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  • FIRST POST
    • Jackarn6
    • By Jackarn6 16th Mar 17, 11:33 AM
    • 1Posts
    • 0Thanks
    Jackarn6
    Consolidation loan asap bad credit
    • #1
    • 16th Mar 17, 11:33 AM
    Consolidation loan asap bad credit 16th Mar 17 at 11:33 AM
    Hi all,

    I'm in a pretty dire situation which I'll explain.

    I'm 21, In my final few months of university working part time earning around 850-900 per month. I have a serious debt problems with around 4k debts which is ridiculous for someone of my age. I've got multiple payday loans and credit cards put which I'm struggling to pay back because the payments are so high. What makes it worse is that nobody else not even my girlfriend knows about this. I'm looking for a consolidation loan of 4k over 3 or 4 years to clear it all into 1 easy payment, I have researched extensively into a consolidation loan and although they aren't great I believe they're the best thing for me at the moment I need the cash ASAP. My credit rating and and history is very poor and I have a few missed payments on record due to being in a DMP earlier in the year which was paying one of my cards well below the required amount before an agreement was made with the company. I have applied for unsecured loan from every company under the sun with no joy and I can't find a guarantor at all. I really need this sorted as it's seriously affecting my life. Any companies anyone knows about that can help?
Page 1
    • zx81
    • By zx81 16th Mar 17, 11:39 AM
    • 11,164 Posts
    • 11,121 Thanks
    zx81
    • #2
    • 16th Mar 17, 11:39 AM
    • #2
    • 16th Mar 17, 11:39 AM
    Not going to happen.

    Visit the DFW boards for advice on how to cut costs and get rid of your debts.
    • Madbags
    • By Madbags 16th Mar 17, 11:44 AM
    • 161 Posts
    • 97 Thanks
    Madbags
    • #3
    • 16th Mar 17, 11:44 AM
    • #3
    • 16th Mar 17, 11:44 AM
    I'm afraid that no-one on this forum is going to recommend a consolidation loan. It's generally not the right answer in your situation and no-one will recommend one to you.


    Even if you had one and all the payday loans were repaid its often the case that it's far too tempting to take out further finance with them leaving you in a much worse position.


    I would also say based on your monthly earnings vs your living expenses there won't be many if any lenders willing to lend with you. That coupled with your credit file containing lots of payday loans and negative markers.


    My advice is to call your DMP company and ask them to add all the debts into the DMP and if you can adjust your current payment. This way at least you will be paying everyone something and they may agree to freeze the interest for a short time.
    • cajef
    • By cajef 16th Mar 17, 11:44 AM
    • 4,202 Posts
    • 3,432 Thanks
    cajef
    • #4
    • 16th Mar 17, 11:44 AM
    • #4
    • 16th Mar 17, 11:44 AM
    Any companies anyone knows about that can help?
    Originally posted by Jackarn6
    No chance, would you lend money to someone with your record and history?
    I used to have a handle on life, but it broke.
    • StopIt
    • By StopIt 16th Mar 17, 11:50 AM
    • 194 Posts
    • 151 Thanks
    StopIt
    • #5
    • 16th Mar 17, 11:50 AM
    • #5
    • 16th Mar 17, 11:50 AM
    Hi all,

    I'm in a pretty dire situation which I'll explain.

    I'm 21, In my final few months of university working part time earning around 850-900 per month. I have a serious debt problems with around 4k debts which is ridiculous for someone of my age. I've got multiple payday loans and credit cards put which I'm struggling to pay back because the payments are so high. What makes it worse is that nobody else not even my girlfriend knows about this. I'm looking for a consolidation loan of 4k over 3 or 4 years to clear it all into 1 easy payment, I have researched extensively into a consolidation loan and although they aren't great I believe they're the best thing for me at the moment I need the cash ASAP. My credit rating and and history is very poor and I have a few missed payments on record due to being in a DMP earlier in the year which was paying one of my cards well below the required amount before an agreement was made with the company. I have applied for unsecured loan from every company under the sun with no joy and I can't find a guarantor at all. I really need this sorted as it's seriously affecting my life. Any companies anyone knows about that can help?
    Originally posted by Jackarn6

    Yes, but they're not a company.


    Get talking to Stepchange, or the National Debtline today. Not later, not tomorrow, right now.


