Equifax credit score 426 (bad?) best lenders arou...

[pizdec]

Hi
New to this forum otherwise won't be in such messy situation now...
Im urgently looking for the any type of long term loan at about £3-4k, my credit score as at today 426 with Equifax (their rating is good), no delayed payments, CCJ etc. Only things (probably the major things) what i believe has effecton my credit rating is:
1. current overdraft maxed out -5k
2. credit card maxed out - 2.5k
3. my name isn't on electoral register more than 1 year now (still living at the same address, but apart from stupid credit checks can't see the point to stay in there)
4. couple little loans - max £700-800 both
5. 2 extra bank acc's, one of them overdrawn since opening (about 400) another one life but no activity on it.
Reasons to get the loan ASAP is to pay PDL (about 5 lenders at the end of this month) over 3k (inc interest)
I've got mortgaged property and a full time job (about 25k/year)
I had one credit file search (according to equifax) within last 6 months so don't want to be turned down with a first lender im applied with...
I would kindly appreciate for some tips and advise to get the best (if any at all?) deal for such poor credit score (have been declined few loans applications about 8 months ago)
P.S please just do not judge my circumstances, im there where i am...and you never know.. it could happen to anyone

[woodbine]

your earnings to income gearing is at the top end(i.e what you earn v what you owe),and are you saying not one electoral roll (if not then no chance)
if avaliable a loan from even the best of lenders would be around 20%,i would suggest you try your own bank but you owe them 5k as it is
so sadly i cant see who is going to lend to you,and a secured loan will take longer than you have to arrange,and is NOT advisable for that amount,or tbh for paying off debt

[CLAPTON]

best thing to do is

-stop spending anything except true essentials (mortgage, council tax, utilities and 150 per month on housing keeping) and then throw everything else at the debts
-pay as much as possible on the highest APR debts (presumably PDLs) and the minimum on everything else.

[pizdec]

Originally Posted by woodbine

are you saying not one electoral roll (if not then no chance)
if avaliable a loan from even the best of lenders would be around 20%,i would suggest you try your own bank but you owe them 5k as it is

Thanks for your reply Woodbine
I was on electoral for 4 years until 2011, so the gap is 1 year now probably...
Did try my bank last spring even with secured loan - can't get anything- after all the details input in to their system it's decline my application automatically

CLAPTON thanks for reply im not spending anything since i maxed out all the accounts...nearly every month only in different reserve/late/over limit/returned direct debit FEES im paying between £100-250..
Beginning of next month i won't be able to control it as it will be my 5 PDL second payment due dates...

[piemaeu]

You could speak to your bank, explain the problems and consolidate the 13k of debt into one payment? if you have three accounts, talk to them all see which one can help you the most!

[Mara69]

Let's be brutally honest. The OP has no chance of borrowing any more money. If there were a check sheet for 'reasons to decline' the OP would have a check in every single box.

The only answer is get advice from a free, independent debt advisory service like Step Change (formerly CCCS) . You may want to consider a debt management plan (DMP) or IVA. Step Change will be able to advise.

The Debt Free Wanabee board is the best place for you right now. People on this board offer free, impartial, helpful advice and most importantly, many have been where you are now.

You are very, very deep in a hole, OP and even if you could borrow more (which I don't believe for a moment that you can) it is not the answer. Dealing with your debt is.

[Wutang]

Originally Posted by pizdec

P.S please just do not judge my circumstances, im there where i am...and you never know.. it could happen to anyone

You state this like its a random phenomenon, it's not, it's only the irresponsible who end up in this state.

[tonyh66]

OP you are so screwed, there is no chance you will get any loan from a reputable lender. Take the advice in post#6.
Also phone your PDLs and tell them you need to freeze the interest and arrange a repayment plan.
You definitely need to talk to CCCS (step change) TODAY.....

[declanmcc]

Originally Posted by Wutang

You state this like its a random phenomenon, it's not, it's only the irresponsible who end up in this state.

"only the irresponsible" ?

OP came on here for advice, and previous posters have given him as such. It annoys me to see how many MSEers are so quick to judge

[pizdec]

Mara69, Tonyh66 thanks for response and advises
As for the loan, i'd like to get it if possible to avoid paying huge interest on pdl's at the end of the month. In february-march time im expecting (99% for sure) to get a lump sump around 5-6k so most of the loan i should be able to cover with that money.
Of course the lenders wouldn't know about that...So in my currrent position, if i got it right, there is no lenders suitable for my circumstances?? What about companies like Norton finance, Nemo, Blemain finance ets..? I don't want to apply for more than one company reducing my low chances to get it close to nothing...

p.s just spoke over the phone with my bank, not much help there

[DCFC79]

OP you mind if I ask how you got into this mess ?

