loan to pay finance off...

curtis3431

hello,

well i have car finance with welcome finance and the other day they phoned me to say my balance stands at about £9400 but offered me a finall payment setlment off £5500.

which maybe all very well but told him i cant get that sort of money which he replied well you have been making regular payments for quite a while now so cant see why u cant get a personal loan to pay and still save money.

but im currently paying mcs (debt recovery company) for an old hsbc loan, so surely i have no chance of getting a loan have i? if so who?

thankyou, lee.

CHR15

If you are in a DMP, forget about getting more credit.

No respectable lender would lend to you, which only leaves that slippery slope into Broker rip offs.

zppp

It may be very difcult to refinance it on the basis that the debt has defaulted and is with a debt collection agency - this is nprobably showing on your credit file.

If you are in a repayment arrangement with the company, there is no need to take out a new loan - just meet a mutually agreed repayment.

clairbear1000

Is this to do with them trying to get their money back as quickly as possible? Due to their 'financial difficulties'? I could be very wrong.

curtis3431

CHR15 wrote: »

If you are in a DMP, forget about getting more credit.

No respectable lender would lend to you, which only leaves that slippery slope into Broker rip offs.

just trying to save money!!!!!

but your right seems with that debt recovery company theres no point even thinking about it.:mad:

curtis3431

clairbear1000 wrote: »

Is this to do with them trying to get their money back as quickly as possible? Due to their 'financial difficulties'? I could be very wrong.

this is intresting as thought was weard why they would offer to save me money.

CHR15

Clairbair is probably correct. they are in dire straights.

curtis3431

zppp wrote: »

It may be very difcult to refinance it on the basis that the debt has defaulted and is with a debt collection agency - this is nprobably showing on your credit file.

If you are in a repayment arrangement with the company, there is no need to take out a new loan - just meet a mutually agreed repayment.

its for my car finance not my hsbc loan which is with a debt collection company now:( but as you said it will be on my credit file it seems i have no hope.