bad credit loan help

iluvpink1

Hi Im new to this site and so far finding it very helpful! Forgive me if i am repeating questions but i havent had time to search through properly! Here is my predicament... I have a very poor credit score and require a loan for debt consolidation i applied with yes loans and was accepted by Wentworth Direct which I have discovered (thankfully before i paid the fee) are a rip off. I simply need advice on the best place to go for an unsecured loan (only need about 5000) for someone with a bad credit score. Many thanks in advance

PNPSUKNET

bank of mum and dad. if you spend the time you will find the answers

iluvpink1

That is exactly what im trying to do!!

PS. If i had a mum and dad id gladly ask them!

LADYXXMACBETH

I have the same problem applied to yes loans got ripped off in too much debt at the moment but I'm not paying it off at all just ignoring it til i get CCjs
Need a new car as I drive for my job have a car atm doing 16 mpg and not very economical so need to buy a new car or oldish but not too old car no one on here has proved to be that useful justthe usual garbage of why are you taking out more debt.....answer: because i dont care!!

iolanthe07

You won't get a loan at a decent rate of interest with a reputable company if you have a history of not paying your debts. It stands to reason. This is not meant in any judgemental way; it is merely a statement of the bleeding obvious. The thing to do is to spend some time paying off your debts and building a good credit score. You can do this by taking out a sub prime credit card at stupid % APR and making sure you pay the balance in full each month. This way you avoid paying any interest at all and build up a credit history that you can exploit in the future.

Consolidation is rarely a good idea, anyway. Most people who post here will advise against it as you are not paying the debt - merely extending it, usually at a higher rate of interest. It can become a vicious circle. The only real answer is to live within your means and start a habit of saving for things you need.

elfen

Ladyxxmacbeth all you're doing to yourslf is digging a deeper hole. You won't get a loan for a new car, cos you don;t have the credit history, or repayment history. It is the people like you who make me sick.

iluvpink iolan is right. Getting a loan for consolidation usually attracts a higher interest rate. Is there any way you can talk to the people you owe money to and work it out that way?