Help needed!

Muso

Hello everyone, some help would be appreciated on a problem I have.

In November 2005 I left my job for personal reasons and had to sign on. At the time I had two loans with Lloyds Bank and an overdraft (ouch). After getting advice from the CAB I have been paying Lloyds various amounts to show willing which they have been fine with.
I was unemployed for nine months but found work and am still in permanent employment.

In January this year Lloyds sent me two letters offering me a chance to finalise my debts with them to the tune of £6,500 which covers my loans and overdraft. My problem is finding the finance to do this as I assume I have a bad credit rating.

I am also looking into doing some improvements to my home which really need sorting out (unfortunately new windows, gas boiler and outside rendering). I have accumulated many quotes and the best total I have so far is £5,500 for the whole lot.

So with a total to find of £12,000 I am in a predicament. At this moment my priority is to clear Lloyds but my house is in dire need of attention.
Any help or advice would be appreciated, I am considering another visit to the CAB to see if they can give me any finacial advice.

By the way I'm 52 so have a few years employment left in me, unfortunately a low earner (11k p/a) and no mortage as I own my house.
Cheers.

Rafter

Presumably you have 'defaulted' on your Lloyds loans and this will be showing on your credit record so borrowing more is really not an option.

CAB is probably your best bet - there may be grants available to help with the windows and boiler as no doubt these will help with insulation.

Another option is to take out a small mortgage on your home, but given your low income this may be difficult.

Is there any way your could boost your income, by renting out a room in your house for example?

Good luck

R.