If I have a bad credit rating and I desperately need a consolidation loan what are my chances of getting one?

November 26th, 2008  | Tags: , ,
suga UK asked:


i’m already paying more than £550 towards loan and credit card payments. I could consolidate all of them with a loan and only pay £300 a mth. But my credit is bad. Would any company give me a loan?

Luis
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« Is it possable for a couple to buy a house when husband (me) has bad credit? Credit card rejection spiral, how can i fix my rating? »
  1. Ozark Ike
    November 27th, 2008 at 01:47
    Reply | Quote | #1

    Are you a home owner??? If not you chances are very slim at best. If you own a home you might be able to do a refinance if your LTV is 85% or less and you have enough equity. Your friendly Mortgage Broker

  2. obelix
    November 29th, 2008 at 18:34
    Reply | Quote | #2

    At an enormous interest, if you have a solid job and some kind of equity, they might. Otherwise, meet Mr Micawber.

  3. ricks
    November 30th, 2008 at 09:53
    Reply | Quote | #3

    The score have seen people with very good scores get turned down bc they have too much debt.

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