searches will likely affect your credit further and make getting a loan more difficult for you.
You should under take SOFT searches that don't leave a footprint on your credit file and indicate whether your likely to be accepted before you apply. Which helps stop you getting rejections on your file.
Also consider Peer to Peer lending - which offer very competitive rates and also do soft searches.
Try these:
https://members.ratesetter.com/your_borrowing/applications/quote.aspx
http://www.nationwide.co.uk/products/loans/personal-loans/features-and-benefits
http://www.gocompare.com/loans/
https://www.moneysavingexpert.com/eligibility/loans-calculator/
Kind Regards
Caroline
Positive feedback is gratefully received.
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