    Take the lack of loan offers as a good thing. Head over to the DFW board and take it as a LBM that you need to sort your financial life out. You're still very young and this is very fixable, but not with more debt. Debt is why you're here, debt wont get you out of here.


    Good luck!
    • PeacefulWaters
    • By PeacefulWaters 16th Mar 17, 11:58 AM
    • 5,995 Posts
    • 7,265 Thanks
    PeacefulWaters
    • #6
    • 16th Mar 17, 11:58 AM
    • #6
    • 16th Mar 17, 11:58 AM
    Bank of mum and dad to pay off the pay day lenders.

    Get a grip of your overspending to deal with the underlying problem. Only you can do this.

    Stop applying for credit of any sort.

    Talk to your other half about it for moral support.
    • foxy-stoat
    • By foxy-stoat 16th Mar 17, 12:03 PM
    • 1,563 Posts
    • 856 Thanks
    foxy-stoat
    • #7
    • 16th Mar 17, 12:03 PM
    • #7
    • 16th Mar 17, 12:03 PM
    1. Speak to other half and or parents.
    2. Stop spending money on another other day essentials
    3. Sell anything you can of value, or down value stuff like car, phone, tablet, hobby equipment
    4. Do a budget planner on excel, list all income and outgoings to see how much you can repay without getting into debt again.
    5. Try loan from Mum or Dad and stick to the repayments.


    Good lucks
    • Bedsit Bob
    • By Bedsit Bob 16th Mar 17, 1:33 PM
    • 9,515 Posts
    • 49,769 Thanks
    Bedsit Bob
    • #8
    • 16th Mar 17, 1:33 PM
    • #8
    • 16th Mar 17, 1:33 PM
    I'm looking for a consolidation loan of 4k over 3 or 4 years to clear it all into 1 easy payment
    Originally posted by Jackarn6
    A consolidation loan won't "clear it all". It'll just move it, to a different lender.

    You cannot borrow your way out of debt.
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - £1161
    • DCFC79
    • By DCFC79 16th Mar 17, 1:40 PM
    • 28,936 Posts
    • 18,272 Thanks
    DCFC79
    • #9
    • 16th Mar 17, 1:40 PM
    • #9
    • 16th Mar 17, 1:40 PM
    Hi all,

    I'm in a pretty dire situation which I'll explain.

    I'm 21, In my final few months of university working part time earning around 850-900 per month. I have a serious debt problems with around 4k debts which is ridiculous for someone of my age. I've got multiple payday loans and credit cards put which I'm struggling to pay back because the payments are so high. What makes it worse is that nobody else not even my girlfriend knows about this. I'm looking for a consolidation loan of 4k over 3 or 4 years to clear it all into 1 easy payment, I have researched extensively into a consolidation loan and although they aren't great I believe they're the best thing for me at the moment I need the cash ASAP. My credit rating and and history is very poor and I have a few missed payments on record due to being in a DMP earlier in the year which was paying one of my cards well below the required amount before an agreement was made with the company. I have applied for unsecured loan from every company under the sun with no joy and I can't find a guarantor at all. I really need this sorted as it's seriously affecting my life. Any companies anyone knows about that can help?
    Originally posted by Jackarn6

    First of all welcome to mse.

    Secondly dont let it affect your life.

    Thirdly how has the debt been accumulated ?

    Work some extra hours, reduce your outgoings, eat really cheap.

    Why do you need it ASAP, can you not make do for now ?

    I dont know any companies and if I did I wouldn't suggest them as it wont help you.
    Last edited by DCFC79; 16-03-2017 at 1:43 PM.
    Je Suis Charlie
    • MrsTinks
    • By MrsTinks 16th Mar 17, 1:52 PM
    • 14,975 Posts
    • 22,615 Thanks
    MrsTinks
    The hard truth is that you have excluded any standard lender both due to your repayment history and by over applying to loans you had little chance of getting.

    What you need to do is get on top one of the debt charities mentioned above, and you will need to probably end up on another DMP, but this time you need to include ALL your creditors. This will affect your credit file for the next 6 years. This isn't the end of the world, and it's possible you might keep this secret from your partner and parents, but really you should tell them. Either because your parents might be able to lend you the money (and you need to accept that there will be no partying or anything until you pay them back!!!) - $4k will smart but trust me it could be worse!
    Deal with it now and it will be far better than in a few months time when that debt has gone up even more.

