Loan Advice Please

Anniek1969

Need some advice regarding a loan, we really need to borrow about £1000 short term. Our car needs some work done and my husband is in the process of leaving his job and is currently in a home computer scheme which will have to be repaid from his final pay. This will take all of his pay and he'll still owe about £500 which according to the contract will have to be repaid within 7 days.

We have a pretty poor credit rating due to past debt problems so the only way I can see out of it is taking a secured loan as we have about £30000 equity on our house. The problem is that most places will only allow you to borrow over £5000 and a minimum of 5 years. I don't need £5000 and I really wanted to repay over a maximum of 2 years.

Can't get a credit card, and I don't think I would be able to get an unsecured loan.

Anyone got any ideas as to how I can borrow this money?

Really driving me mad thinking about it all as I can't see any other way out than borrowing more than I need and over a longer term which means lots more interest to pay.

All advice gratefully received, thanks.

AMILLIONDOLLARS

Stop panicking and go over to the DFW board, Not really sure of your circumstances, has your husband got another job to go to? The Debt Free Wannabe clan are really helpful with situations like these, I am sure someone there will be able to give you some really good advice. Borrowing money may not be the way to go. Has your husband not looked in to paying off these debt on a monthly basis with his ex-employers, it may be worth approaching them with this idea. Do you work? You will need to list a Statement of Affairs with DFW listing all you incoming and outgoing expenditure, the kind folks there will look at your budget and come up with some suggestion on how to overcome this problem. Hop over now and introduce yourself to them, you will be very welcomed.

Good luck

AMD

Anniek1969

Was going to post it on the DFW board but wasn't sure if that was the right place.

He's leaving to become a self-employed taxi driver (black cabs) where hopefully he'll be making more than he is now. The problem is that if they take his last pay then it leaves us with no money that week and we'll still owe about £500 which according to the contract they will expect payment within 7 days.

I don't work at the moment and financially we are doing ok, we're repaying all our old debt back and we're coping fine, but this is really going to upset the balance if they take all his pay.

With the new job bringing in that bit more we could afford to pay for a loan but I really don't want to have to borrow more than I need.

Will post on the DFW board as well and see if anyone has any ideas on a short term loan.

Thanks