Personal loan help please???

scouser8

Looks like the best way to sort all my debt and problems is a personal loan to pay them all off and have one easy monthly repayment.

I'm looking for about 2k for a 1 year loan, I have a bad credit rating, and currently about 3 payday loans, and I earn approx 800 per month.

Have I got any chance? If so where's best place to go? Are they easy to get? As will be my first personal loan.

Thanks for any help.

paddyrg

Your own bank is the best bet, they know your history better than anyone. Can you afford £2k over 1 year? It'll be like £200/month, or just under. Have you got that spare each and every month? Including around Christmas?

Do you have stuff you can sell to raise anything towards the debt? Sell your big/posh telly and get an old CRT from freegle, for instance. The more you can claw together now by going frugal, the more you will save, it may be worth considering?

scouser8

paddyrg wrote: »

Your own bank is the best bet, they know your history better than anyone. Can you afford £2k over 1 year? It'll be like £200/month, or just under. Have you got that spare each and every month? Including around Christmas?

Do you have stuff you can sell to raise anything towards the debt? Sell your big/posh telly and get an old CRT from freegle, for instance. The more you can claw together now by going frugal, the more you will save, it may be worth considering?

Yes i think 200 per month would be ok, as part of the money I borrow would be getting rid of all current debt including car insurance, so leaving me with very little outgoing each month.

And not really worth me trying to sell, as I have about 3 different payday loans all coming out start of next month, due to me needing money quick due to holiday payment and car repairs!

So would need the loan pretty quick, so clear all current loans/debts into one affordable monthly payment, are my bank likely to give me a 2k loan with bad credit history? Thankyou for any help

Apples2

scouser8 wrote: »

clear all current loans/debts into one affordable monthly payment,

scouser8 wrote: »

and have one easy monthly repayment.

Cringe!!!! sounds like one of those cheesy adverts for ripoff secured loans.

Please don't kid yourself either of those statements are true, there is no such thing as an easy way of giving your hard earned money away. It's bad enough for most putting food on the table and gathering meagre savings even with zero debt.

Not many lenders will entertain bad credit history applicants, your own bank know you better as they have direct access to your spending profile (they can see how you manage your account).
If they say no, then you have to dig deep and slog your way out.

There are loads of sub forums to help (Debt Free Wannabe, Up your income, Old Style moneysaving etc)

chalkie99

scouser8 wrote: »

part of the money I borrow would be getting rid of all current debt including car insurance, so leaving me with very little outgoing each month........

.......... needing money quick due to holiday payment ......

Honestly, you need to rethink how you are living.

Sorry to sound harsh but you are fooling yourself with the popular phrase " one easy payment".

Think carefully about what you have said -

You want to borrow money to pay off debt including car insurance - that isn't going to be leaving you with "little outgoings" because that insurance will have to be renewed. Insurance premiums are going up for everyone so you need to be saving for that now.

You are not earning huge money and have three payday loans, pretty desperate borrowing, and yet you are making payments for a holiday! This is a crazy way to prioritise your life.

Take the advice of Apples and look at the sub-forums he mentioned to sort out your spending and raise some money by selling off some un-needed possessions.

CH27

Consolidation loans are not good news.

You need to sit down & think about your finances & work out a plan to get back on track.
If you post your SOA on Debtfree Wanabee subforum you will get lots of help & advise.

scouser8

After seeking advice several places, I am definitely going to require a personal loan.

I already tried online to get one with my bank, and was declined online, I have been told to ring them as I might get another outcome talking to them, is this correct?

Also I have a very bad credit history, is there anywhere anyone can recommend that I could get a loan from? I'm looking for about £1500.

And I don't want people in my household knowing about this, so preferably loans I can complete online, and recieve the money fairly quickly as would need some of it in next few days.

Any help would be GREATLY appreciated.

fozmcfc

You have a bad credit history and you owe 3 payday loans, which is seen by lenders as someone who is completely out of control money wise.

There is no company who will lend you any money other than possibly yet more payday lenders, which you certainly don't want to do.

What you need to do is start to get serious, start completely cutting back on spending. Your best bet go over to the debt free wanabee board, post up your situation and start getting serious about money with the help of people over on the debt free board.

You're not going to get a loan, so you need to say if you are unable to afford the payday loans and the people on the debt free board, can give you pointers and templated letters you can send you come to payment agreements.

Even from the facts posted, you are one step away or possibly even already completely way over your head.

dresdendave

Please listen to the excellent advice given in the previous replies, even if it isn't what you were hoping to hear.

The way to tackle debts is not by borrowing more but by changing your lifestyle to reduce outgoings (and increase income if possible) so as you can start repaying them.

GAH

As previous posters have said, you won't get a loan.

You said you don't want people in your household too know, is this family that you live with?

If so, can you you not borrow the money from them and pay them back with an agreed arrangement.

The way I read your post, it sounds as though you don't want anyone to find out, but trust me (as I had been there) a problem shared (withfamily/friends) is def a problem halved.

geoffky

Another who thinks that borrowing debt to pay off debt = sorted...are you all mad...its your spending you need to address..simple..Please promise yourself that more debt is not your way out as it is just a sticking plaster on a dam..good luck