Really need some advice

smj43

I'm in a bit of a bad situation at the moment. I need to move out of my house and I need a deposit for a flat. I have tried EVERYWHERE and nobody will give me a loan. I'm only 18, so I have really bad credit. I have never defaulted or missed a payment, but due to lack of history and lots of recent searches, my score is only 450. Secondly, I have no family members that can help. Nobody can lend me money or even help me get a loan. I don't have a gaurantor either.

Basically, I need somewhere that will give me a loan, with little credit history and a bad score to match, with no gaurantor and no collateral. I need around £5000, no more than £200 a month repayments and no more than 40% APR.

I know I'm asking too much, but surely there is somewhere?

CLAPTON

from the information you have supplied there is absolutely no possibility of being offered a 5k loan

in any event whyever do you need 5k to find somewhere to live

best to get a house/flat share... cheap and good fun way of making new friends

smj43

Flatshare is not an option... I have a girlfriend and a baby on the way.

That's why I need to move out, to our own place. I don't want to go the council, I don't want to be at their mercy with the very real possibility of being moved into a rundown highrise in a rough council estate in Peckham. That's not the place I want to be bringing up a child.

bouncydog1

Are you currently living at home with your parents - if so could this arrangement not continue for a short while to enable you to save up. What about your girlfriend - is she also living with parents? At 18 with a baby on the way you are in a tough situation and I do sympathise but please try to think around any options that there might be rather than getting into debt as this is not a good start - you are going to have a lot of pressure on you with a new baby and debt will increase that even more.

Do either of you have a relative that might let you stay with them if staying with parents is not an option?

smj43

bouncyd!!! wrote: »

Are you currently living at home with your parents - if so could this arrangement not continue for a short while to enable you to save up. What about your girlfriend - is she also living with parents? At 18 with a baby on the way you are in a tough situation and I do sympathise but please try to think around any options that there might be rather than getting into debt as this is not a good start - you are going to have a lot of pressure on you with a new baby and debt will increase that even more.

Do either of you have a relative that might let you stay with them if staying with parents is not an option?

Thank you for your advise. What you are saying is the sensible and logical thing to do, and is probably what I am going to end up doing. I currently live with her parents, but their is no way we could stay after the baby is born. I have 9 months to save and I'm really not sure if I will have enough at the end of it. That's why I want to know there is something to fall back on just in case.

bouncydog1

Yes but if you budget very carefully you should at least have a pot of money at the end of the next few months and evidence for your bank that you can save.

And at least you will have some money to put down for a deposit. What about work - can you get a second job - does your girlfriend work. I think you should also be entitled to some allowances but as I am not from UK I don't know what they are - if you post a statement of affairs on the debt free board the people over there will help you.

They will be able to tell you where to check things out to make sure that you are getting all you are entitled to. You also have 9 months to look for accommodation if you are sure that you will not be able to live with your GF's parents but things have funny ways of changing for the better over time - I think you might have only just found out about the pregnancy and it's all a bit of a shock.

Good luck.

ILW

smj43 wrote: »

Flatshare is not an option... I have a girlfriend and a baby on the way.

That's why I need to move out, to our own place. I don't want to go the council, I don't want to be at their mercy with the very real possibility of being moved into a rundown highrise in a rough council estate in Peckham. That's not the place I want to be bringing up a child.

Still not sure why you need £5000.

smugashell

smj43 wrote: »

I'm in a bit of a bad situation at the moment. I need to move out of my house and I need a deposit for a flat. I have tried EVERYWHERE and nobody will give me a loan. I'm only 18, so I have really bad credit. I have never defaulted or missed a payment, but due to lack of history and lots of recent searches, my score is only 450. Secondly, I have no family members that can help. Nobody can lend me money or even help me get a loan. I don't have a gaurantor either.

Basically, I need somewhere that will give me a loan, with little credit history and a bad score to match, with no gaurantor and no collateral. I need around £5000, no more than £200 a month repayments and no more than 40% APR.

I know I'm asking too much, but surely there is somewhere?

You do have options - either shop around among the local developers; they are struggling to sell their newbuild flats these days and are offering both big discounts and sweet deals to get you to move in including paying your deposit and special mortgages that might suit your situation. As long as you've got a job these sorts of deals might suit you - and do you have a car? Perhaps sell that; you'd be surprised how much money you can scrape together if you sell anything and everything you own!

oweido

hi there,
not sure if have thought of private rental, as your girlfriend is pregnanat she may be entititled to the a H/B allowance fromt he local council to put towrds a deposit also towards her wekly rent. are any of you working?and may be entitled to Budgeting loan/ CCG from DWp to furnish etc. she wil have to wait for week 25 of pregnancy to apply for this. hope this helps.

smj43

ILW wrote: »

Still not sure why you need £5000.

Well the monthly rent is £1300. Deposit is £1300 rent in advance + £1800 security deposit. Already that's £3100 but since I would be applying for LHA, which I can't do till AFTER moving in, I would need the second months rent on top just in case the application takes a while to go through. So that's £4400, which is near enough the £5000 I stated at a guess as to what I would need.

London is an expensive place.

ILW

£1300 a month sounds a lot for a 1 bed flat. Which part of London are you in?
How much do you earn?