Loan Opinions - Grateful for any Help

50quidonRED

save 200 a month from now until november theres a grand and get 500 in sponser sorted!

evissa

Firstly I just want to say thank you for all your replies.

Emmzi wrote: »

ok. just establishing it was in fact discretionary spend.

run the London marathon instead. Don't make the charity pay your costs. Use all of the sponsor money for the charity. Lets be honest, there are loads of UK based events and UK based charities that you could run for if fundraising was your main aim. This is about the travel.

your lifestyle is not matching your income. You are 23 and your debt is over 4 months salary before any living costs. Therefore, you are becoming a bad risk for lenders. £1100 is not a huge salary, therefore you probably don't have a lot spare, and from your spend patterns, you like nice clothes and holidays which you really can't afford.

You have around £100 a week spare *before* loan repayments. I can't live well on that. I certainly couldn't at 23 when I liked going clubbing twice a week and at least one new outfit a month to wear to do that. And I spent 25 - 35 trying to pay back the huge debt I had amassed.

Please have a read of some of the diaries on the DFW board for further identical examples - we've all done it....

Many thanks for your post. I have just done the London Marathon last month but when i signed up to that with the charity it was agreed that i would also do the New York Marathon as part of me getting my entry and although as stated it's not something I have to do/ need, it means alot to me to get them both done. £100 a week is quite an easy amount to live on giving i am not a massive fan of clubbing etc
Also with work being extremely busy for at least the next 6months, overtime is available an i'll be earning at least an extra £200 a month for the next few months.

50quidonRED wrote: »

I am currently earning a net pay of £1100 a month.

Current guaranteed monthly outgoings are: £500

WHERE DOES THE OTHER £600 GO? PARTYS AT WEEKENDS ?

I have only recently started this job after moving companies so this money has only just become available. Therefore i've not had the extra £600 available for long and as said i am saving for my hol which was booked around this time last year that is where most of this money is going.

50quidonRED wrote: »

save 200 a month from now until november theres a grand and get 500 in sponser sorted!

I wish it were that simple. I obviously need my flights / accommodation etc in place long before November. I can and will be saving extra money after my hol next month which will go towards paying off any loan quicker.

evissa wrote: »

I'm doing the New York Marathon in November.
So it's to cover my flights / accommodation / race entry and spends etc.

Theres the opportunity to get alot of this refunded afterwards through the charity im running on behalf of. The more i raise for them, the more they offer to refund back.

Wutang wrote: »

I love it!!

It is not the charity that actually do the refunding of the costs, it is a company that works along side the charity.
I have already raised money for them in the build up to London and will continue to do so for New York. The whole point of me doing the marathon is for the fund-raising for charity. So the better i can do for the charity the more assistance i get without the charity losing out either. Probably could of explained that better in the first place.

Thanks for your help and words. Do you think it's unlikely i'd be able to get the £1500 or £6000?
If i were to try and obtain one, where would you recommend?

I'm not a massive fan of taking on extra debt but as it's something i'm committed to i may have little choice.

zppp

I am afraid it is unlikely that either would be approved, and even if it were, the APRs will be extremely high. Affordability-wise the £1500 will pose a problem as you are making extra monthly expenditure. The £6000 will be assessed even though mainly consolidating, as new credit in addition to your current commitments.

Thus it seems unlikely overall. Can you not get any other type of grant at all?

evissa

Wutang wrote: »

I love it!!

zppp wrote: »

Thus it seems unlikely overall. Can you not get any other type of grant at all?

Unfortunately not, i have tried to look into this but it appears grants are only ever awarded to charities directly but not individuals raising money on behalf of them

fozmcfc

Just an idea of how you might be able to pursaude Natwest as I don't think they will allow a further £6000 debt without some compromise.

If you said to them said that you want to consolidate and agree for your Natwest card to be cleared and closed and your overdraft to be taken away as well Natwest might look more favourable.

That way they will be getting £2500 you owe them straight back as such and you won't be able to run up any more credit card or overdraft debt with them.

Your outstanding debt will then by £6000 + interest, plus £2000. £8000 is still though a lot of outstanding debt for someone who earns £17000 a year.

evissa

fozmcfc wrote: »

Just an idea of how you might be able to pursaude Natwest as I don't think they will allow a further £6000 debt without some compromise.

If you said to them said that you want to consolidate and agree for your Natwest card to be cleared and closed and your overdraft to be taken away as well Natwest might look more favourable.

That way they will be getting £2500 you owe them straight back as such and you won't be able to run up any more credit card or overdraft debt with them.

Your outstanding debt will then by £6000 + interest, plus £2000. £8000 is still though a lot of outstanding debt for someone who earns £17000 a year.

Thanks for that! I think speaking to them probably is the best solution as they know my finances better than anyone. (exception of me of course)