Loan - bad credit rating

buffness

Can anyone help?
I really need a loan to help me pay off these bloody debts!!

I tried my bank, Natwest, who ive banked with for 10 years! The best they could offer is to pay my overdraft off of 2100 for £56 a month for 5 years, which is way less than the charges etc I am paying.

I have credit cards that are in arrears, they are going to be asking for the money in a couple of days which I dont physically have!!

I just need a loan that will pay these debts off and I can start all over again and I can guarantee that I will keep up the payments!!

I have tried Debt Consolidation loans, but worked out and heard from guys on here to stay away!! My bank wouldnt help me out - I would ask my credit card company to help me but I just get the feeling I am not going to get accepted for the loan because of the credit rating!

Can anyone suggest any ideas at all?

Thank you

:money: :money: (sorry, I just love that icon lol)

buffness

My total debts are (if you include the overdraft)

1900 Natwest Overdraft
1600 Virgin Credit Card
1600 Egg Credit Card
1600 MBNA Credit Card

Helpppp :-)

The_ODonnell_Boy

What is the issue with your credit file?

Default? CCJ? Missed payments?

Ames

Hi and welcome to the site.

You don't need a loan. Consolidation is a really bad idea - you end up paying more back, and if you're anything like a lot of us here you wont learn your lesson and you'll just rack up the credit cards again.

You say you know consolidation loans are a bad idea, but that's what you're trying to do getting a loan. I know it sounds attractive, just one lower payment that's on direct debit, but it's really not a good idea.

buffness

Hey guys, thanks for the quick responses!
I was hoping to meet my partner for lunch but looks like hes gonna have to have lunch on his own cuz I got to sort this out...

Right, theres a default I have had.....

and missed payments

What do you guys recommend? The late payment charges are building up on the credit cards :-(

OliveOyl_2

Hi and welcome.
Well done for posting, you've taken the first step. :money: (I like him too )
You may well find it more helpful to take a step back and look at (OK overhaul) your finances. To do that you can work through Martins budget planner, or you could get fast money-saving answers by posting your SOA (statement of account or affairs)on here. This will give all your income, and all your outgoings.

The good peeps here will then pore over your figures and advise you where you can make the greatest, easiest and most pain free savings. Then the money you have freed can be hurled at your debts in an efficient manner so you pay the financial institutions the least amount of interest.

To get a template for your SOA go to the sticky at the top of this board and this will help you ensure you don't miss anything.

buffness

OK - fab
Will do that

Do you guys not recommend getting that loan that Natwest are providing to clear my overdraft?

~Beanie~

As mentioned yesterday, you have a finance agreement with Blackhorse on which no payments have been made at all recently. This alone will stop you getting any further credit.

You really need to post an SOA to see if anyone can help you cut back anywhere and get your debts repaid quicker without a loan.

buffness

Sorry to be so dumb but wheres this sticky for the SOA

clueless19

Hi

I hope you can help me. i need a loan for £2000 but i have a bad credit history because i applied for loans when i wasn't on the electro roll (i thought i was) i got a free credit report from experian and found out i wasnt on the electrol roll. I am now on it but the history shows that i have applied for quite a few loans and got declined of course. How do i go about getting a loan?

please help

clueless

Rabbit-in-headlights

buffness wrote: »

Sorry to be so dumb but wheres this sticky for the SOA

Buffness, there's a SOA form on www.makesenseofcards.com which most people use, it includes an option to format especially for MSE



Clueless - don't take the info Experian have on the electoral roll as gospel - they weren't able to show me as being on the ER without all my loans and CC's disappearing, all because the council used a weird address format (so Experian told me ). And I have a loan and a CC with M&S which they couldn't find any record of (and I phoned them and asked them to look!) It's scary really, when the data they hold is used to determine whether or not we can get credit.
I don't think we can advise you about getting a loan though, without knowing any other details, if it's to pay off other debts the advice is usually to check out the snowball calculator to find the quickest way to pay of your debts without taking out new credit. You'll find that here: www.whatsthecost.com/snowball.aspx?country=uk, or if you post your SOA you'll get advice from the expert MSE'ers...

RiH