Need a Loan but have Poor Credit - any advice?

LucretiaUK

Hi
I've been looking over the forums since I trawled the comparison sites for a debt consolidation loan, and have received calls from Loan Finder (£61 fee, argh), Wentworth (£59 fee, argh plus they were pretty surly on the phone), have been through the 0906 :money: people who have found me three companies that can loan me money.
I seem to have an association on my credit report to my b***ard ex husband who defaulted on every loan he ever took, but I'm arranging for that to be disassociated. That will hopefully clean my credit score up a bit.
Now, I need this money quite fast to clear debts and finish my HGV driver training but I don't like being rushed into things over the phone. Can anyone recommend a really good, decent company that does a reasonable rate and won't rip me off?

Thanks all

ryanm198

Really depends on how much you need? How much debt you have? Your salary?

Your best route would be to try your own bank first but most wont loan money for consolidation anymore. But like I said it depends on your circumstances as to whether they'll even consider lending you money.

Sorry I wasnt more helpful just may need a bit more info.

LucretiaUK

OK. I need 9k and I earn 20k. :cool:

chesky369

and how much debt have you?

ryanm198

If you don't have any other major debts then 9K could be do-able on your salary. If you've done a credit score check and thats the way you found out you've got a poor credit rating then I wouldnt pay to much attention to that, at the end of the day they aren't the ones lending you money.

Have you tried your own bank for a personal loan?

KingElvis

Does "poor credit" mean you have defaults, late payments or CCJs?

LucretiaUK

I have tried my own bank, they have yet to reply but I was declined by both Santander and Halifax. CFD are on the phone right now.... will update in a mo...

ryanm198

LucretiaUK wrote: »

I have tried my own bank, they have yet to reply but I was declined by both Santander and Halifax. CFD are on the phone right now.... will update in a mo...

If your declined by a few banks I wouldnt' keep applying as this can add to your 'poor' rating.

Tixy

LucretiaUK wrote: »

Now, I need this money quite fast to clear debts and finish my HGV driver training

Getting another loan won't clear your existing debts at all, its only moving them elsewhere. And if you have been turned down by several banks then there is no point in keeping applying. And no point in applying for anything at all until you have sorted out filing a notice of disassociation with all 3 credit referene agencies?

How much are your current debts and how much money do you need extra to complete this training?

If the high street banks won't lend and you are looking at subprime brokers chances are you won't get the money you want, any loan you are actually given would be at a very high APR, and lots of them will require upfront fees. Anyone pressurising you on the phone is not someone to borrow from.
And as Elvis asked what is your credit history like? do you have defaults? CCJs?

Why do you want to consolidate? what are the APRs on your current debts? have you worked out a monthly budget as to how much you can afford each month?

LucretiaUK

ryanm198 wrote: »

If your declined by a few banks I wouldnt' keep applying as this can add to your 'poor' rating.

I've always found this occurrence faintly ridiculous. Surely I'm entitled to shop around a bit without people looking down their nose at me as if I'm some desperate beggar and then kicking me even harder?

Anyway CFD said no and put me onto Knightsbridge debt management people. They'll freeze my credit card debt, presumable for a fee?

None of this solves my dilemma. I need at least £750 like yesterday to pay my HGV training fee, or the £1500 I spent getting the training and tests so far all goes down the drain, and I have no fallback skills in case of redundancy. I am trying to sell my motorcycle to raise funds but no joy there.

All this has made me very sad, somewhat embarrassed and disappointed in how many people want to rip me off. :mad:

BackOnTrack

You could try a credit union for £750. I am unsure if you have to pay into them first but if you explain your circumstances they might be able to do something.

For more info see http://www.moneysavingexpert.com/banking/credit-unions