bad credit loan advice

trisignal

hi
i am looking to lend about £1600 to pay off some card and bank debts,get through xmas and put everything into one managable payment.
ive spoke to several companies, one in particular told me they were promising a loan if i paid £25 and sent bank statements and proof of address etc. im wary, does anyone have experience with this?
i have bad credit history which i am hoping to rectify and without a loan like this i cant pay my bills due to interest etcetc. does anyone know of any reputable loans companies for bad credit?
thanks

chalkie99

To put it another way.......

You are already in debt and now you want to borrow even more.

You have a bad credit rating and cannot pay the interest you already owe but due to your bad rating you arre not going to get a good interest rate anywhere so will just be digging a deeper hole for yourself.

Whatever you do, DO NOT pay any of these companies an up front fee or give them your bank details. They are basically scams and these boards are littered with complaints about them - do a search of the forums for evidence of this.

Your best course of action is to post on the Debt free board with a SOA ( a list of your income and outgoings) to see what advice can be offered to turn your situation around.

If you absolutely have to have more credit then try speaking to your local Citiziens Advice Bureau office to see if they can point you in the right direction, perhaps a local credit union.

wayne99

do not pay anyone for a loan as stated above, what these companies do is debit amounts from your bank, feed you a bunch of lies about how the funds will be in your account by x day etc etc and they never appear, they are just a con. dont do it.

The best thing i can suggest is to live to a strict budget each month, use the excess cash to pay towards any high interest cards / loans etc and pay them off, do not get your self into more debt by taking out another loan.

If you cannot manage the minimum repayments required on these debts you could ask the creditors for an arrangement to pay, ie reduced repayment for a set period of time, this will effect your credit rating but if you already have a bad one what does it matter, and thats better then getting youself into more debt.