Best Unsecured Loans to settle other debt, please help !!!

loanseeker1987

Please can someone help. I am roughly in around £12,000 worth of debt. This debt is on 2 credit cards, an unsecured loan and an overdraft. I recently changed banks to alliance & leicester, and they have switched most thigs over etc. they will not however offer me an overdraft now that i have almost completeky changed over, and i am really in need of one. I tried for a loan with them and they turned me down I have looked into a DMP but not sure i want to go ahead with one, in case i need to use credit in case of an emergency etc. Also with paying them fees etc.
I have read a few things about Payplan and CCCS but i am really looking for a fresh loan.

Basically what i am asking (eventually!!) is does anyone know the best plase to go for an unsecured loan. Am i to try Alliance & Leicester again???
I even tried to speak to Wentworth Direct (dont) as i read a few place that they are bad. paying broker fees etc after being accepted 'on principle' to get the loan you require, then you dont get what you applied for.

Im all muddled up and need help.

Thanks

~Beanie~

A loan is not the answer. Especially as you seem to be planning to keep credit cards 'to use in an emergency'. Most of us on this board have been there and done that and most of us ran the cards straight back up again and are now repaying the loan AND the credit cards

You have already been declined once which will affect your credit score plus you already have 12K of debt which will be taken into account when assessing your eligibility for a new loan. In my opinion you will probably get declined again. Have you checked your credit file to see if you can work out why you were declined the first time?

Try posting your SOA and see if anyone on here can help you cut back anywhere in order to free up some money to repay your debts faster, you can find a calculator here: http://makesenseofcards.com/soacalc.html

loanseeker1987

Would you reccomend a DMP then, i was speaking with someone at dedt fixers and they can get 'interest frozen and reduce my monthly repayment'. However with them its the first 2 payments as a fee (2 x £200) and then £35.00 per month. It will be £250.00 per month and they advise i will be debt free in 5 years (59 payments). They also said if my circumstances change i can pay more off and be outt of debt sooner.
I have seen that some people recommend Payplan and CCCS, but wanted to get a heads up.

You are right by the way, if i were to get a loan i would have to get rid of the CC's. Its just knowing where to look aswell. The DMP seems a good option, but i dont want to be short if i needed to pay out for things i.e. mot or whatever.

Thanks. Your comments are greatly appreciated

gettingbetter

hi

please dont go to one of them companies
that charge a monthly fee

you are just throwing good money after bad
CCCS, PAYPLAN dont charge
so all your money goes towards the debt

Beanie is right post your SOA everyone here
will have a look and make suggestions

kas xx

loanseeker1987

Thanks Kas

I will look obn the Payplan website today.
x

loanseeker1987

Just so i can compare, does anyone know anywhere that offers unsecured loans upto £12000 with having been previously declined.

I am edging towards the Payplan DMP scheme, but would prefer a loan.

Thanks

P.S preferably not loan brokers (as i heard the likes of Yes Loans and Wentworth Finance are bad)

gettingbetter

sorry dont know

kas xx

jamesjenkinsyates

Try Zopa (google it)

Tixy

Hi

You are unlikely to get an unsecured loan with a 'good' interest rate. Any loan company that accepts you after youhave been declined elsewhere is likely to charge you a high rate.
A DMP with one of the charity organisations may well cost you less in interest overall. Especially if they manage to get interest frozen on some of the debts.

If you are worried about needing emergency credit it might be worth considering joining a credit union - I think these will give out small loans even if you are on a DMP.

whatatwit

Loanseeker, to be able to manage in the future, you need to do a full and realistic budget.
This would include things such as MOT and car repairs.

From what I have read, a DMP gives you a realistic budget and the balance goes towards your debt.

There is a thread on DMPs, have a browse on there and see how people are managing.

loanseeker1987

Thanks for replies, im not sure where to look for a credit union.
Please can some one point me in the right direction.

Thanks