help

scottishguy28

hi im on here for help
i need to get a loan to pay off my car as im in a sticky situation with it (another story)

outstanding finance is about £5000
and i need to pay it off in the next week
ive a pretty poor credit rating and i applied for a loan on no worries .com or something like that and got a call from someone who said they could sort out my loan i payed the £69 and they said they would sort it out
5min later i got a call saying i was to follow the email instructions
its a payday advance for £300 ???
anyways im in dier need of a loan my credit history is battered from years ago i need help

Tixy

Hi

Don't pay any broker who wants a up front free - you'll effectively be scammed of your money and they won't come up with a loan that meets your requirements. Whilst in theory you should be able to get most of your money back, in reality this can be hardwork and a long time coming.

If you cannot get a loan from a high street bank - usually your own - then your chances of a £5k loan are pretty minimal.

What is your credit file like currently? what is showing on it?

Are you employed? earning how much? what other debts do you have?

Perhaps if you can explain a bit about why you need to pay an existing loan off so quickly people may be able to make other suggestions.

scottishguy28

bank turned me down for an upgraded account im still using visa electron

credit rating im unsure but ive cleared off all my debt years ago i think i may have a couple of defaulted payments on a few items that arent mine were the ex wifes but in my name

im employed making 21+k a year only debt is the car which i no longer have
when i split up with my ex wife a friend offered me a swap on my car that i used in my wedding so i took it unaware that the car i got was needing to much work on it he wouldnt swap back
his car had finace on it and so did mine we just continued paying the payments
the car i got needed alot of work and i got offer another car so i took it and the person i swapped with sold the car on
now the original person i swapped with has said he has been contacted by his finance company regarding his breach of contract and saying he has to pay in full he says he will contact my finance company and report me
so i need to clear off the debt quickly and i dont even know where i stand on this

lawrie28

So who has the car that you make the payments on?

lawrie28

And has your mate stopped making the payments on his car?

lawrie28

And who has the car that he makes payments on?

scottishguy28

my mate has my car i make payments on

no he got a letter from his finance company saying they know he no longer owns the car and he has 7 days to pay the outsatnding balance

and dont know anymore

shell_belle

if i were you i would call citizens advice they can advice you on what to do.
but i would say that each of you is liable for the finance on your own orginal cars.
i would def speak to them first before you do anything rash like getting a loan for £5k.
and btw dont take a payday loan they just rob you - hope that helps.

Here is the link for CAB -
http://www.adviceguide.org.uk/scotland/contact_us.htm

Good luck

paddyrg

Blimey this is complicated - you need real advice, the CAB is a good idea as at least they can mediate a bit possibly? Alas you should never have swapped vehicles, legally speaking it wasn't yours to swap which is why the finance company are getting angry, like me lending you a DVD which you swap.

The good news is you have a chance, albeit short, to sort this out. The finance company just want their money, not the car, so maybe you can hit up relatives, etc? And I'm not sure what the upgraded bank account has to do with getting a loan - did you ask? If everything else is clean, £5k over 3-5 yrs is not outrageous - but the position with the car is likely to damage your credit rating very soon.

Alas, even if they do take the car, they will sell it for a few grand and still leave you owing on a car you can't use.