Loan for 19 year old.

willas00

Hi,

I live on my own and I'm 19 years old. I am a council tenant and have income support and work part time.

I earn about £300 plus more if I do over time at work.

I need a loan of around £3000 to clear of my credit cards and store cards plus for some home improvements.

I've applyed to the following companys:

Bank Of Scotland
Barclycard
Loyds
Abbey
M&S
Tesco Personal Finiance
AA
Egg
Sainsburys
Yes
Alliance & Leicester
Nationwide

My application has been declined with all expect Abbey and Loyds who are currently reviewing my application.

I could really do with a loan of around £3000 to pay of a £1300 store card debt, £200 credit card debt and another £260 credit card debt. I want some money spare for some home improvements but dont know what else I can do now as most people decline me for not meeting there criteria.

I was told by Alliance & Leicester I dont meet there criteria for being able to make the re-payments and I've appealed against that.

Can any one help and give me some idea of what else I can do?

going2die_rich

I doubt you'll be offered a loan having no real income and being under 21.

Even if you weren't 21, I would suggest leaving the home improvements to aside until you were working full time. No point in increasing your debt just to make your home a bit nicer. Not in the climate right now especially.

Can you not transfer your debt to a 0% credit card and then pay that off over the 12 months or so?

I don't think continuesly apply for loans is helping your credit rating by the way. As it shows a bit of desperation which even when a company looks at your closer might consider you a big risk.

willas00

going2die_rich wrote: »

I doubt you'll be offered a loan having no real income and being under 21.

Even if you weren't 21, I would suggest leaving the home improvements to aside until you were working full time. No point in increasing your debt just to make your home a bit nicer. Not in the climate right now especially.

Can you not transfer your debt to a 0% credit card and then pay that off over the 12 months or so?

I don't think continuesly apply for loans is helping your credit rating by the way. As it shows a bit of desperation which even when a company looks at your closer might consider you a big risk.

Never seen a 0% credit card before. The idea of home improvements was purley because it would of been cheaper to get a loan more than I needed than actually what I needed.

di3004

willas00 wrote: »

Hi,

I live on my own and I'm 19 years old. I am a council tenant and have income support and work part time.

I earn about £300 plus more if I do over time at work.

I need a loan of around £3000 to clear of my credit cards and store cards plus for some home improvements.

I've applyed to the following companys:

Bank Of Scotland
Barclycard
Loyds
Abbey
M&S
Tesco Personal Finiance
AA
Egg
Sainsburys
Yes
Alliance & Leicester
Nationwide

My application has been declined with all expect Abbey and Loyds who are currently reviewing my application.

I could really do with a loan of around £3000 to pay of a £1300 store card debt, £200 credit card debt and another £260 credit card debt. I want some money spare for some home improvements but dont know what else I can do now as most people decline me for not meeting there criteria.

I was told by Alliance & Leicester I dont meet there criteria for being able to make the re-payments and I've appealed against that.

Can any one help and give me some idea of what else I can do?

Hi there
I am not the one really to give advice and/or info on this really but hopefully someone will come along to advise you of your best options here.;)

Now I know things are getting a lot tougher recently due to the credit crunch/recession sort of thing and imagine a lot of people are in the same situation.

Do not feel this is you and it maybe because you are still young, then it goes against people on age, I'm not saying it is that but just an idea, like I said I am not the right one to give the info on this really but just giving you an idea of the situation as it is currently right now.

However, also check the links out on this site for cheaper loans, it maybe worth your while.

If your successful, just one word of advice, do not let them pressure you into taking their insurance, of course it is your choice here but there are cheaper stand alone insurance that you can find to cover your repayments and do not let them make out that you can only have the loan if you have the cover. The loan insurance sold with the loan is always very costly, yet a stand alone cover is a great deal cheaper, I have learnt of that now too.

Also there is a link above on this of Martins site of insurance covers.

Its up to you hun and I do hope you find what you want to suit your requirements, good luck.

I hope someone else can come along and help you here, good luck once again.;)

Di.

Edited:
Oops sorry folks I must have posted while you were posting, cheers.

~Beanie~

You definately won't get a loan now that you have 12 searches on your credit file and it has probably scuppered your chances of getting a 0% credit card as well.

I think these searches stay on file for about 6 months so DON'T apply for anything else until after that time! In the meantime it may be worth getting a copy of your credit file and checking that everything is ok (apart from 12 searches ) and that you are listed on the electoral register.