Where can I get a loan?

tadaska

Hello,
I need an unsecured personal loan to pay off my debt to Inland Revenue.
I owe them close to £3000 and was paying £120 a month for a few month. But the amount I owe them keeps growing. I think they are charging me a lot of interest.
I have not paid them anything for the last few months due to a lack of money. But I want to start paying them again before I get into trouble.
My credit history is very bad as I accumulated lots of debts through loans and credit cards and eventually couldn't afford the repayments and stopped paying them back.
I was wondering if anyone knows of a loan company which would lend me £3k with a higher interest rate?
I searched on the Internet but the ones I found had bad feed back. Apparently they charge money and don't guarantee anything as they are not the lenders but some kind of brokers.
Anyone knows of a "loan shark" or something that will give me the money before Inland Revenue starts eating me alive?

Emmzi

If you can't afford £120 a month to revenue, you can't afford a £3,000 loan . especially not at the stupid rates a loan shark will charge. They'll eat you alive worse than the revenue.

Please make an appointment with Payplan or CCCS or CAB and get some proper advice on your own personal circumstances. DO NOT approach loan sharks - you will never be free of them.

AMILLIONDOLLARS

Contact the Inland Revenue and make them aware of you circumstances, contrary to popular belief they are not mind readers (and no I do not work for them!!) maybe you can come to another agreement with them, as they can't get blood out of a stone, so to speak!!

tadaska

I now can afford £120 a month and even more but that will not reduce the amount I owe them. And I certainly don't want to be paying them for the rest of my life. I think a loan even with a high interest will be considerably less than what Inland Revenue charges. If anyone does know a company that lends money to people with bad credit history at a high interest rate please let me know.
And I think I will have a look at that Payplan to see how thgey can help me. Thank you

newlywed

I thought the Inland Revenue charged about 6% interest on money owed to them.... way way cheaper than any loan rates if you've got bad credit???

tadaska

Also, anyone knows how much Inland Revenue charge? The bills and letters I get from them are not designed to be understood.

tadaska

newlywed wrote:

I thought the Inland Revenue charged about 6% interest on money owed to them.... way way cheaper than any loan rates if you've got bad credit???

I'm really confused what they charge. When my debt was £2500 I was paying £120 a moth and it almost didn't reduce. The last bill they sent me states that now I owe £2800.

newlywed

Could that be because you are clearing the old money owed to them but also owe them additional current money too? Eg you are clearing the old debt but not keeping up with any additional current payments too?

Emmzi

It might be easier to pop down to local tax office and get them to explain your payment plan face to face. The letters can be very confusing!

tadaska

Something like that. There was one amount that was payable but I only payed some of it and requested monthly payments on the remainder. Then there was another amount that was not due yet but they now have added to the total amount I owe them.

tadaska

I got all the papers together and after studying them for a while it seems that they are not charging a high interest rate after all. I think that in my letter to them they missed the part where I wrote that I'm no longer self employed and they added more estimated tax.
I'll be calling them tomorrow.