    Sorry - but the borrowing your way out of debt not only won't work, no-one will lend to you right now because of the number of applications on your files.
    DFW Nerd #025
    • zippygeorgeandben
    • By zippygeorgeandben 16th Mar 17, 4:21 PM
    • 477 Posts
    • 527 Thanks
    zippygeorgeandben
    You're nearly there with finishing University - is this then going to lead to a full time job? Have you got something lined up?
    Good news is, you're having this light bulb moment at 21 (very young). Hop over to the DFW board.
    I was like you with my thread on the loan. Started it on here (talking about consolidation) and people opened my eyes and I realised I needed to start paying the debts off, not adding to them.
    Talk to those close to you, just ask them not to judge.
    End Sep 2016 End March 2017 £8236.57 £6900.91(Tesco 4.8%) £6185.75 £4755.62 (Zopa 4.0%) £5344.50 £3394 (Sainsburys 0% until 06/19) Total debt £19.766.82 £15,050.53 Bronze Pay £1344.50 by Sep '17 SMASHED! Silver Pay £1844.50 by Sep '17 EASY! Gold Pay £2344.50 by Sep '17 Platinum Pay £2844.50 by Sep '17. Original DFD May 2019.
    • EssexHebridean
    • By EssexHebridean 16th Mar 17, 4:44 PM
    • 7,089 Posts
    • 37,735 Thanks
    EssexHebridean
    Pop over to the DFW and fine the link there for the SOA (Statement of Affairs) calculator. Fill that in and post it into a thread over there with the same summary of the situation you've put in here and we'll take a look and see what can be done.

    The key to this is a) Put in place a workable budget and stick to it, and b) cut up any credit cards you're using currently. without the first of those though the second is not going to be possible.

    Bear in mind if you have any ambitions to get a mortgage in the future you need to get rid of the Payday loans ASAP, and NOT take out any more - these can be the killer for being accepted for mortgages.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£276.01
    • Money Rollercoaster
    • By Money Rollercoaster 16th Mar 17, 5:37 PM
    • 236 Posts
    • 540 Thanks
    Money Rollercoaster
    If it helps, there are loads (really, LOADS) of threads by people who have hidden debts from their partners, parents etc and actually when they have got things off their chest, the world hasn't ended.


    My wife knew we had lots of things but I kept quiet how much those things cost and how they were paid for ... she used to say, was it expensive? I'd ask what's expensive? and she would reply £50 ... most things I bought would have counted as being ludicrously expensive in her book ... Anyway, after years of struggling with it all (the debt that is, not my wife .. she's lovely) I 'fessed up and it was all fine. Sure, life's different without access to the kids, but ... sorry, joking again!


    You're in a bind, for sure. You're certainly not the last to be in that sort of position, so let's see if we can't find a way to get you a plan of action. Follow the advice above and post back in the DFW sub-forum some more specifics, including your SOA ...


    http://www.stoozing.com/calculator/soa.php
    Living Life @ 174 BPM >> CC Balance (0%) -£1,950 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£20,264.29 - Target DFD Oct 2020
    • motorguy
    • By motorguy 16th Mar 17, 6:59 PM
    • 14,656 Posts
    • 8,092 Thanks
    motorguy
    Bank of mum and dad to pay off the pay day lenders.

    Get a grip of your overspending to deal with the underlying problem. Only you can do this.

    Stop applying for credit of any sort.

    Talk to your other half about it for moral support.
    Originally posted by PeacefulWaters
    I would be strongly adverse to this sort of approach

    Why should the O/P rack up £4,000 of debt then simply have his parent pay it? Wheres the ownership there or the incentive not to do it again?

    The O/P needs to OWN they're problem, and get help. As has been recommended talk to Stepchange or Payplan to get this sorted out responsibly and in a controlled manner.

    My sister was terrible with money when in her teens and twenties (and still isnt great with it but shes married now so its her husbands problem). She'd rack up credit card debts or loans she couldnt pay, eventually admit it and then burst in to tears, feign remorse and my dad would sort it out. This cycle would then happen every couple of years and by dad would end up bailing her out - usually under duress but it did happen.
    Regards

    Paul
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