Newbie, help please!

scouser8

Hi everyone, looking for some advice please...

Due to paying a holiday off and some major work needed on my car this month, i'm now in a bit of trouble, not major amount of money, but enough that im really starting to get stressed.

I currently have:
- a wonga loan, which im in the 2nd month of a 4 month payment plan, paying 150 per month.
- A quickquid loan of 350 due start of next month
- a mini credit loan of 100 due next week
- a payday uk loan of 350 due start of next month
- Owe a couple of mates 100 quid which is due to be paid back soon.

I also owe a family member around 700 pounds which im desparate to pay back.

I know I was stupid getting these payday loans, but I had nowhere else to turn, as car needed work done, and I risked getting my holiday cancelled. And I'm now getting very stressed with all this, and want it resolved, I also need further work done on my car when I get paid and have all that lot to pay off this month which I cant afford.

I'm trying to work out my options, ideally I'd like one big loan, pay off everything, and have 1 thing to pay back each month at a affordable rate, as It's really getting me oweing money to all these people, and i really want to pay my family member back.

Would I be able to get a decent size loan with my really poor credit rating?

What other options do I have? I earn approx 900 p/m. Any help would be greatly appreciated

Matty84

Do yourself a favour do not get any sort of payday loans, their APR is in the 1000's % one slip up and your in a spiral of interest, late payment fees, charges for letters and whatever else they can get away with charging you topped off with more interest.

Apply for a personal loan and get the debts away from these crazy APR's, its the only way forward. Explain to your family and mates that their money is coming but you need to deal with the payday loans or you're in trouble. Im sure they can extend it for a friend. If they need it back that much then why did they lend it out in the first place?

scouser8

Matty84 wrote: »

Do yourself a favour do not get any sort of payday loans, their APR is in the 1000's % one slip up and your in a spiral of interest, late payment fees, charges for letters and whatever else they can get away with charging you topped off with more interest.

Apply for a personal loan and get the debts away from these crazy APR's, its the only way forward. Explain to your family and mates that their money is coming but you need to deal with the payday loans or you're in trouble. Im sure they can extend it for a friend. If they need it back that much then why did they lend it out in the first place?

As I said the payday loans Iknew were a bad idea, but I was in trouble with car/holiday and needed the money quick so had to do it.

With regards to mates/family, they are not on my case about it, but one famliy member has supported me for ages, and I really want them pay them back through guilt.

What's a personal loan? would that be through a bank? Sorry i'm a bit useless with all this.

As I said, Ideally i'd like one big loan, to pay all payday loans back, pay a bit of what I owe my family member, and then have 1 affordable payment a month for everything. Is this possible with my bad credit rating?

Butti

Hi Scouser 8,

You need either a personal loan or a 0% credit card to pay all off and make the overall manageable. I don't know what your credit history is so I don't know what the chances are.

Two other things you need to do are;
Set a budget - look at the stickys at the top and set out a statement of affairs so you can see where you are at and where you are going.

You also need to have a good hard look at your expectations. My holiday this year is a working holiday in London for 4 days. It may end up costing me £40 or a maximum of £160. If I haven't got a job by then I shall not be going.

I know you're a newbie so we have to be gentle with you but maybe you should have let the holiday go! Sometimes you have to work out your means and then live within them.

B

Butti

For the loan, have a look at Martin's section on cards and loans. You can get them through banks or the web. Try and establish your chances of getting one before you apply as each time they run through the credit scoring process it appears on your record, too many look like you are panicking and in trouble.

B

scouser8

Butti wrote: »

For the loan, have a look at Martin's section on cards and loans. You can get them through banks or the web. Try and establish your chances of getting one before you apply as each time they run through the credit scoring process it appears on your record, too many look like you are panicking and in trouble.

B

Thanks for the reply B.


I will definitely be needing a loan, as I have debts that need paying off very soon, so if I could get a loan that I could pay off monthly a huge weight would be lifted off my shoulders.

Can someone please help point me in the direction of the best place to get a loan?

I'm looking for about £1500, and could afford around £250 a month in repayments, due to some mistakes, I have a very poor credit history. Is this possible, if someone could help i'd greatly appriciate it, as i'm starting to get stressed with everything now.



With regards to the holiday B I know I cant afford to do it, and it was a mistake, but it's all paid for now, and if I tell my missus we won't be going away i'll have ALOT more than a few debts to stress about

Thanks in advance for any help

elsiepac

Hi s8

Who do you bank with? They are probably your quickest option to get a personal loan, and they'll be able (hopefully) to give you some idea of if you'll be accepted or not. If you default on any of your small debts, your credit rating will really start to spiral, so you'll need to quick!

Lee-anne

scouser8

elsiepac wrote: »

Hi s8

Who do you bank with? They are probably your quickest option to get a personal loan, and they'll be able (hopefully) to give you some idea of if you'll be accepted or not. If you default on any of your small debts, your credit rating will really start to spiral, so you'll need to quick!

Lee-anne

I'm with natwest, and I applied for a 2000 loan online yesterday and was declined. So I guess this means i've got no chance with anyone else?

I have a payday loan due in a few days, then several due at the start of next month, so I really am in trouble, thankyou for the reply.


Any great ideas to save me getting into more Sh** than i'm already in?

Thanks.

elsiepac

Unfortunately that's another black mark against you then... you may have been better off ringing them to discuss. In fact, if you really don't want to default on these loans and go onto a payment plan of some kind (which is rapidly looking like your only option if your credit is that bad), then the only idea I've got is to RING your bank, explain your situation and ask if they could possible accomodate you with a temporary overdraft with a monthly reduction of a certain amount. First Direct did this for me years ago and it really bailed me out at the time. Sorry I'm not much help!

scouser8

elsiepac wrote: »

Unfortunately that's another black mark against you then... you may have been better off ringing them to discuss. In fact, if you really don't want to default on these loans and go onto a payment plan of some kind (which is rapidly looking like your only option if your credit is that bad), then the only idea I've got is to RING your bank, explain your situation and ask if they could possible accomodate you with a temporary overdraft with a monthly reduction of a certain amount. First Direct did this for me years ago and it really bailed me out at the time. Sorry I'm not much help!

Don't be sorry, I appreciate any help, as I'm as my wits end here.

I already applied for a overdraft which was declined, as a loan from my bank.


Is it worth ringing the bank and explaining about my debts and asking what they can do?

Or should I look elsewhere for personal loan to pay everything off, but surely If my bank won't give me a loan, then nobody else will?

Thanks again

elsiepac

scouser8 wrote: »

Don't be sorry, I appreciate any help, as I'm as my wits end here. I know the feeling

I already applied for a overdraft which was declined, as a loan from my bank. This is just going through the normal application process. It's why I keep saying ring them. Firstly, you'll talk to a human who can escalate you to credit control or similar who has the power to help you here. If you can prove to them (using your SOA which you should have printed out in front of you) that you can pay it back in big chunks over the next few months, and that you understand this is a temporary agreement, they should be accomdating. Banks aren't the bad guys, at the end of the day, you are their customer, and you have a history with them. If they can't help you, you haven't lost anything. I repeat, you are not applying to them for an overdraft, you are applying to them for temporary help. I'd suggest you don't mention that part of your debt is due to holiday, but blame it your car and perhaps something else you can think of that you "urgently had to replace/fix" - only if you can - don't wilfully lie to them!



Is it worth ringing the bank and explaining about my debts and asking what they can do? as above

Or should I look elsewhere for personal loan to pay everything off, but surely If my bank won't give me a loan, then nobody else will? don't go elsewhere yet, you'll just rack up more black marks and make your credit rating worse!

Thanks again

See above!