A reader from Wales is finding it hard to get a personal loan and has been turned down a number of times.
Jo Crosse, Halifax and Bank of Scotland personal loans expert, tackles the problem.
Juliette from Swansea asks:
I am trying to get a personal loan but keep getting turned down.
I have debts on three credit cards which I am struggling to repay.
What can I do?
If you haven’t already, before applying for any more types of credit, you should speak to the credit card companies you have your cards with, to tell them you are struggling to repay your debts, as they may be able to offer you some financial planning advice and propose an alternative repayment plan.
When you apply for a loan the lender will also usually carry out some form of affordability checks to ensure that you will be able to make your repayments, so before applying for a loan you should consider if you are struggling to repay your existing credit cards are you going to have enough money to repay the loan.
Every time you apply for credit (a loan or credit card), a credit search will be carried out with a credit reference agency who keep records on your borrowing and payment habits including details on any late or missed payments you may have.
If you are concerned about your credit rating you can register online for a credit report with any of the credit reference agencies (Experian, Equifax or Callcredit).
If you have a question for Jo, go to the myfinances.co.uk Ask the Loans Expert section.
Or for more information on your loans options go to personal loans at Halifax.
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