Urgent unsecured Loan advice.

LDNincrisis

Good afternoon,

About 2 & a half months ago I had a personal family emergency (which was necessary but I don't want to go into) which required me spending money I didn't have.

Unfortunately the wolves are now almost at my door. For the past 2 month it has been a spiral where I almost owed as much money as I have coming in and now on the 15th (my payday) I will owe more then my wages. I'm really at my wits end and have tried to pull my belt right in and live on starvation rations however it just hasn't been possible.

I've thought about it and I've decided I need to get an unsecure loan, as I’m not a home owner. I’ve contacted my bank who will not loan me money because of all the bounced DD and being overdrawn relating to the initial incident. And because I only require £2.5-3K I seem to fall below the level of "consolidation loans”.
I’ve be left trawling through the net trying to see what available. However almost all of those available to people with bad credit seem to be scammers where they sell your details to other companies and my phone has been ringing off the hook!!!
Guys, I really need some constructive advice because this whole situation is making me so depressed and I don’t see a way out.
Thanks in advance for any help you offer.
Kindest regards.

LDNincrisis

I forgot to mention that I want to pay it back as quickly as possible, i.e. 12 or 18 months, which also seems to be a problem.

inmypocketnottheirs

Sorry to say but in today's market you have not got much of a chance. A better solution would be to get yourself over to the debtfreewannabe section and get yourself a statement of affairs posted so that the helpful folks there can help you get out of this situation. Borrowing to pay off debts is not a solution.

Emmzi

Agreed. It sounds more like you need a hand from CAB or similar. I cannot think of anyone non-kneecapping that will help.

Which companies do you owe, it's possible other posters have helpful specific experience.

Is your family crisis anything one of the benevolent organisations could help with maybe?

LDNincrisis

inmypocketnottheirs wrote: »

Borrowing to pay off debts is not a solution.

I'm not arguing or persuming I know better, but the initial problem has disappeared. Unless I was to declare myself bankrupt or something then I see no alternative but to borrow again....

But thanks for the advise, I'll check out the other board.

LDNincrisis

Emmzi wrote: »

Agreed. It sounds more like you need a hand from CAB or similar. I cannot think of anyone non-kneecapping that will help.

Which companies do you owe, it's possible other posters have helpful specific experience.

Is your family crisis anything one of the benevolent organisations could help with maybe?

I hadn't wanted to post details but for clarity and understanding I think I'll have to.
I have a younger brother who has a huge drug problem and is very much the black sheep of the family, basically he is a hopeless junkie. Through his lifestyle and choices ended up owing nearly £7.5k to some extremely horrible people. Now it is easy to say his choices, his mistakes, tough love; only way he will learn etc etc, but the consequences of leaving him to face the music on his own, verses ruining my credit rating didn’t bother me. I am also aware of where my money has effectively gone but blood is blood and I’m sorry.
I have explained to him in no uncertain terms, there won’t be a next time as far as I am concerned and he needs to get himself sorted out.
But I need to get myself back on track. I was able to cover most of this with my savings and the remainder with payday loans, stupid I know, but getting credit at a reasonable rate of interest at the drop of a hat isn’t easy. I have a reasonably well paid job but unfortunately like I said previously, after the 15th I’m going to be at about minus -£600 to 700 before I’ve bought any food or a month’s oyster card.

thescouselander

Who exactly are you paying back currently? It sounds like you would want to pay the money back ASAP so if your credit rating is good enough you may be able to apply for a credit card with an introductory interest free period on balance transfers.

Emmzi

which payday loan companies

have you talked to the provvie, they do have high interest but may be a better option

Thrugelmir

LDNincrisis wrote: »

I hadn't wanted to post details but for clarity and understanding I think I'll have to.
I have a younger brother who has a huge drug problem and is very much the black sheep of the family, basically he is a hopeless junkie. Through his lifestyle and choices ended up owing nearly £7.5k to some extremely horrible people. Now it is easy to say his choices, his mistakes, tough love; only way he will learn etc etc, but the consequences of leaving him to face the music on his own, verses ruining my credit rating didn’t bother me. I am also aware of where my money has effectively gone but blood is blood and I’m sorry.
I have explained to him in no uncertain terms, there won’t be a next time as far as I am concerned and he needs to get himself sorted out.
But I need to get myself back on track. I was able to cover most of this with my savings and the remainder with payday loans, stupid I know, but getting credit at a reasonable rate of interest at the drop of a hat isn’t easy. I have a reasonably well paid job but unfortunately like I said previously, after the 15th I’m going to be at about minus -£600 to 700 before I’ve bought any food or a month’s oyster card.

Love sometimes needs to be tough. What has your brother actually learnt? Very little, and more than likely needs far more than merely financial help. Don't walk away from him now and let him drift back into problems in the future.

In the process you've created yourself a difficult situation. That will require a degree of humilality to resolve.

Firstly make an appointment to meet a senior bank official not a junior. When you attend the meeting have a proposal as to how much money you need to get yourself out of your predicament and how much you can afford to repay every month. Take an SOA with you. Be truthful as to how the situation arose.

Relationships are built on trust so you need to convince the bank that you intend to meet your obligations. Be frank, professional, and keep to the arrangement if you can obtain one.

LDNincrisis

Virgin credit card - £1000 (max'd and won't increase limit)
Loans from friends - £500
Capital one finance - £287.50
Wage day advance - £380.00
Uncle Buck - £292
Quick quid - £187.50
And another one - £280ish

Burlesque_Babe

best thing is to come over to the debt free wannabee board and post a full statement of affairs with your outgoings. There are lots of people with excellent advice on how to help your budget improve, ways to handle the debts and how to approach paying them off.

Also start checking out the Up Your Income board for ways for extra bits of cash, sell everything not nailed down on ebay and find a local car boot sale to start bringing in extra money over the next few days and weeks.