We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Unsecured Loan Help
Hello everyone,
I'm a new member so hello!
My situation is that I work full time (as of 6months) earning a decentish wage (£25K), and I am also a student at night.
In my previous year, I was living out of home in accomodation, and as it was an important year, I could not have a job. This meant I took out 2 extra debit cards on top of my normal current acconut, all with overdrafts. But i have ended up being in full overdraft on all these accounts. This is a total of £3500 overdraft.
With my current situation, I am paying a lot in terms of living expenses so it is ahrd for me to pay back all tghese overdrafts, and what's more is that I am being charged interest on these, which means that they constantly go over their overdraft limit, which means I get cahrged one off fines for going over the limit.
The only way I can see out of this is a loan. I do not own a home so this has to be an unsecured loan, maybe around £4000-£5000. I tried this at Alliance & Leicester and was rejected.
Now I do not want to apply for lots of these as I read that applying for loans and being rejected means that your credit rate goes down even more.
I am getting conflicting advice as to what kind of loan to go for, (maybe a bad credit loan??) but a lot of websites are unclear so I was hoping there would be some advice for me here.
Thank you.
I'm a new member so hello!
My situation is that I work full time (as of 6months) earning a decentish wage (£25K), and I am also a student at night.
In my previous year, I was living out of home in accomodation, and as it was an important year, I could not have a job. This meant I took out 2 extra debit cards on top of my normal current acconut, all with overdrafts. But i have ended up being in full overdraft on all these accounts. This is a total of £3500 overdraft.
With my current situation, I am paying a lot in terms of living expenses so it is ahrd for me to pay back all tghese overdrafts, and what's more is that I am being charged interest on these, which means that they constantly go over their overdraft limit, which means I get cahrged one off fines for going over the limit.
The only way I can see out of this is a loan. I do not own a home so this has to be an unsecured loan, maybe around £4000-£5000. I tried this at Alliance & Leicester and was rejected.
Now I do not want to apply for lots of these as I read that applying for loans and being rejected means that your credit rate goes down even more.
I am getting conflicting advice as to what kind of loan to go for, (maybe a bad credit loan??) but a lot of websites are unclear so I was hoping there would be some advice for me here.
Thank you.
0
Comments
-
25k is a prety good income ...financing 3.5k worth of debts ought to be easily possible.
better to consider your spending rather than a loan... post up a SOA (budget ) here and see if people can help
http://www.makesenseofcards.com/soacalc.html0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards