Help please! Bad credit

stephane_2

You only want to hear what you like....then there's no point coming here for advise...you've just come out of your debt and the best thing you can find is to borrow money from a shark company..

tonycottee

If you've paid off your parents, can you not borrow a bit extra off them?
Some of those payday loans charge over 1000% APR I believe.

jimbms

Considering most of the cards available to people with bad credit can take a month or longer to be approved, then if you can pay back the amount in July/August then there is no point. Why do you need this money so ungent, there are always ways of getting round needs.

Dabooka

Are you saying you're earning 21k yet have NO savings, owe your mum and don't have enough left out of your monthly wages this month to make the trip? Come on, you're having a laugh mate. Either borrow the money from the mate you're taking along or borrow from your parents again. Assuming you have actually been paying them off, you'll have no bother topping it up by a couple of hundred quid.

CannyJock

lolat wrote: »

no, max £1000 - i was giving a ballpark figure. I only need £200 spending. I've literally just finished paying off all the debt that my ex and I ran up. Hence the CCJs and bad credit rating. That's where my money has been going. i've now come out of that, but i've not built up good credit yet. Can't sell the tickets, because you can't change the name. I understand that pay day loans aren't great, but for a one off?

Yeah, go for it! What have you got to lose? It's only money after all. You could be dead tomorrow!

.... is that what you were hoping to hear?

Nobody in their right mind on a moneysaving forum would advise you to take out a payday loan at 1737% APR for a flippin festival.

Is it this same sense of need for immediate gratification and impulsiveness that got you and your ex into the situation where you were spending beyond your means in the first place?

You don't need to use the tickets. Consider it a harsh lesson that if you hadn't got yourself into this situation in the first place then you would have been able to take advantage of the freebie tickets.

... although somehow I doubt that any of the advice you get from people here will make a blind bit of difference and you've already decided to borrow the money to go regardless of what we say ...

jimbms

You have not paid for the tickets, you won them, so if you don't go you have lost nothing, I cannot see the point in you coming on here asking for advice, if you are that stupid to try to get into debt again just so you can use a couple of free tickets then I suggest you get a payday loan as you deserve to be ripped off.

LittleStepsFirst

Why do people keep banging on about APR on payday loans?? It's something I've never truly understood.

The whole point of a payday loan is a loan which you pay off on payday - ie when you get paid.

People who quote scarestory APRs of 1000%+ can't be looking at them in the way in which they are intended.

If you borrow £100 from a payday loan person, then you have to be turned up to full retard to keep that loan going for the year (the A in APR). If you borrowed that £100 and paid it back within a few weeks (usually around payday), then it's not going to be as scary. Yes it's still going to be a hefty old whack, but if you can afford the repayments, and have absolutely zero other avenues open to you - it is a final option.

APR has nothing to do with pay day loans... 1000% APR is about 20% a week, so if you borrowed £100, you'd fork back £144 for having the loan over 2 weeks (compounding at 20%/week)

Yes, people who use payday loans/logbook loans etc need to be warned - but 1000% APR is not the way to do it imo as it's not how the loans are designed to be run. If anything, it dilutes the APR on normal rate and bad credit risk CC's and loans as being "oh well it's only 34.9% APR, which is a lot less than the 1000%+APR those payday people were going to charge me".

I'm in no way endorsing this type of sharking, far from it - anyone who has a payday loan and fully intends to keep it open for more than a couple of weeks should urgently seek alternate forms of financing whatever it is they want to buy. Using them in their intended fashion, whilst not clever - it is not as bad as people make them out to be.

CannyJock

LittleStepsFirst wrote: »

Why do people keep banging on about APR on payday loans??

Because it's an industry standard way of comparing products? Try wikipedia, it'll explain why APR was invented.

LittleStepsFirst wrote: »

I'm in no way endorsing this type of sharking, far from it

You sound to me like a a thinly disguised sales person for a payday loan company.

If you read the OP, you'll see that we're not only ridiculing the finance costs of a payday loan, but also their reasons for considering one - given this is a money saving/making forum.

SeanyP321

dude...many of us ex-debtees dream of 21k. My mother in law makes 11.5k. She has kids, a car, a house, dogs... and if she wanted to go to a festival... she would budget for it and go. She would find something she doesn't NEED to spend money on and divert it to her 'festival' fund.

You are either taking the !!!!, selling payday loans, or a massive coke head.

Dr_Cuckoo3

lolat wrote: »

I've tried my bank... no good

Who is your bank ?


You need to behave in a manner that impresses your bank and most people do not understand this


Your bank will treat you in the manner your behaviour warrants