£2k best rates?

youngmoney_2

Ok so stupidly I bought a camera on store credit at the beginning of this year for £2000 and surprise surprise I have not paid any of it off yet (several unfortunate circumstances happened throughout the year with money).

It is due in early February in full or I will get stupid interest rates. I doubt that I can get £2k on a 0% interest card because of my age and credit rating so does anybody know the best loan I should go for? Current circumstances mean I will be able to pay off the camera within a year.

Thanks in advance.

youngmoney_2

anybody????

jimclark1967

Wow, £2k - hope this camera makes tea & coffee as well :snow_laug

When you say store credit do you mean it's interest free for a year then you start getting charged the silly interest?

Can you also be more specific about why you assume you won't be able to get a £2k credit limit at 0% as things can't be too bad if you expect to pay it off within a year.

For what it's worth, I got an Egg Green card with a £2k limit at 0% as a student with just part time earnings on top of my student loan. However, if you've applied for and been rejected for credit recently then possibly not worth it.

Then there's the interest bearing options, try your own bank as a starting point as they're more likely to accept you with limited credit history. Just remember not to sign up for payment protection insurance and whatever you do don't borrow a penny more than you absolutely have to, and keep the term of the loan as short as you can manage (12 months by the sound of it.)

Other options:

• Sell the camera
• Bank of Mum & Dad
• Sell anything else you don't need

Best of luck whatever route you take, you clearly realise it wasn't a good idea to "buy" the camera in the first place so that's the main thing :beer:

JC

Rafter

For small amounts the rates aren't as competitive. Who do you bank with?

As long as your income and credit rating are ok (you mention 'unfortunate circumstances') you should get a loan. Might be worth trying nationwide who do small loans and reasonable rates for all applicants.

Good luck.

R.

youngmoney_2

Ok so yes the store credit was the interest free for a year dealio, joy of joys, the camera cant make coffee but the Discovery Channel do use it as their run around camera so its certainly not too bad!!

Over the past year I have lost two jobs because the companies I was working for shut down. That meant that when I got myself out of debt I went straight back into it, I'm certainly not claiming to be an angel, I kept spending like an idiot!!. Because (again stupidly) I didn't want to go on Job Seekers allowance (stupid pride) I kept raising my overdraft limit every two weeks so I'm guessing that would affect my credit rating. (I have now paid off all my debts from the card tho and I don't have an overdraft at all!!)

I have been "given" an initial limit by two companies for £400/£500 but I don't want to keep applying because then I know it WILL affect my score.

In terms of the year, I am now in a £30k job so it will be fine as long as I keep my head screwed on and save at the same time. Currently with Nationwide btw who I have seen are good for loans of this nature but I don't know if my account history with them will affect their rates.

(Bank of Mum and Dad unfortunately doesnt exist as I earn more than they do, plus I don't like to rely on other people to get out of a mess that I made.)

tomstickland

Have you tried Cahoot or intelligent finance for flexible loans?
Plan B is to sell the camera and then pay off as much of the loan as possible via your overdraft. Assuming that your OD interest rate is better than the store card.
What's the camera worth now?

youngmoney_2

I have not no but I definitely will. I have a couple of plans now so we shall see what happens!!

The camera itself is still being sold new at over £2000 (which considering there is an updated version tells you how good the technology is because it has not depreciated in value in a year!!) but I don't want to sell it, film making is a huge hobby of mine and it is my main piece of kit.

I shall post again to keep you updated with whats going on. Thanks again for the help!

tomstickland

Just being peverse here! But could you not sell it on and buy another one on 0% finance?

youngmoney_2

Hmm now there's a thought!