Has anyone managed to obtain loan with bad credit

jlb1924

Hello, I am desperately trying to borrow some money to purchase a second hand car but due to bad credit and the fact that I have been released from bankruptcy over 2yrs ago I cant seem to find anyone to loan me the money unless they are a con.

Anyone been able to get help in this situation?

ktez

I am in a similar situation and am just off the phone with Yes Loans who had said that I had been accepted for a short term £1000 loan. They asked for £69 for their broker fees which I paid over the telephone. I then got passed onto another person who informed me that I infact did not have a loan and that it would take 30 days to refund my money after receiving wriiten notice from me. I am now overdrawn in my bank and feel like a right fool. It is amazing that companies like this are allowed to exist.

R0bert_Sterling

jlb1924 wrote: »

Hello, I am desperately trying to borrow some money to purchase a second hand car but due to bad credit and the fact that I have been released from bankruptcy over 2yrs ago I cant seem to find anyone to loan me the money unless they are a con.

Anyone been able to get help in this situation?

It does seem quite bazaar that lenders can see how you borrowed money in the past, didn't pay it back, and now, don't want to lend to you.

Sorry, but with your history, no respectable lender is going to happily throw money at you in the firm knowledge they are unlikely to see it again.

Now is the time to reap what you have sewn in the past.

Save for what you want and buy it outright.

ktez, have a look through this forum. You will find about a billion people who have paid broker fees before researching what it is for.

jlb1924

Why cant people just kindly answer the question instead of making personnel comments on something they know nothing about! My reason for bankruptcy was due to my husband who became a drug addict and I ended up in a domestic violent relationship, the bankruptcy was due to him spending on joint cards that I did not know about! I have now made the effort to get out of the relationship and moved myself and children into rented accomodation but now need to get a car so I can get myself back to work and attend hospital appts that my daughter needs for brain scans!

R0bert_Sterling

No doubt each and every person ever to have been declared bankrupt has a valid and excusable reason.

Unfortunately for you it makes not one Jot of difference. The banks couldn't care less if you gambled and injected all the money away, or paid for life saving surgery. Sorry, but that's how it is.

You could have sympathy, unfortunately, it isn't going to change the situation.

You must be able to save money every Month (the money you intend repaying the loan with), so save that money up until you can get a cheap runabout.

ktez

I agree with the orginal poster. She was not asking you to make judgement on the bankrupt bit and I quote 'now you must reap what you have sewn' - merely asking for advice on how to improve the situation she has found herself in. To save for a 'cheap runaround' would take say 6 months (she probably needs the car now) and would probably cost even more in the long run to maintain etc as it would be an old car.

jlb1924

To KTEZ

thank you so much for your kind understanding reply. You are perfectly correct I need a car now and something that is fairly reliable, yes I can afford to save 200 a month but like you said I need a car now as I wish to return to work in a couple of weeks.

thank you for your support

LDJ2009

Could you look at leasing a car ?

I don't really know much about it but i know people that couldn't get a car on credit that went down this route

jlb1924

Thank you for your reply,

I have tried looking for car hire but it only seems to be on brand new cars and not many are on repayments of under 200 per month also they request 3-4months deposit.

Does anyone know of a leasing company etc that have cars for under 200 a month and you dont have to put down a deposit??

wayne99

You could look at someone like real personal finance, they charge really high interest.

and i mean HIGH.

They will come to your home, go through your credit reports with you, go through your bank statements, to make sure you can afford the repayments etc.

Just be aware that you will be ripped off in interest but you wont pay a broker fee etc as they are the lender.

alliballi

If you need a transport for your daughters hospital appointments you could try and ask for hospital transport, its usually in the way of a private car or taxi that the hospital would arrange.