Bad Credit in the past...

kym88

I've had bad credit in the past and set up a payment plan to clear my debt with gregory pennington 3 years ago.

I'm needing a loan for £15k to purchase a houseboat, so i can move onto it, own my own "home" and cut back on a lot of costs. I can make sure the loan is also guarunteed to the boat which itself is worth £20k.

I've been speaking with Express Loans which is part of Ocean Finance for them to find me a loan however one of the companies only lend upto £3k.... They are still in talks with other companies regarding lending me the full £15k.

I have no problems paying £500 a month back as I've just received a large payrise and already have a large deposit for the boat. I am financially stable and the mess I got into was when I was 17 - 18 years of age and regretting it a lot now!!

Does anyone know any loan companes who deal primaraly with people who have advherse credit and a loan that I could guaruntee on something such as a boat?

Kym :A

jonesMUFCforever

You will find it extremely difficult to get a loan for that amount until the bad debts have fallen off your credit files.

Tubbss

Hi,

Agree with Jones.
As you are on a debt management plan "this ship has sailed" and you will have little or no chance of getting a loan. Why not use the large deposit you have raised and pay the £500 per month to pay off your existing debts (defaults) and pay them off quicker so that the defaults etc drop off quicker? You can then "drop anchor" and hopefully get your houseboat.

masterlumps

Tubbss wrote: »

Hi,

Agree with Jones.
As you are on a debt management plan "this ship has sailed" and you will have little or no chance of getting a loan. Why not use the large deposit you have raised and pay the £500 per month to pay off your existing debts (defaults) and pay them off quicker so that the defaults etc drop off quicker? You can then "drop anchor" and hopefully get your houseboat.

only the defaults wont drop off any quicker, they will show as settled/satisfied but they will still remain on the file, as defaults, for the 6 years

Tubbss

masterlumps wrote: »

only the defaults wont drop off any quicker, they will show as settled/satisfied but they will still remain on the file, as defaults, for the 6 years

agree, but if they continue to make payments via debt management then the chances are that there will stil be a balance in 6 years time so the defaults will still be showing on the fie. If the debts are paid off quicker then the defaults will be off in 6 years.

CHR15

It does beg a question how someone on a dmp has a large deposit for a boat!!

The_Cappuccino_Kid

Tubbss wrote: »

agree, but if they continue to make payments via debt management then the chances are that there will stil be a balance in 6 years time so the defaults will still be showing on the fie. If the debts are paid off quicker then the defaults will be off in 6 years.

Defaults come off your credit report after 6 years regardless of whether they are settled or not.

sammyjammy

The_Cappuccino_Kid wrote: »

Defaults come off your credit report after 6 years regardless of whether they are settled or not.

You beat me to it

masterlumps

Tubbss wrote: »

agree, but if they continue to make payments via debt management then the chances are that there will stil be a balance in 6 years time so the defaults will still be showing on the fie. If the debts are paid off quicker then the defaults will be off in 6 years.

after 6 years they will drop off, regardless of status