Bad credit - need a loan to cover my debt

Smirch_This · 9 February 2011 at 11:30AM

I'm in the unfortunate position of repayment paralysis.

a) having a poor credit rating
b) earning too much to get any help whatsoever.
c) really high outgoings on debt which are APR applied rather than fixed term debts. Basically they NEVER go down.

My total debt is ~ 20k. My outgoings on debt a month are about £1k.

Is it possible to get an unsecured loan for the 20k (or close to it) from anyone with a fixed term? I don't really care what the term or interest rate is as technically it WILL be better than the current outgoing is and there will be a defined end date. I am interested in a set monthly payment less than £1k and a fixed term.

I have no income issues now so can afford to pay debts off but I'm paralysed by min payments etc.

I used Welcome Finance in the past on a horrid 39% rate which worked fine but that was only for a portion of it. They don't exist any more however.

KingElvis · 9 February 2011 at 11:40AM

Sorry but there's no chance anyone in the solar systems would give you that kind of money with the problems you already have.

Also, Welcome are out of business for a reason.

ILW · 9 February 2011 at 11:44AM

I love the phrase, "I need a loan to cover my debts".

Tixy · 9 February 2011 at 11:51AM

Hi

Sounds like you stand little chance of a consolidation loan. Might be an idea to pop over to the debt free wannabe section of the board and post up a statement of affairs to see if people can suggest other money saving ideas so you can reduce your other costs, leving you more money for debt repayments so you get these debts paid off quicker.

Smirch_This · 9 February 2011 at 12:47PM

Hardly worth spending my time on that then.

Thank you to the single non pedant!

Ihatecameron · 9 February 2011 at 12:54PM

What you really need is to take control of your spending, learn to live within your means. There is no law that says you have to spend everything you earn and borrow on top of that.