HELP ME!!!! In desperate need of a loan

xvickyx

Hi

I am in desperate need of a loan to cover all my debt!

It's getting out of hand, and I can't control it & I would like just one payment to make.

I have about £10,000 of debt from credit cards, catalogues & loans.

I have 6 unsatisfied CCJs (which I am paying off) and 11 defaulted accounts.

I still live at home with my parents and I really need a loan ASAP as I want to move out and with all this debt, it's not possible.

Can't believe I have gotton myself in this situaton :mad::mad::mad:

immoral_angeluk

HELP ME!!!! In desperate need of a loan

No... you really don't. That's only going to make the situation 10x worse. What you DO need is to speak to one of the free debt charities. If you prefer dealing with things on the phone, call CCCS or National Debtline. If you prefer face to face, go see your local Citizens Advice Bureau.

Using debt to pay off debt only ends badly and isn't a solution.

Clive_Woody

xvickyx wrote: »

I am in desperate need of a loan

I have about £10,000 of debt from credit cards, catalogues & loans.

I have 6 unsatisfied CCJs (which I am paying off) and 11 defaulted accounts.

Your best bet is probably a lottery ticket, maybe two if finances permit.

I think the odds of winning the jackpot are around 14 million to one, so slightly better than your chances of getting a loan.

xvickyx

Clive_Woody wrote: »

Your best bet is probably a lottery ticket, maybe two if finances permit.

I think the odds of winning the jackpot are around 14 million to one, so slightly better than your chances of getting a loan.

WOW so helpful! :mad:

xvickyx

immoral_angeluk wrote: »

No... you really don't. That's only going to make the situation 10x worse. What you DO need is to speak to one of the free debt charities. If you prefer dealing with things on the phone, call CCCS or National Debtline. If you prefer face to face, go see your local Citizens Advice Bureau.

Using debt to pay off debt only ends badly and isn't a solution.

All I want it to clear my debt ASAP with a loan and have one repayment, I don't want a debt management plan for 5 years, where my credit will get worse.

I have already looked into this.

lynzpower

Why are you not getting a loan tho when you are applying? Is it because your credit rating is shot to bits?

Seriously, take the advice of Immoral Angel , she knows what she is talking about and is correct.

How have you got into so much debt, by living at home? Do you have any thing ( car?) that you could sell?

immoral_angeluk

xvickyx wrote: »

All I want it to clear my debt ASAP with a loan and have one repayment, I don't want a debt management plan for 5 years, where my credit will get worse.

I have already looked into this.

Trust me, a loan will only make you financially worse off. Consolidation loans are never a good idea as you pay a hefty price for it on top of what you already owe. Also your chances of getting one are slim to none as creditors will assess the loan you need on top of what you already know.. so if you owe 10k and want a 10k loan to pay it all off, they will assess your application based on your having 20k, and base affordability on that, so unless you're on a decent salary of 40k or more, a consolidation loan would not an option as the creditors will simply not lend to you.

Re: DMP... you'd be happy paying a loan for the next 4,5,6 whatever years, at a price you would struggle to afford, and pay god knows how much in interest for the priviledge, but you wouldn't be happy paying a debt management plan of what you CAN afford, for that time? With the greatest of respect that's shooting yourself in the foot.

talana

I have 6 unsatisfied CCJs (which I am paying off) and 11 defaulted accounts.

Even if it were a good plan, where do you intend to get a sensible loan with a credit history as above and £10K of existing debt?
It's not going to happen.

Your credit file can't get much worse, so please please take the good advice above.

xvickyx

Ok, fair enough, I have actually made a plan with my boyfreind on excel and it would take me until the end of 2011 to pay it all off, at prices I can afford

I guess I was just looking for a quick fix

I know my credit rating is bad, I don't need to be reminded about that, I was asking for help not to be lectured on why and how I got into debt, I explained what the debt was for.

immoral_angeluk

xvickyx wrote: »

Ok, fair enough, I have actually made a plan with my boyfreind on excel and it would take me until the end of 2011 to pay it all off, at prices I can afford

I guess I was just looking for a quick fix

I know my credit rating is bad, I don't need to be reminded about that, I was asking for help not to be lectured on why and how I got into debt, I explained what the debt was for.

Noone is lecturing you, sometimes it's just difficult to see the wood for the trees, and you were being given advice on why you would not get a loan.
Glad to hear you can afford to repay it without getting a loan though, good luck!

xvickyx

Hmmmm I am going to need it, its really stressful, and has been getting me down alot!