£1000 Loan Help

mufcd

Hi,
I'm new here and in a bit of a mess so I'll start from the beginning.

I currently have a loan with Natwest with £5,500 (£212 a month) outstanding, I have a loan with another creditor for £1000 (£113 a month), and I also have three credit cards all to their limit (£200, £500, and £1350). The third card for £1350 is also with Natwest.

I have come into some trouble with my car that will take £1200 to fix (the car is worth £8000) and I have no spare cash.
Therefore, I am in need of a loan to pay for my car to be fixed so I can still make the long journey into work.

On the plus side I currently have £3000 in shares but am reluctant to sell them at this moment because they mature in December and will then be worth £7000.
I will be using this money to pay off my two loans (and the new third one if I get it). My "plan" is then once these are paid off I will have plenty of spare cash to pay off my cards leaving me debt free!!

Now my question is do you know where I can get a loan for £1000 as I can't get one from any bank or reconsolidate my existing one with Natwest. I obviously have a very bad credit rating.
I don't want to go down the payday type loan route as I know this will skint me.

I just need a £1000 loan over two years maybe so the monthly payments are relatively low until December when I can repay fully early. Any ideas?
Or do you think Natwest may consider increasing the credit limit on my current credit card?

Any ideas you have will be greatly appreciatted.
Thanks

paulmcerlean

Look for a credit card limit increase because from the looks of the above and the exposure you have, and your mentioned credit rating, you wont be getting another loan.

Nelson01

You may search for a credit card limit increase as from the looks of the above and the experience you have and the credit rating which you are having, with that issue you are not going to get another loan.

mufcd

Hi,
I tried for a credit limit increase but got declined. :-(

Any more ideas where to go from here?

I'm out of ideas. Just need to reach the end of the year to get nearly all my debt paid off.

Tixy

You say you obviously have a very bad credit rating.

Do you know if there is anything wrong/negative with your credit file or are you assuming there must be because your bank won't lend you the money? Have you actually looked at your credit files at all?

You currently have £8550 of debt - how much do you earn? are you employed? are you on the electoral register?

If you cannot borrow the money from anywhere then could you not just sell a proportion of your shares so that you can get your car back on the road? Or sell your car in its current state and buy a cheaper one to keep you going until December?

Mallotum_X

Sell the car, pay off some debts and get a cheaper car...

mufcd

Thanks for your replies

Yes I'm employed full time and on the electoral roll.
Sorry I forgot to mention my car is on HP. Ive only had it 8 months and am yet to be in positive equity on the finance. So it wouldn't make sense to sell the car as I'd still owe money to the finance company.