Bad Credit and Loans! Need Some Advice

DEAGLE_2

Hi, i last year i cut my hours down from 45p/w to 16p/w to go back to college. This got me into a bit of debt. I also crashed my car last week, and need about a grand for a new car. Ive now finished my course, and will soon be getting full time work again.

Thing is... i need a loan to consolidate

my overdraft
my credit card
my previous loan
and enough to buy a car/insurance


To the tune of roughly £4100.. ive applied for 2 loans now, one with "northernrock" and one with "alliance and leicester", both were declined, because i think i have a bad credit rating. Ive missed a few credit card payments, and im constantly overdrawn. i think my bank will offer me a loan at 19.9%APR, and the monthly payments are way to high to consider over 5years! Thats the longest period they offer.

Can anyone suggest anything? im at a loss, i need a car to work, and i need a loan for a car! im stuck.. im looking to pay about £60-70-80 per month for about 5-6 years.

Any help appreciated

Thanks
O

DEAGLE_2

Hi, im still having problems with this. can anyone advise me?

Thanks

cattie1

hi. i dont think i can be much help, the only thing i can suggest is trying black horse loans but sometimes they have a massive apr depending on your circumstances.
the fact you have been declined for 2 loans recently isn't going to heed well (is that a word?!) on your credit score.
sometime you can get loans if you secure it on your car-buti'm not quite sure who the loan companies are who do this.
i gather you aren't a home owner as if you were there are probably loads of companies that would give you a secured loan?.
sorry i cant be more help.

mrcow

DEAGLE wrote:

i need a car to work

How have you been getting to work for the past week?

Bottom line is you're not going to get a decent loan offer if those two companies have already turned you down, and if you'e missed credit card payment, then you're a bad credit risk and no one short of a loan shark is going to lend you money.

Even if you could find someone to lend to you at 10% apr (which is high btw), you are still looking at £84/month over 5 years.

If you're looking to save yourself money, find the best bus/train route to work (or get a lift from someone) and use it and walk the rest. Get a few months' earnings behind you and save up for the car. It's the only way you're not going to get ripped off.

MrsTinks

Call A&L they will tell you exactly why they have refused the loan. I just had the same problem and called them to find out why I was refused. Apparently I would be over committed - Actually I won't so I clarified my financial situation and gave them my current SOA and explained things so we'll see if I get it on appeal
And get over to DFW for some advise on whether consolidating IS the best route for you It might not be