Where Might I Get A Loan From Please ?

emotionalcontent

Hi all

I am seeking a loan. I have a less than excellent credit rating but not an appalling one.

I owe roughly £20,000 on credit cards. I also have a £10,000 loan from Mat West. I pay the minimum off each month. I have never failed to make a payment BUT I have made several late payments on two of the credit cards(2 or 3 days) just through stupidity and forgetfulness. I understand this would damage my credit score.

(I have since set up direct debits to stop this happening in future)

I would like a loan to set up a small business and to pay off my highest interest card, MBNA. This would be for £1500 for the business and another £10,000 for the MBNA card. My salary is £19,000

Am I p1ssing in the wind here ?

Would anyone lend me that sort of money in today's climate ? If so, where should I try ?

Would I be wiser just to go for the £1500 ?

Perhaps I should mention I also had a CCJ but that was in 1993.

Thank you in advance for any assistance.

Emotional Content

Kavanne

Have you tried your bank?

Might seem like a silly question, and they might not have the best rate, but if you have good acct. conduct it might be easier to get a loan with them.

nomoneytoday

If you setup a small business, what would you live on?

emotionalcontent

Hi guys, thanks for your responses.

I already have a loan with my bank, Nat West, that's the thing. How do you define good account conduct. I have a £100.00 overdraft with them. I recently went upto £170.00 overdrawn but i paid that back within 48 hours. (They still charged me £30.00 though !)

BUT in July, I was expecting a cheque for £300. It arrived but arrived late. I asked my bank for an overdraft extension and took proof of this forthcoming £300 with me. They said "No" to my overdraft extension and would not even look at my proof. Which makes me think they might not be willing to assist.

Sorry, when I said about the small business, that would be in addition to my full time job.

tictax

You earn £19K but owe £30k on credit cards. I'm afraid that you won't find lenders fighting to give you money particularly these days.

How much will you make from the small business? Is the £1500 start-up really needed? Can you get the £1500 from somewhere else?

duff67

Salary against debt will be a prob. with any lender of repute.

Was the £10k NatWest to refinance Bank Card debts previous ?? If so this will affect the Bank's keeness to jump in again. I'm pressuming the overdraft limited to £100 indicates a refinance loan.

The late payments on your cards will also stop a traditional Bank lending for the purpose of repaying. Customer records need to be Fee free on c/card history for at least 3 months - sometimes 6, before debt will be lifted.

Small Business funding wise - try your local Enterprise Agency. Aswell as good free advice, they also have loans/ funding available in some circumstances.

emotionalcontent

Hi

Yeah, I pretty much thought so.

tictax - Yeah I need equipment. An absolute neccessity really. It is a good earner though. I could get possibly £200 to £600 (£200 guaranteed) per month for just 20 hours labour over the same period.

duff67 - Yes, i'm afraid so. You're right. So it looks like a less reputable lender really. Is there one that it less dodgy than the others ?