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Personal loan with "good" credit ref from Equifax

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I'm looking to secure a personal loan of £11,500 for the purpose of debt consolidation, this is the amount outstanding on three credit cards I have. This is the extent of my debt. I've held the cards for an extended period, minimum four years on each.


Having checked my credit reference online, Equifax returned a rating of 410, which is towards the bottom of the "good" rating and I suspect is marginal for a loan from a big lender.


Having looked at the details, I have the following demerits on my profile:


One missed credit card payment: October 2008

One missed credit card payment: October 2007 (nice and symmetrical!)


An erroneous default of £60 on a mobile phone contract from December 2005 (this money is actually owed by my brother who shares my first initial and surname and at the time was using the same address).


I have yet to make any loan applications. So, my questions are -


How heavily will the two missed CC card payments count against me?

Will I need to clear the £60 default?

How will my self employed status effect the loan? Do lenders actually check employment status?


And finally, am I in general likely to have a loan approved?

If it helps, I was told by a big high street mortgage lender during a recent enquiry after an initial credit check that they'd be happy to lend to me, but that the £60 default would slightly compromise the rate they would offer.


Oh, and if I can't get a loan from the obvious sources, what are my options? Needless to say, the interest is a killer at the moment "it was even worse a year ago when I owed more like £17k on the cards, I have made some progress!)


Many thanks in advance.

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Personally I would look at getting the default removed if possible. If it wasn't your debt and there is no financial link between you and your brother it shouldn't be on there. You should be able to disassociate yourself and get the mobile company concerned to remove the default from your file.


Even a marginal rate increase over the course of a loan will cost you a lot more than it is worth to just accept it.

Any advice given is done so on the assumption that recipients will also take professional advice where appropriate.






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