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If you get turned down by welcome finance is that the end of credit?!

meemoo
meemoo Posts: 2 Newbie
in Loans
Hi, just need some advice.

I have a bad credit history- although things have improved in the last year as I have managed to gte a mobile phone on contract, a catalogue that I have never spent on and two credit cards (vanquis and capital one)

I have never missed a payment etc and the majority of my debt is now settled.

I want a new car and I spent all my money on a car that turned into a nightmare- I went to a car dealershipa nd got acepted for car credit subject to test drive but I decided against it after having a long think.

I since decided it would best to get an unsecured loan of 5k, get a car for about 3k and use the 2 k to pay off all my outstanding debts so i will just be making one lower payment a months instead of getting a car on finace and adding more debt to my monthly outgoings.

I am working but had 18mths offdue to a long maternity leave so have only been back at work 3 months.

I went online and made a few applications (i know bad move!) and yes loans got in touch- i then came on here and decided againts yes loans- they then kept ringing and texting to say welcome had accepted me on principal- so I decided to go to them direct and they turned me down!

So if i have been turned by welcome is that the end of the road for me getting a loan? (i also applied at my bank but was a no)

I then got a letter from wentworth finance asking me for £49 admin fee to get me a lona- but is it worth it as surely they will try welcome and ive already been declined from there?

Help

Comments

  • battyboimatt
    battyboimatt Posts: 622 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    No, Never send anyone money for aloan, these are nasty people who just want your £49 and will try the people you have already been turned down by, keep your £49 and save it up with other amounts of cash and you will soon hit your £5000, you could always save £185 for 2 years 4 months then you would have £5180
  • xxlaurissaxx
    xxlaurissaxx Posts: 2,253 Forumite
    Go to MBNa/Virgin loans. I got accepted there no bother after being turned down a few times by others. I had a bed credit rating after missing some payments on my finance and mobile. Give them a try. Yes are a rip off. xx
    0/2013
    :beer:
  • CHR15
    CHR15 Posts: 5,193 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Throw that catalogue in the bin before you get back in debt again! (and cut the credit cards up!!)
  • meemoo
    meemoo Posts: 2 Newbie
    CHR15 wrote: »
    Throw that catalogue in the bin before you get back in debt again! (and cut the credit cards up!!)


    I havnt spent on the cat, and only spent abit on the cards- the only reason I got them was to try and get my credit improved by making more than the minimum payment etc and never missing a bill etc - to show I am a good payer etc. Same with my mobile- Id never been able to get a contract phone so thought when I got accepted that this would then help improve my credit rating iykwim.

    Just wondered if welcome was the only place to give loans to bad credit? Is it the last resort? And seen as they wont accpet me is that it?
  • anniecave
    anniecave Posts: 2,491 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    If you have vanquis and capital one cards with high APR's you need to pay the FULL amount off each month, not any less, or you will be paying lots of interest!!! Is that what you need the extra £2K to pay off by the way? The high APR cards?

    Do you really need the car? I know it may seem like a silly a question, but think about it. Cars are expensive things to run (servicing, MOT, tax, insurance, repairs etc), and in addition you need to be saving up towards the next one whilst you have the existing one, otherwise you will will always be paing for them on credit, which means you will always be paying interest. If you can save up enough money first before you buy a car, then you will not need be paying interest on them.

    If you do need the car, have you tried the bank that you have your current account with?
    Indecision is the key to flexibility :)
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