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  • FIRST POST
    • scotty68
    • By scotty68 9th Oct 16, 10:26 AM
    • 2Posts
    • 0Thanks
    scotty68
    Disabled And Credit
    • #1
    • 9th Oct 16, 10:26 AM
    Disabled And Credit 9th Oct 16 at 10:26 AM
    Ok I suffer from FMS & PTSD I can not work due to this fact, Before being ill i worked 24/7.
    With benefits and disability I spose it makes up the average wage. but when I wanted a loan i made the grave mistake of going to provident their APR is over double. something I didn't realize till coming across sites such as this. But the trouble is if you apply for loans of credit as a disabled/ill person who cant work theres no section in any form saying illness etc. its just unemployed which looks bad. I think all forms should include illness on them and not make us feel bad about being so ill. Are money is as good as anyone elses. Its Sad.
    So does anyone know of a good loan company for people in my situation. Im trying to borrow at a cheaper rate to pay off the provident etc.
Page 1
    • Caz3121
    • By Caz3121 9th Oct 16, 10:37 AM
    • 9,975 Posts
    • 6,526 Thanks
    Caz3121
    • #2
    • 9th Oct 16, 10:37 AM
    • #2
    • 9th Oct 16, 10:37 AM
    maybe have a look at credit unions, you will need to save with them first
    • Dobbibill
    • By Dobbibill 9th Oct 16, 12:39 PM
    • 1,728 Posts
    • 2,863 Thanks
    Dobbibill
    • #3
    • 9th Oct 16, 12:39 PM
    • #3
    • 9th Oct 16, 12:39 PM
    I guess you have disposable income if you are considering a loan elsewhere.

    I don't know where you are likely to get one other than what's been suggested.

    Can you throw every spare penny at the Provident Loan and clear it ASAP?
    • DCFC79
    • By DCFC79 9th Oct 16, 2:19 PM
    • 27,771 Posts
    • 17,534 Thanks
    DCFC79
    • #4
    • 9th Oct 16, 2:19 PM
    • #4
    • 9th Oct 16, 2:19 PM
    Maybe the disabled board would be another place to ask.
    Je Suis Charlie
    • missbiggles1
    • By missbiggles1 9th Oct 16, 2:21 PM
    • 15,820 Posts
    • 28,828 Thanks
    missbiggles1
    • #5
    • 9th Oct 16, 2:21 PM
    • #5
    • 9th Oct 16, 2:21 PM
    Lenders nowadays are likely to be aware of how insecure an income is if based on benefits.
    • Westminster
    • By Westminster 9th Oct 16, 4:24 PM
    • 522 Posts
    • 337 Thanks
    Westminster
    • #6
    • 9th Oct 16, 4:24 PM
    • #6
    • 9th Oct 16, 4:24 PM
    Not sure what FMS is, but my wife has had MS since 2003.

    She has a fairly substantial line of credit (not that we use much if at all of it) and we always list her as home-maker and then give her combined PIP / ESA income.
    Last edited by Westminster; 09-10-2016 at 4:28 PM.
    • jonesMUFCforever
    • By jonesMUFCforever 9th Oct 16, 8:37 PM
    • 23,191 Posts
    • 10,541 Thanks
    jonesMUFCforever
    • #7
    • 9th Oct 16, 8:37 PM
    • #7
    • 9th Oct 16, 8:37 PM
    This kind of scenario is when lenders cannot win.

    If they grant a loan and it goes pearshaped they are castigated for taking ''my benefits'' for repayment leaving me with no money for food etc etc.

    If they do not lend some will say they are discriminated against.
    What goes around - comes around
    give lots and you will always receive lots
    • scotty68
    • By scotty68 10th Oct 16, 5:09 PM
    • 2 Posts
    • 0 Thanks
    scotty68
    • #8
    • 10th Oct 16, 5:09 PM
    • #8
    • 10th Oct 16, 5:09 PM
    Thanks for the replies I guess its a catch 22
    • DCFC79
    • By DCFC79 10th Oct 16, 5:33 PM
    • 27,771 Posts
    • 17,534 Thanks
    DCFC79
    • #9
    • 10th Oct 16, 5:33 PM
    • #9
    • 10th Oct 16, 5:33 PM
    Won't help you immediately but maybe look at credit unions as Caz suggested.

    Look at your spending and cut back on stuff eg if you have Sky cancel it, a phone on contract get a cheaper deal if its due a renewal soon Any savings you make from cutting back put them towards the loan (as Dobbibill suggested).
    Je Suis Charlie
    • Morglin
    • By Morglin 12th Oct 16, 8:38 AM
    • 14,589 Posts
    • 26,840 Thanks
    Morglin
    I'm disabled, as is husband, who is over pension age, and we have a large credit line, and have never been refused.

    Our incomes, including pensions, are comparable to an average London waged household.

    We don't use most of the credit, I just use it for "card tarting" so we don't pay interest on anything.

    However, we have got an excellent credit record, which obviously goes a long way towards acceptance.

    I put "retired" in the box.

    But, in the short term, Credit Unions are much better than premium rate doorstep lenders.

    Lin ��
    You can tell a lot about a woman by her hands..........for instance, if they are placed around your throat, she's probably slightly upset.
    • jonesMUFCforever
    • By jonesMUFCforever 12th Oct 16, 6:37 PM
    • 23,191 Posts
    • 10,541 Thanks
    jonesMUFCforever
    I'm disabled, as is husband, who is over pension age, and we have a large credit line, and have never been refused.

    Our incomes, including pensions, are comparable to an average London waged household.

    We don't use most of the credit, I just use it for "card tarting" so we don't pay interest on anything.

    However, we have got an excellent credit record, which obviously goes a long way towards acceptance.

    I put "retired" in the box.

    But, in the short term, Credit Unions are much better than premium rate doorstep lenders.

    Lin ��
    Originally posted by Morglin
    Putting retired down is fine for you because that is your situation.
    The OP hasn't indicated that they are on a pension so would not work for them.
    I am sure there must be a check digit on any application to see that somebody is retirement age.
    What goes around - comes around
    give lots and you will always receive lots
    • poppasmurf_bewdley
    • By poppasmurf_bewdley 12th Oct 16, 6:45 PM
    • 4,780 Posts
    • 4,897 Thanks
    poppasmurf_bewdley
    Putting retired down is fine for you because that is your situation.
    The OP hasn't indicated that they are on a pension so would not work for them.
    I am sure there must be a check digit on any application to see that somebody is retirement age.
    Originally posted by jonesMUFCforever
    Some footballers retire at 35 (I know one who should at the age of 30 ). I've known people retire at 40. I retired at 60. If the OP cannot work again, there's no harm in putting down retired.
    There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O.S. Nock
    • enthusiasticsaver
    • By enthusiasticsaver 12th Oct 16, 8:05 PM
    • 2,568 Posts
    • 4,377 Thanks
    enthusiasticsaver
    Lenders only use those categories to determine how safe or secure income is. If you are retired early due to ill health and unable to work then you should put down retired. I am guessing some benefits are more secure than others in that some can be taken away so that is a decision you need to make when applying for credit. As someone else says lenders cannot win as if you lose benefits and credit has been granted on the strength of them then paying off the debt eats into essential living costs.

    Retirement age could be any age really as some sports or ex service people retire in their 30s and 40s.
    Debt and mortgage free and saving for early retirement
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