The Subprime Loan thread

mattlfc79

Thanks guys.

It is hard to take and I do think the whole credit rating thing needs sorting..... why is a default deemed as bad as a ccj by lenders and why they last for 6 yrs I dont know! That is my only criticism but like I said it was me that got me in to this mess by borrowing money in various forms that I knew deep down I couldnt really afford and now I am paying for it big time.... me and the missus want to get our own house but no one will touch me with a mortgage!

I do feel partly responsible for the credit crunch as perhaps if all of us paid back what we owed in the time agreed perhaps the economy may not have collapsed!

Never again will I get in to such a pickle unless it is not my fault!! I am very careful these days with every penny I spend, almost become a tight git!!

Its a lesson learned.... the hard way! Sometimes that is the only way unfortunately, young, naive and just a bit blummin' stupid.

I think the news that financial instiututions have to assess everyones ability to pay back money is a good idea going forward as I am pretty sure i'm not the only Richard Cranium when it comes to credit!

Future philosophy is if I cant afford it get saving or get over it!

PROLIANT

mattlfc79 wrote: »

Thanks guys.

It is hard to take and I do think the whole credit rating thing needs sorting..... why is a default deemed as bad as a ccj by lenders and why they last for 6 yrs I dont know! That is my only criticism but like I said it was me that got me in to this mess by borrowing money in various forms that I knew deep down I couldnt really afford and now I am paying for it big time.... me and the missus want to get our own house but no one will touch me with a mortgage!

I do feel partly responsible for the credit crunch as perhaps if all of us paid back what we owed in the time agreed perhaps the economy may not have collapsed!

Never again will I get in to such a pickle unless it is not my fault!! I am very careful these days with every penny I spend, almost become a tight git!!

Its a lesson learned.... the hard way! Sometimes that is the only way unfortunately, young, naive and just a bit blummin' stupid.

I think the news that financial instiututions have to assess everyones ability to pay back money is a good idea going forward as I am pretty sure i'm not the only Richard Cranium when it comes to credit!

Future philosophy is if I cant afford it get saving or get over it!

Don't worry mate, you are doing the right thing sorting it all out. Just give it time and you will be back on track, been there got Cap and T-Shirt.

Cumbrian_Male

lenderscompared.org.uk

Lenders_Compared wrote:

LendersCompared.org.uk allows you to compare all home collected loans available in your area. Home collected loans are cash loans where the repayments are collected from your home.

You can also see other cash-based loans which are not home collected. LendersCompared.org.uk offers a quick and easy way to see if you can save money on your next cash loan.

speaker1798

I know how you can get your money back

Bob_Jones_2

Small Loans:

www.lenderscompared.org.uk will give you the companies that operate in your area. Only downside is some of the smaller (and cheaper) companies arent on there.

www.flex-finance.co.uk Good, family owned company. I think they only operate in the South East though.

Of the larger national sub prime companies Morses Club seem to have the best reputation compared to Provident, Shopacheck etc.

Personal Loans:

As someone said earlier the only company currently lending is Everyday Loans now that Real Personal Finance has closed.

Payday Loans:
I have only heard positive things about a company called Perfect Payday Loans in West Sussex. I think they are pretty choosey over who they lend to though. Which is a good thing.

Unfortunatley (or fortunatley depending on your opinion:p) the Payday loan industry has a rather bad image problem. Has anyone been on the Consumer Forums? They love them over there.......

If anyone has any questions about specific companies then I am happy to help as I have worked with a few companies in this field (I have supplied services to them).

Bob_Jones_2

robert9999 wrote: »

I have used these as well and had a really good experience

http://www.guarantorloansonline.co.uk/

Hmmm Central Capital owns that site who are a large broker for FLM.

GeorgeThistle

I agree that the credit scoring systems are flawed, but then the scoring is a system which is determined by each individual lender and so it's up to the finance companies to change how they view credit profiles.

Guarantor loans allow people to borrow money, usually without a credit score. But you have to be aware that instead of scoring the applicant, the guarantor will normally be scored and they must agree to this. It's sort of like an alternative to a joint loan which allows the applicant to borrow more than they might normally be able to.

BugsyBrowne

GeorgeThistle wrote: »

I agree that the credit scoring systems are flawed, but then the scoring is a system which is determined by each individual lender and so it's up to the finance companies to change how they view credit profiles.

Guarantor loans allow people to borrow money, usually without a credit score. But you have to be aware that instead of scoring the applicant, the guarantor will normally be scored and they must agree to this. It's sort of like an alternative to a joint loan which allows the applicant to borrow more than they might normally be able to.

I think you may of been rather late with your reply.

MikeThePike

I guess you can have a look at w w w . lenderscompared .org

It says its a "independent site" - not sure who is running it

chrissie22

I would like to add to this thread, I have been with Morses for about 5 years now and they are a very good company. They dont credit check and they loan up to £1000. If you pay off early you get money from them as well.