Unsecured loans for poor credit people

WildWayz

Hi,

On November 18th 2003 I went bankrupt for various reasons. I was discharged on April 1st 2005.

Since being discharged, I have not had any loans or credit cards. We bought our first house together (I married my wife in March 2005) on Feb 2006, so our only debt is a mortgage that we have been paying on time since February.

I have been in employment for over 9 years with the only gap being the last 2 months as I was made redundant on March 31st. This week I am due to get 2 job offers, so I can start earning again (I am an IT Professional).

Anyway, I have been driving an R plate Rover 820si and before Cristmas I spent almost £2,000 on repairs to it with the understanding that the car would be "as new" and last me a long time. Well, it hasnt. It randomly cuts out and the garage cannot find the fault unless we spend a lot more money on it. Also, the fuel consumption has gone from 300 miles per tank to less than 230 miles per tank so it is costing a lot per month too. Again, no idea why it has gone down as there isnt a leak anywhere.

The long and short of it, is that because I need the car for work I need to buy a reliable 2nd hand one.

Can anyone recommend me a loan company who are relatively low and specialise in bad credit history?

The mortgage is £608 a month and our joint annual income is about £37,000. I am looking at a loan for about £5,000 - £7,000 and over 3 to 5 years (about £230-250 month).
We have no other debts.

Any suggestions?

Thanks!

James

Rafter

James,

Unless you can use your wifes credit history or unless you have equity in your house to secure against, I think your bankruptcy will still count against you.

Could you not get a £1,000 car for a while until your earnings improve and you can get something more substantial?

Sorry to hear about your sick Rover!

R.

WildWayz

My wife's credit history is a lot better than mine - no CCJs. The only negative was due to her ex-husband not paying their joint mortgage for 4 months (he decided not to pay it whilst the house was being sold and proceeds split).

I've bought cheaper cars before - in the last 2 years, I have had 3 cheap cars that don't last. End up spending more on correcting their faults than the car is worth ie cam belt went on one and killed the engine. The other had so many leaks it was unbelievable and now the Rover. I truely feel that it would cost more in the long run to get a decent 2nd hand car rather than a dodgy 4th hand one.

Thanks for the reply tho

James