G
gstrett85
Guest
OK, brief history: Got divorced in 2009, left with 10k debt and my household income halved.
After struggling for a while and stupidly making use of payday loans I put all outstanding debt on a debt management plan (DMP) in 2010. Since then I've reduced the debt from £10k to £2.5k(ish). My credit rating is still suffering because even though all my creditors are happy with their payment plans there is still an outstanding balance which hasn't been paid under the original credit agreement, meaning most of them are regarded as in default.
I currently pay £350 a month to my DMP. In theory I could get a loan for say £3k taken over 12 months, pay off all my outstanding debt and my overdraft and still end up paying less than I pay into my DMP each month with the added bonus that my credit file would be clear of debt and I could start rebuilding my credit rating.
Obviously if apply to my bank for a loan online I know I'll just get rejected based on my credit report.
My question is this, if I go into my bank and speak to an adviser, show them I've done my sums, show them how much the loan would improve my finances and that I can easily afford to repay it would they be more likely to authorize a loan? Are bank staff (specifically advisers) able to use their discretion for things like this or is it all just ratings based??
After struggling for a while and stupidly making use of payday loans I put all outstanding debt on a debt management plan (DMP) in 2010. Since then I've reduced the debt from £10k to £2.5k(ish). My credit rating is still suffering because even though all my creditors are happy with their payment plans there is still an outstanding balance which hasn't been paid under the original credit agreement, meaning most of them are regarded as in default.
I currently pay £350 a month to my DMP. In theory I could get a loan for say £3k taken over 12 months, pay off all my outstanding debt and my overdraft and still end up paying less than I pay into my DMP each month with the added bonus that my credit file would be clear of debt and I could start rebuilding my credit rating.
Obviously if apply to my bank for a loan online I know I'll just get rejected based on my credit report.
My question is this, if I go into my bank and speak to an adviser, show them I've done my sums, show them how much the loan would improve my finances and that I can easily afford to repay it would they be more likely to authorize a loan? Are bank staff (specifically advisers) able to use their discretion for things like this or is it all just ratings based??