loan consolidation with poor credit

beckystar2

Hi,

This is my first post, I am having troubles with my debts. As it stands I have 8500 with BOS, 1200 and 1000 on credit cards and 1500 on cahoot loan. I have no trouble with BOS but I am finding it very difficult to stop spending on the CC's and the cahoot loan is near the end of the month and I keep missing payments.

I would like to get a loan for the CC and loan. I have one default and several missed payments over the past 6 months. I know if i could get a loan then i know i would sort out my problems so much better. Does anyone know any loan companies for someone in my position with arrears? Also I have been offered an IVA in the past, is this a good or a bad thing as im struggling to find the pro's and con's

Any advice would be appreciated, thanks

cattie1

i wanted exactly the same thing as you but i would advise you not to apply as the only people who are likely to accept you are citi-financial and black horse but only with extortionate apr. i was declined by these though and i have maybe 3 defaults 0 iva's but a poor credit score through moving house/job being out of work.
so then they put you through to numerous debt managment companies-and they hound you!!!

MCBIRNIE25

Hi, first thing is DON'T TAKE ANOTHER LOAN.
Try and reduce expenditure where possible, to give you extra cash to pay off your debts.
An IVA, here is some basic info
Individual Voluntary Arrangement (IVA).
Debt Guide: For debts over £15,000.
Pay Guide: Minimum monthly payment at least £250.
An IVA is a legal process introduced in 1986 as part of the insolvency act that allows a person struggling with debt the opportunity to make a formal proposal to their creditors in order to clear their debt. The purpose of an IVA proposal is to demonstrate to creditors that it would be of greater benefit to themselves and the debtor, in comparison to the debtor being made bankrupt. A creditors meeting is held and if the proposals being made are accepted by the required majority of creditors then they become legally binding on all creditors notified of the proposal. Once accepted, creditors have no alternative but to stop any further interest and charges accruing on the outstanding debts. The benefits of an IVA are...

You're GUARANTEED debt free in 60 months
It wipes up to 75% off all un-secured debt
It allows one affordable monthly payment
All interest FROZEN and charges STOPPED
Tenants & Homeowners are able to apply
It relieves pressure and you regain control


Upon the successful completion of the IVA the debtor will be considered debt free even though they may not have actually paid off all of their debts in full. Any outstanding balances are written off (known as a composition of debts) and the debtor is then free to make a fresh financial start...Learn more

beckystar2

That sounds so much better, I have been offered one in the past but wasn't sure how good that were. I read a thread on IVA's previously, who do you recommend seeing as there are quite a few companies out there offerering the same sort of thing

MCBIRNIE25

Becky, phone cccs or payplan, and they will talk you through it all. The addresses are on this website.

southernscouser

Becky I'm talking from experience here so I'm not having a go!

By taking consolidation loans you are only covering over the cracks of the problem. Eventually those cracks will come to the front again.

What you need to do is work out a budget so that your incomings are more than your outgoings or at worst equal.

Until then you will fall in to the trap that I did. Several times! :doh:

Have a look at this thread hun and post a SOA and we will see how we can help you cut back.

rog2

PLEASE do not try to borrow yourself out of debt. I promise you, from personal experience, it just doesn't work.