Is a loan the best option?

Pixie_Moon

Hi everyone. I'll explain my situation.

I am currently employed (earning £13000 a year, working out at £850 a month after tax), living in rented accomodation (£70 per week, averaging at £280 a month). I have a credit card of £1000 which is up to it's limit (just about managing the minium repaymets of £50 a month), I have a laptop on finance with repayments of £45 a month, a TV on finance which is currently on interest free for a year (£1111 total payment cost - interest free period runs out in Jan 2010) and have an 18 month phone contract with o2 at £60 per month. I have borrowed about £1500 from my partner and was looking to get a loan to squah my outgoings into one debt and be able to repay the money I borrowed from my partner. However, I know my credit rating is not good and I am not a homeowner. Is a loan the best option for me and if so who would be the best provider to lend to someone with a poor credit rating?

Thanks in advance to any responses.

thriftymomma

First place I would try is your own bank as they can see the money coming in and out. Good luck xx

Robert_Sterling_3

The best option for you is to live within your means and not let your debt escalate further.
Good luck.

Any

However, getting a loan might not be very easy given current climate. If you get declined, don't temp your luck by making numerous applications as that won't look good on your credit file. Consider very carefully who are you going to ask for loan - look at the reviews and rating of loans, there is no point trying for a loan from a company that requires good or excellent rating.

Think on it carefully and good luck.