Loans for Self employed (less then 6month)

amylou2011

hi all, any help/feedback on this would be greatly appriciated.
This time last year my husband was applying for loans with the lowest APR. unbeknown to us at the time that this was doing untold damage to our credit score. We then went to his bank who has been with since he left school, we managed to get a loan at an APR of 25.1%. We were advised to give it a year of payments, go back to the bank and re-loan the same amount so our monthly repayments and intrest would be lower. So this is what we did, and have been refused due to the fact that in june last year my husband became self employed. so he hasnt sufficient proof of income (min 3years for our bank). Now we are stuck. the monthy reypayments are killing us, yet we have not missed one, we've somehow managed to find enough to cover it, but i'm not sure how much longer we can.
so what i am wanting to know is what help is available to us? speaking to the bank manager this week he proposed maybe to go to another lender who does specifically lend to people in our circumstances, but they would have an higher APR, and i don't want anymore years adding onto the 4 we have left to pay for. He's also told us to get all our proof together what we do have and he will send it to head office for them to decide, but he's not hopeful of that as my husband is less than 1year self employed. i really dont want to miss payments so it goes to collections and arrange a new payment plan. (if we did have to do this, do we pay just the loan amount or the intrest still owing too??)
thankyou for taking time to read this
regards, amy

CLAPTON

low interest rates are offered to people with good credit records and who are unlikely to default
from the little information you provide it unlikely that anyone else will give you a loan at all

what is his income?
how much are your debts?

amylou2011

hi clapton, thanks for replying. my OH is on a decent wage, and a full 4weeks wage he gets around £900. and our debts are just over £400 a month, the loan is £200 p/m. but out of the 900, there is car tax, car insurance, council tax water rates ect. which leaves just enough for diesel for work.
besides the self employed, his credit rating wasn't too bad (checked on experian before self employment) the reason it changed cos we were applying for loans online unknowing that it was affecting his credit rating.
any more advise? thanks

CLAPTON

how much are his debts

Apples2

The searches will fall away after 6 Months. I would wait it out for a few months then try again.

amylou2011

hi clapton, debts are as follow : 7k loan with bank (1year old and paid off £1200 but still have £6500 of loan to pay off ((hahaha)) Then we have things like, tele on finance, which is due to finish last payment april! yey!, laptop £500 on finance, bout 1yr left, mobile phone contract, 1 yr left. and thats it. you would think that it would benifit the bank to re loan the money so the payments were lower, so there's more chance of them getting paid every month.
Apples, i don't no if that reply was ment for me??
Clapton, sorry for late reply, only just seen check box to change to email notifications lol! thanks again, amy