Credit rating depression

rosco166

Hi

when i was 18 years old i walked into Abbey national inquired about a loan and within an hour i had £4500 loan which i bought my first car with.
Unfortunatly i lost my job due to it falling into liquidation and i could not pay the loan for up to 8 month. i also missed phone bill and ended up over my over draft due to road side assistance fee from the bank tasking me over and them charging me every week.
I am now and have been for well over 2 years been paying it off and never missed a payment. i have cleared all but my loan, which i will finish 2013.
I have a car old thing which has now gone bang and is worth nothing.
i desperatly need another one and one which will last me.
obviously i stand no chance of getting any finance/ credit and hinder my girlfriend as she is associated with me.
i havbe no choice but to go down a dodgy route such as Aspire or some awful loan company with outrages APR.
But even this proves to be an up hill task with upfront fees and no response after being the main trend of these companies.

so i am asking if anyone out there has awful credit and has managed to gain some finance or a loan to let me know as i am seriously stuck.

the most frustrating thing is that its based soley on a credit score which doesnt show much. i could easily pay for a car on finance 10 times over qas i am very lucky to have a good income and secure job, but that means nothing duew to my past. and i hate the fact i hinder my GF with her credit.......

Any help would be most appreciated

drbesty

If you have a good income you should be able to save up for a car in no time, only other option is to take a bad credit loan

chalkie99

Instead of getting a car which will last you buy a cheap one (which might well last you anyway) and save that very good income until you can be a cash buyer for a newer model in which case you can not only save a fortune on interest but also negotiate a better deal.

bengalknights

If you can pay the loan 10 times over then you could save up for it as suggested by others this way no debt would required and you could use public transport etc while you save up.

rosco166

Savings all well and good but takes time and time i dont have!!

But i am very pleased to say my brother has offered to put a car in his name for me and me pay it that way!! good family is hard to come BY

drbesty

A lesson to learn for the future then, put some of your massive income away for a rainy day

geoffky

rosco166 wrote: »

Savings all well and good but takes time and time i dont have!!

But i am very pleased to say my brother has offered to put a car in his name for me and me pay it that way!! good family is hard to come BY

oh dear......

Common_Sense_2

rosco166 wrote: »

Savings all well and good but takes time and time i dont have!!

But i am very pleased to say my brother has offered to put a car in his name for me and me pay it that way!! good family is hard to come BY

So your brother is fronting for you, ie. obtaining credit for someone who cannot get it themselves. in the eyes of the Credit Industry Fraud Awarenes System (CIFAS) that is a fraudulent activity.

MarlinD

chalkie99 wrote: »

Instead of getting a car which will last you buy a cheap one (which might well last you anyway) and save that very good income until you can be a cash buyer for a newer model in which case you can not only save a fortune on interest but also negotiate a better deal.

Yes I also agree with your opinion. One should think of buying such expensive things when one is having that much ability and safety as well.

sharpy2010

Common_Sense_2 wrote: »

So your brother is fronting for you, ie. obtaining credit for someone who cannot get it themselves. in the eyes of the Credit Industry Fraud Awarenes System (CIFAS) that is a fraudulent activity.

If someone wants to help someone else get credit, apart from the fact its a bad idea, as long as it gets paid I can't see how it is fraudulent.

I'm not saying it isn't, but I don't see why it should be?

samizdat

Not clear there is fraud here. We know his brother has taken out a loan, but we do not know whether he was asked to declare any specific purpose for the money. Perhaps he is just being sensible by making sure he has title to the car in case the OP doesn't pay him back.