We would like a loan but have a few problems!!!

MrImpossible

I became bankrupt two years ago as the result of a business failure and a divorce. I opted for a complete career change and am now a full-time student about to start the third year of a four year degree course. Like most students I am working to try and provide additional support for myself and my partner. My partner has had two operations and radiotherapy for brain tumours and is on long term incapacity benefit and disability living allowance with no immediate prospects of a return to work. Prior to her illness, she owned a property which was sold in order to repay the majority of our joint debts other than those that were being paid by PPI.We are now housing association tenants.
To make a long story boring... Since 1999, any money we have needed for major purchases, we have borrowed from my partners parents or they have taken out small loans on our behalf.
The only credit we have is in my partners name and this is an overdraft for £1000 and a credit card for £3000.
We now need to purchase a new car and have the opportunity of buying one privately for £1000 which we know is well below the market value and is in superb condition. Our existing vehicle is almost beyond economic repair.
We thought a loan to clear both overdraft and credit card as well as buying the car would be a good idea. Also, if posible to borrow enough to repay my partners parents some or all of what they have loaned to us or borrowed for us.
Using one of the brokers off the web, we were put intouch with Black Horse Finance and my partner was offered a loan of £1500 over 37 months @41% APR!!!
Are there any other viable alternatives?? Any advice would be welcome.

Heddwen_2

Black horse finance - if theyre related to Lloyds TSB Bank steer well clear as their not the most helpful bunch!

By the way have you thought of applying for a Motablility car?

Goodluck andall the best!

;D

MrImpossible

:)Thanks Hedwen. Have looked into the motability route and although my partner scores highly on everything else, she is still considered to be too mobile to get the higher element of the mobility component of her DLA.
Whilst I'm here, has anyone had any dealings with a company called Churchwood???

RhiannonB_2

bloody hell thats bad i work for lloyds tsb and never thought they would have loans at those interest rates thats disgusting

scheming_gypsy

Although you want a loan to pay off your partners parents have you considered asking them to get the loan?

2 years ago my mum got me a 10k loan to pay off my car finance, credit cards and what i owed her, i paid her the money before she had to pay it so she was never out of pocket and because of the difference in creditabilty she was able to get a better APR than i was.

zcaprd7

If I can draw your attention to one of my old threads (to get a 6.4% APR):

http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Debt;action=display;num=1089827647

It uses a bit of a loophole but its what I did...

MrImpossible

Thank you all for your interest and advice. Pity we did not know about the A&L loophole before. We have now secured a loan from HSBC with whom my partner has banked for years - we had not considered them before following a meeting nearly a year ago when the reaction to our loan enquiry had met with a frosty response. We got the loan for 9.9% APR - reduced from the original offer of 11.9% and thougt we had considered a reasonably good deal considering our personal circumstances. Perhaps others in our position may wish to give them a try?? ;D