is there anywhere i cann get a loan?

dr_dan

I earn 53k per annum, steady work in ppublic sector, i completed paying an IVA of 36k on august 1, 2009. I am recently married and paid 10k for wedding. my wife has just completed a degree but no work as of yet. I moved into new rented premises late august and pay £800 per month. i am not yet on the electoral roll , but the local council published on december 1, and it should apppear soon on credit report (not yet on equifax, but the say about 30 days) until it apppears.

i had to borrow some small sums from family and friends and have also resorted to a couple of pay day loans because i seem to keep starting each month on the back foot. in total i only owe about 5k (less than 10% of my GDP as it were, a figure government would dream of). i would just like to get an unsecured loan of 6k or so over two or three year with repayments of about 200 to 300 per month...easily affordable on my salaary....of 3100 pper month.....

i saw posts on sure thing and will swerve that one....but any ideas please...

i have tried zopa but no luck...perhaps once my name/address is on the register i will have some luck.......

all and any advice welcome

michael1983l

My advice would be to clear your payday loans without extension as they are the route of evil. And fill out a statement of affairs for your own use. A person on your wage should easily be able to clear a 6k debt without taking out further lending. Borrowing to pay back other lenders is not a good idea. Just adjust your lifestyle and get yourself out the good old fasioned way.

dr_dan

thanks, i agree, but still doesn't answer my question. I know borrowing more may be somewhat irrational from a purely monetary view point but from a piece of mind approach i would be happy to pay a bit more if i could sort situaation now.

michael1983l

If you have recently come out of an IVa you will struggle and will probably end up paying over the odds in APR terms. There is a company called everyday loans that is about 79% APR but would consider you. I would steer clear of brokers, and maybe try a smart search on moneysupermarket to see if any lenders are available with lower APR's.

Maybe Black Horse?

But I think your only options will be sub prime, please correct me if I'm wrong.

Rather than ramping up the interest I really would just try to deal with it on your own.

If your rent is £800 a month and you get over £3k providing you are not hiding anything from us then there is no reason why you couldn't set aside 1k a month which would only take 6 months to clear your debt.

woody2234

you could save £2k a month for the next 5 years pay of the 5k then buy a house for cash

woody01

If you earn so much (actually, its not that amazing), why would you want to borrow.
You dont say you outgoings but your rent is cheap aswell.

dr_dan

to Michael 1983....

thank you for something constructive.....
but not as easy as it looks

after rent, council tax, utilities, tv, insurance on 2 cars, life insurance that is about
1400....

another 200 per month petrol......(cant buy anything newer or more fuel efficient than i have which would save 100)......

500 for food and household items.....
that is 2100 there.......thhen trying to pay off wife's student overdraft, and credit card (300) plus family/friends (300) and pay day loans interest (about 300).....it leaves nothing else.....for life

in addition i then have to travel to visit my parentts who are getting old now (early 80s ) a few times a year and suddenly there is no money for anything else each month......yes it will all go away in a year.....but my wife suffers from bipolar disorder and this compounds all emotions regarding the situation...so piece of mind is worth a high APR as long as not crazy.....

if i can find a loan for about 7k everything gets rolled into a more controlled environment of about 200 ppm instead of 900 and stress diapppears and thus life can return to normal and saving can resume.....

once again thanks for comments Michael......

michael1983l

I doubt you will get a loan from Sub Prime for 7k, they will probably offer around 3k. Looking at what you have just written there I guess you could probably optimise your budget if you were willing to try hard at it.

Without knowing your full circumstances it is very difficult to offer accurate advice but my hunch is that you personally would be far better off dealing with the debts and cutting back to do so. First thing you should do anyway is fill out one of these

http://www.britishinvasion.co.uk/soa/soaedit.php

This will then calculate how much available income you have left. It is important you do this either way because a lender will run a similar calculation to see what you can afford to pay back each month. Be honest with your figures and see what you come out with. After you have taken a look at your situation on paper you should find it much easier to make a decision on what action to take.

LydiaJ

How many of you are there in your household? £500 seems a lot for food if there are only two people. I suggest you head over to the debt free wannabe board. They will soon help you make some adjustments to your monthly spending that will not only clear the immediate problem but prevent it occurring again in the future. With an income like yours, you will probably be able to deal with your debt using only "pain-free" savings, as Martin calls them.

Wang-ja

I cleared an IVA for 90,000 GBP about 10 years ago. I paid 100% and interest. It took years to get a credit card again.

Although my honour remained intact, I could have been better served by going bankrupt and starting with a clean slate 3 years later .....

Dabooka

Hi mate,

I agree with Lydia, get over to the Debt Free Wannabe board and post up your SOA.

TO be honest though, I think you'll struggle getting a loan as you desire, and can only suggest you reign in your spending for a while. Oh, and suggest the missus gets something, anything, until a proper job she desires appears. As things are, she could be waiting a while.

Good luck!