Help! I need a small loan!

robinson79

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ms_london

robinson79 wrote:

thanks mrcow!
yes, i work in central london, and live in clapham...quite a $$$ area..wrong move there i think!
i would do a soa, the thing is there's not really anywhere i can cut back apart from smoking, which i'm planning to do anyway...smoke roll-ups anyway which is a lot cheaper :rolleyes:
i hardly ever go out now, if i do it's just for a couple of drinks, don't eat out etc etc.
just need to start earning more...don't we all?
X

Hi Robinson79 - where are you going on holiday for it to cost that much & how long are you going for?

I live in London (Tooting, so just down the road, but more affordable than Clapham!!) and work in Central London. I moved to London so that I could have a better chance of repaying my debts. As you can see from my sig I owed around £19,000 - I'm 25, are you 26?

Unless you are being severely underpaid, you must have some "spare" money each month? I would definately recommend doing a SOA (yes, you can tell I'm from the DFW board!!).

I suppose it doesnt seem like urgent debt as some are student loans & the rest to your friend/family - so its not as though you have letters chasing you for repayments or interest to pay, but the debt will get worse, and if you are looking to borrow this money for your holiday, you'll be in an even worse position almost instantly.

I wouldnt recommend going to the companies you mentioned - esp for a holiday - its bad enough when people resort to those when they have a proper "emergency" on their hands.

My loan (a £10,000 chunk) was meant to run out Dec 09 - but I made the decision that I wanted to be debt free way before then (I'll be 29 that year & wanted to be in a better position financially, esp with it being just before my 30th!) and as it was I was debt free in Oct, a month after my 25th birthday.

I am not bragging or anything like that, but seriously, if I can do it ANYONE can, I used to be the worlds worst for spending money. I put a holiday in 2001 on my credit card (and my friends share & spent the £££ she gave me for it) and reckon I was paying it back right up until my debt free date - with 18.9% on top! :eek: The holiday was definately not worth that much!!

You say you dont go out much & you smoke roll-ups to save money, but your money MUST go somewhere - I think most people find it goes on little bits and bobs, which soon add up!!.

Has the holiday been booked? Will you lose money if you back out? I can understand your urge for a holiday, but if you've only come out of uni & only been working a few months, trust me, give it time, then you'll know what NEEDING a holiday really means !!

What are the APR's on your debts?

Ms_London xx

mrcow

ms_london wrote:

You say you dont go out much & you smoke roll-ups to save money, but your money MUST go somewhere - I think most people find it goes on little bits and bobs, which soon add up!!.

I used to think that I was really sensible with money. I knew where everything was and thought that I'd cut down on all my expenditure.....

.....and then two years ago I joined this site and OMG! I've saved thousands!

If you'd have said that it was possible from my situation back then, I would have thought you mad, but there really are big savings to make if you just change the way you're looking at things a little.

(BTW my quality of life had improved so much since then too, I managed to jack in one of my two jobs, and I'm still better off!)

ms_london

mrcow wrote:

I used to think that I was really sensible with money. I knew where everything was and thought that I'd cut down on all my expenditure.....

.....and then two years ago I joined this site and OMG! I've said thousands!

If you'd have said that it was possible from my situation back then, I would have thought you mad, but there really are big savings to make if you just change the way you're looking at things a little.

(BTW my quality of life had improved so much since then too, I managed to jack in one of my two jobs, and I'm still better off!)

Most definately. Me too. Even the small thinks like downgrading my Lloyds TSB account to the standard account (I think the other was a "Select" account with rubbish "benefits" that didnt even apply to me!) saving £10 a month. Then cancelling PPI on my CC's - around the same each month.

To name but a few....

To be honest, I never want to have to have a 2nd job ever again as these last few years have been tough, however, it does make a lot of difference.

xx

robinson79

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mummyyummy_2

maybe next time u should consider camping?? theres always cheap tents/camp sites etc posted on the forums-in fact if u wait another few weeks u'll be able to pick up a huge tent at a bargain summer clearance price, and it'll be all ready for next year!!.... esp if u r a bunch of students, u'll have a whale of a time...if the weather now is anything to go by our summers are getting hotter and hotter, anyway, enjoy ibiza...

Ryan.Maloney

hmm.. you don't want to be Mr Boring

When you are old and wrinkly you want good memories.

Maybe this is the best holiday you could ever have in your life. Are you going to Ibiza?

It totally depends on your circumstances


You could try your friendly loan shark. But they break people's fingers when they aren't able to pay the 500% interest a day.

Maybe you deserve a holiday, and you should have one to lift your mood, but £1000 is insane (especially in your situation). I don't suppose your mates would consider looking at expedia.co.uk etc. for a cheaper deal (note: cheaper doesn't mean tackier... it just means smarter.... )


Also, maybe you could lie about your job & get a loan that way. But you'd go to jail for fraud, and also it would show up as an inconsistency

rh41

Ryan.Maloney wrote:

hmm.. you don't want to be Mr Boring

When you are old and wrinkly you want good memories.

Maybe this is the best holiday you could ever have in your life. Are you going to Ibiza?

It totally depends on your circumstances


You could try your friendly loan shark. But they break people's fingers when they aren't able to pay the 500% interest a day.

Maybe you deserve a holiday, and you should have one to lift your mood, but £1000 is insane (especially in your situation). I don't suppose your mates would consider looking at expedia.co.uk etc. for a cheaper deal (note: cheaper doesn't mean tackier... it just means smarter.... )


Also, maybe you could lie about your job & get a loan that way. But you'd go to jail for fraud, and also it would show up as an inconsistency

Really sensible reply. Just like all your others reply.

Plutos_2

robinson79 wrote:

Hello all,
Been reading the forum a lot over the last few days, and wondering if anyone can give me some advice?!
I hope someone can help!
Basically a large group of my friends and i are going on holiday in about 6 weeks...but i need about £1000 to cover it....
i know you will probably advise me not to go, but i don't really want to consider that option, as i haven't had a holiday for 5 years
...
X

I'm in the same situation. Unfortunatly you're wasting your time. Lenders will look at your debts, age, and lack of job history and are not going to lend.

At some stage you've just got to face the fact that more debt is not the answer. When I came pout of uni I often thought "if only i could get 5k.... this will be the last loan before I pay 'em back'. That crunch time is now, as you've been finding as cheap, easy credit isn't so available once you've left uni. Just think of all the money you'll have if you work for a couple of years....

charapfan

Graham is correct I think - if you are kiving beyond your means there is no point adding to your debt burden really.