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Need a Loan. But its not working!!
neolight90
Posts: 58 Forumite
in Loans
Hi there, I have a managed loan with HSBC that is around £3.8k at the moment been paying that back for 18 months now still has about 13 months to go.
I have other small debts scattered about totaling including the HSBC loan around the £5.7k mark. I have worked hard to get my credit report to a good level but the only bad thing on there was my HSBC managed loan that shows 2 2 2 2 2 2 2 2 2 2 2 2 for the last 12 months its because when I first took out the loan I lost my job as a stock broker and I had no money to pay.
They did not want to help me at all and after a month got another job and starting paying back but because all my debts seem to add up to around £800 a month not including my rent and what current bills I am at my limit and cannot pay back HSBC the arrears I do however continue to pay the month payment.
I tried to apply for a loan with my bank but they said no due to the managed loan and arrears and I tried Smile and Tesco they said if it wasnt for the arrears with HSBC which I would use the new loan to pay HSBC off.
If I got this new loan it would set a date of debt free within 60 months and my out goings would drop to £250 a month which would help so much. I dont plan to take out anymore credit other then this and maybe get a mortgage one day.
The problem I have now is my credit file has been searched 5 times while trying to get a loan and I got desperate yesterday and applied for one of those Granite cards for bad credit in the hope if I got a £500 limit I could pay the arrears to HSBC and then I could get a proper loan and pay off everything and close the bad card.
I tried looking for bad credit loans I dont mind if its high interest for 6 months as I would redo the loan when the arrears drops off as I would have a excellent credit rating again.
All bad credit loans I have inquired for seem to lead to Asian people calling me with fake English names and trying to get me to pay a upfront fee or wire them money first. I mean I am not stupid.
So any ideas?
I have other small debts scattered about totaling including the HSBC loan around the £5.7k mark. I have worked hard to get my credit report to a good level but the only bad thing on there was my HSBC managed loan that shows 2 2 2 2 2 2 2 2 2 2 2 2 for the last 12 months its because when I first took out the loan I lost my job as a stock broker and I had no money to pay.
They did not want to help me at all and after a month got another job and starting paying back but because all my debts seem to add up to around £800 a month not including my rent and what current bills I am at my limit and cannot pay back HSBC the arrears I do however continue to pay the month payment.
I tried to apply for a loan with my bank but they said no due to the managed loan and arrears and I tried Smile and Tesco they said if it wasnt for the arrears with HSBC which I would use the new loan to pay HSBC off.
If I got this new loan it would set a date of debt free within 60 months and my out goings would drop to £250 a month which would help so much. I dont plan to take out anymore credit other then this and maybe get a mortgage one day.
The problem I have now is my credit file has been searched 5 times while trying to get a loan and I got desperate yesterday and applied for one of those Granite cards for bad credit in the hope if I got a £500 limit I could pay the arrears to HSBC and then I could get a proper loan and pay off everything and close the bad card.
I tried looking for bad credit loans I dont mind if its high interest for 6 months as I would redo the loan when the arrears drops off as I would have a excellent credit rating again.
All bad credit loans I have inquired for seem to lead to Asian people calling me with fake English names and trying to get me to pay a upfront fee or wire them money first. I mean I am not stupid.
So any ideas?
0
Comments
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You are never going to get out of debt by borrowing more debt. It's an endless spiral with only one outcome. I would recommend speaking to Citizens Advice, National Debtline or CCCS ASAP and find out what options you have available.Total 'Failed Business' Debt £29,043
Que sera, sera.
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its not the debt I have a problem with I can continue to pay all my debts as it stands and leave the arrears on HSBC as I will pay it off by the end of next year. Saying it will spiral is not the case if I get a new loan and consolidate as that will be my only debt and will take 60 months then its gone no more issues.0
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There's just no chance mate, sorry to be that hard but there it is, in a loan nutshell.
You need to give the searches and some of those payment markers time to "leave the building"
Good luck."We want the finest wines available to humanity, we want them here, and we want them now!"0 -
i'm surprised that 5.7k of debt comes to 800 per month (i.e. 9.6k per annum)
what are the debts
post up your details
http://www.makesenseofcards.com/soacalc.html0
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