£5k Loan Over Two Years (Poor Credit)

SuperBlues

Afternoon to all, hope you're all good.

Thought I would sign up to the forums and become an 'official member', after a couple of initial visits, browsing through the site / posts etc. Seems like a top place to pick up valuable and useful info with a lot of knowledge about.


A bit about my situation, although it seems horrendous to me personally, I actually feel quite lucky when I see the unfortunate sums some people have ended up with.

In any case, I have an overdraft limit of £-1600, which I'm always there, or thereabouts with each month towards, just before payday. And I have approx £2.1k on my credit card.

Other than £400 to a close friend, I owe nothing else. My problem is basically (the usual) bank / card charges. Last month was a classic, a £96 fee to Natwest for being over my overdraft limit for a week and then a £30 charge at the end of April for being over the limit by £4.36. It's just pathetic, but what can you do ultimately. Times are tighter than ever at the moment what with the recent arrival of a little boy (Oliver ) and myself and partner are private tenants on my pay alone until she re-finds work, adding even more strain.

I feel it's the right time to come out of this overdraft which I've been in for the best part of four years, clear my card off in full and have one regular payment (£250 per month ideally) in paying back the £5k. Charge after charge, it is becoming silly now. I also want to leave Natwest immediately and head to either HSBC or First Direct.

However, I am somewhat struggling with a passion to find this amount, with a reputable lender at least anyway. There is absolutey no way in Gods earth I am paying any sort of upfront 'fee' of £50 to any clown, broker outfits or swindling middle-men who need thirty-eight payments of £100 wired to Somalia before processing my £4k loan. Not happening in 1000 years.

Given that my credit rating is poor (largely due to missed card payments when I was unemployed two years ago for nine months), I am more than prepared to pay a higher APR. But this HAS to be with a company and not a broker or swizz-merchants as mentinoned above.

If anyone can chuck some company names into the mix where it would be worthwhile getting a quote, or has also acheived success in obtaining a similar amount over a similar time-scale, it would be great to hear from you.

Many thanks in advance people.

Grant

Tixy

If you have late payment markers on your file, live in your overdraft and sometimes go over your overdraft limit then in all likelihood nobody will lend you £5k. The reputable places to borrow will turn you down and the others will fleece you for upfront payments or try to get your bank details out of you and not lend you anything at all (or at best come back with a payday loan company name who might lend you £250).

You have only mentioned debt of £4.100, what was the remainder of the loan for?

I think from what you have put your problem may well be more one of managing to budget to stay within your overdraft limit and keeping a tigher eye on your finances. Might be worth popping on the the debt free wannabe section of the forum for some advice on budgeting, reducing outgoings etc so that you can manage the debts that you currently have People there will probably suggest you complete a statement of affairs to be able to get a picture of your finances at the moment and see how best to advise you on your next steps.

http://forums.moneysavingexpert.com/forumdisplay.php?f=76