loan with bad credit

piratepixie

Hello all,

Im just looking for a bit of advice really after searching through lots of the old threads.
Im currently looking for a loan to consolidate my credit card and overdraught, but like a lot of people I have poor credit rating. I am currently paying over the odds in interest on my cc and od and not seeming to get anywhere near to paying it off. I have tightened my belt and tried to get on with settling without the need of a loan, but finding very difficult (I try to pay £90 off my cc most months - min payment £46, nothing as yet from my od). I have my copy of my credit report from Experian and saddend to say it was how I expected... Is there any credit card companies that will offer me 0% balance transfer for my cc or a company that will offer me a loan to cover both cc & od ? Both cc & od are with the Halifax and even though I have banked with them for over 10yrs they will not consider me for a loan :mad:

any advice is appreciated thanks guys

selecta_c

As you say you have already been turned down by your bank and your credit score is not the greatest i think your best bet would be a sub prime lender.But before you take the plunge make sure it is in YOUR best intrests as the APR is likely to be sky high.

CLAPTON

what does your credit record say?
how much do you owe?
how much do you earn?

robin_banks

Before taking out any loan at extortionate rates speak to your CAB.

StuTheDon

Hi - we'll need a bit more info I'm afraid. What is the balance on your CC and overdraft? What is your salary? Any other debts?

What does your credit report show - i.e. defaults or CCJs?

piratepixie

Sorry for the late reply to your response's. My cc balance is £2000 & od is £1800 ..
not that bad I know but still a weight around my neck. I come out with approx £950 a month after tax. I dont have CCJ's but have defaults from years ago (under 6) which resulted in me selling my house to settle the accounts, this is why im so furious in myself for getting in this mess again !!
Thanks again guys

CLAPTON

what are the APRs of the two debts?

piratepixie

Im not exactly sure what the APR is on either one. I know I pay £19.51 pcm on my OD & have just checked my recent CC statement, I havn't spent anything this month on the card, I have been charged £10.02 repayment cover and 2 lots of interest £11.72 & £12.41... so out of the £90 this month creditited to it, I have £21.54 in credit on the card....

CLAPTON

Its really important to find out the APRs.... otherwise you may get a loan with an even higher APR

-does your CC statement not say what the monthly interest rate(s) are
-why do you get two lots of interest ...
-Do you need the payment protection on the credit card