Realistic Bad Credit Loan

Dom85_1

Hi all,

Am a new poster to MSE, having been a fan of reading the invaluable advice over the years!

I am in a bit of debt, but not massive amounts (under £2,500) however I am finding it hard to pay the high level of interest on my exsisting commitments each month, so really would like to get a loan that can help me.

My credit history is quite poor, to say the least, as until recently I had no activity then following a couple of years of minimal credit, defaulted on some card payments a few times last year. That said, I did manage to pay off some of my accounts in full at the beginning of the year.

I would like to know if anyone knows any unsecured loan providers that are actually going to be able to find someone in my circumstances a loan. I am quite willing to pay a high APR, but having seen a lot of online 'providers', all they seem to do is farm out your details, then say they can't find anyone -despite their gurantees - then offer you a debt management solution.

I am more than able to pay a monthly loan repayment, but is the simple fact that due to my bad credit history I won't be able to find a loan?

CHR15

You are stuck in a circle.

You are unable to service your current debts, hence the defaults.
when you apply for a loan, the checks they conduct will reveal the fact that you cannot afford your current level of debt, yet here you are asking for even more debt to service.

They cannpt be sure you are going to use any new loan to clear your existing ones, even if you do, there is nothing to stop you running up those same credit card debts again leaving you in an even worse position.

Unfortunate maybe, but the Whole Country has been shouting "irresponsible lending" for a long time now. The banks gave out too much money without considering the consequences to the applicants.

For this reason, they have reigned in lending making it much more difficult to borrow.

Credit Unions are an option, but you have to save with them too before they will lend a few hundred.

The only (and best) advice would be to go over to the Debt Free Wannabe DFW board and post an SOA (Statement of affairs).

Your path is well trodden, there are thousands in your position who are managing to curb their outgoings right to the bone.

If you aren't prepared to sacrifice your standard of living, there is little hope of a way out of debt.

Good luck to you.