Will I ever get a personal loan?

captainradical

I was unemployed during the height of the old credit crunchorama. I've been employed now for approximately 6 months but I'm struggling to sort out my finances and the difficulties I got into when I wasn't working. Basically all I want is a personal loan of about £2000 to sort out my overdraft as I keep going into my illegal one and getting charged. I want to reign everything in, get sorted and then move on.

I've tried applying for a loan online but I was declined, I think because of a bad credit rating. Will I ever get a personal loan or should I just give up? I'm not sure what to do because I'm in dire need of some money and I'm really worried.

Rafter

captain,

If you are struggling and incurring charges you should talk to citizens advice or CCCS or national debtline about your problems.

They should be able to negotiate some breathing room and potential charge refunds so you can get yourself back on track.

No point in trying to apply for loans as the defaults and late payments against your credit file while you were unemployed will make it very difficult to get a loan.

These debt charities may be able to help you persuade your bank to convert your current debt into a manageable loan though so you can pay your debt off and not end up simply building up more debt through charges.

Hopefully the bank charges test case will be resolved soon and banks won't be able to follow this loopy strategy any more and will have to charge a more reasonable amount for overdraft fees etc.

R.

CLAPTON

what do your credit records say?

GarryTaylor

Apply for an interest free credit card. Payoff your debt then make sure you have paid off the credit card before the time runs out. at this point you can start trnafering to 0% interest rate cards. Bit of a hastle but better than paying charges and fees

Clive_Woody

GarryTaylor wrote: »

Apply for an interest free credit card. Payoff your debt then make sure you have paid off the credit card before the time runs out. at this point you can start trnafering to 0% interest rate cards. Bit of a hastle but better than paying charges and fees

I suspect he will have similar problems getting a credit card with his financial history, particularly one with a high enough credit limit.