Was it too mujch spending ?

Once all the bills are paid what do you have left to throw at the debts?

[meer53]

Originally Posted by pizdec

Mara69, Tonyh66 thanks for response and advises
As for the loan, i'd like to get it if possible to avoid paying huge interest on pdl's at the end of the month. In february-march time im expecting (99% for sure) to get a lump sump around 5-6k so most of the loan i should be able to cover with that money.
Of course the lenders wouldn't know about that...So in my currrent position, if i got it right, there is no lenders suitable for my circumstances?? What about companies like Norton finance, Nemo, Blemain finance ets..? I don't want to apply for more than one company reducing my low chances to get it close to nothing...

p.s just spoke over the phone with my bank, not much help there

Please take the advice offered. You have no chance of a loan from anyone really, so applying isn't going to reduce your chances. Call Step Change for information as to where you can go from here. Borrowing more money isn't the answer.

[somethingcorporate]

None of those companies are going to lend to you. If your bank (who financially knows you best) won't lend then the writing is on the wall.

Call Step Change today and move on with your life. £3ks of PDL would cripple someone earning twice as much as you, in your current situation you stand very little chance of getting out of this unscathed I am afraid.

[Mozette]

Originally Posted by Wutang

You state this like its a random phenomenon, it's not, it's only the irresponsible who end up in this state.

Ever lost your job? Ever been in a low paid job which barely covers your outgoings then have a pay cut while your bills continue to rise?
If so, then share your wisdom of how you coped without getting into debt, or, think before being so quick to judge.

[pizdec]

Originally Posted by DCFC79

OP you mind if I ask how you got into this mess ?

Was it too mujch spending ?

Once all the bills are paid what do you have left to throw at the debts?

healf conditions...
Sorry, not really want to discuss that
once all essentials paid off still got between 100-200/month before i reached the bottom.

All purpose in that what im trying to do now to get out without ruining my credit score badly, as i mention before it's only electoral register and too much borrowings. That 2 tgings i should sort out by spring time.

[DCFC79]

Originally Posted by pizdec

healf conditions...
Sorry, not really want to discuss that
once all essentials paid off still got between 100-200/month before i reached the bottom.

All purpose in that what im trying to do now to get out without ruining my credit score badly, as i mention before it's only electoral register and too much borrowings. That 2 tgings i should sort out by spring time.

A dmp is your only option,

[poppasmurf_bewdley]

Originally Posted by pizdec

healf conditions...
Sorry, not really want to discuss that
once all essentials paid off still got between 100-200/month before i reached the bottom.

All purpose in that what im trying to do now to get out without ruining my credit score badly, as i mention before it's only electoral register and too much borrowings. That 2 tgings i should sort out by spring time.

I'm sorry but what I have highlighted above is only a small part of your problem. You have been overspending to get into the situation you are in now. Your credit score is NOT good, it's fairly poor. You only have £100-200 a month over after paying essentials - which figure is it? £100 or £200? Maybe the fact that you don't know sums up your attitude to money. Even if it's £200, that is a very small amount of money to play with.

You will not get a loan other than a PDL or loan shark, and you shouldn't bother with either of them. Do as others have suggested. Cut your spending to the bone and throw what is left at your debts and clear them asap.

[pizdec]

Originally Posted by poppasmurf_bewdley

You only have £100-200 a month over after paying essentials - which figure is it? £100 or £200? Maybe the fact that you don't know sums up your attitude to money.

I don't know the exact figure because it's all depends how much i earn. But the minimum i could afford for the debt payments is £100. Well...not anymore...next week expecting around £150 taken off as bank charges which will trigger further more charges later an so on...
About DMP...Not really trust any of this companies...
All i need is to survive for a next 2-3 months utill i get enough funds to cover my debts.

Thanks everyone for your replies

[meer53]

Contact Stepchange

http://www.stepchange.org/?WT.srch=1...FXDLtAodayAA7w

They are your lifeline here.

[DCFC79]

Originally Posted by pizdec

I don't know the exact figure because it's all depends how much i earn. But the minimum i could afford for the debt payments is £100. Well...not anymore...next week expecting around £150 taken off as bank charges which will trigger further more charges later an so on...
About DMP...Not really trust any of this companies...
All i need is to survive for a next 2-3 months utill i get enough funds to cover my debts.

Thanks everyone for your replies

If you only have £100 - £200 a month left once bills are paid then surely you can cut your bills down.

What do you mean you Not really trust any of this companies ?

Why not ?

Where will you get the funds from to cover the debts in 2- 3 months time ?

Its been posted twice now you need to contact step change so call them.