getting my finanace back on track

craigass

I have come on here in the hope that some people could offer me advice.
i am currently in a debt management proramme to pay off a loan and a credit card bill i raked up when i turned 18. i am paying £200 a month with £35 of this going to the debt management company.

i have no vehicle and have just found out that my girlfriend is pregnant, i now need a car urgently.

i was wondering if anyone could offer me any advice on how to get a loan for £12500 which would pay £5000 off the loan which i have outstanding and £2000 off my credit card bill leaving me with £5000 to buy a family car which will see us right for the next 5 years at least (while the loan is running). i have recently been given a payrise and have worked out that a loan of this amount over 5 year, with no other debts to repay will be financially manageable its only £50 more than i am currently paying towards my other debts. but becuase i have bad credit history no banks will touch me and no one else will offer me a reasonable apr.

i am totally at a loss with the whole situation, my gf is a student and is also unable to obtain finance, so i need to try and get out of this management programe to try and rebuild my credit report for our future.

i was thinking of askin gmy aunty to be a guarantor for a loan of this size but i dont want her to have that worry of if im not able to repay the loan she will be stuck with the bill because it is my responsability not hers. but i see it as the only way i may ave a change of getting credit.

ive tried speaking with CAB on this matter but they always want me to go down and see them and at this moment in time i just dont have the time to do that and even then i don tthink they will be totally helpful.

please helpppppp any advice would be very very very much appreciated.

Wutang_2

Don't think anyone will offer you a loan whilst you are on a DMP....folk with excellent credit reports struggle! Forget the guarantor plan - it doesnt improve your credit rating and also if you don't want your aunt to worry about repayments, then she would have to as guarantor!

If aunt is nice, ask for a few hundred quid for a cheaper car...How come you need a 'family' car when she is only just preggers?

Wednesday

Cars definitely make your life easier, but I'd say it's a stretch to call them a necessity, unless you live in the middle of nowhere with poor public transport links - baby or no baby.

You have up to 9 months to save, and you're going to need that money for other things that are essential, like a pram, a cot, etc. Plus, you're already in a DMP: why risk making your financial situation worse?

Loans are v hard to obtain now, even for those with good credit ratings. I don't think further credit is the answer here.