Re bad credit loan help ?

Ian_m

I have made the mistake of trying to get a loan through one of the doggy loan brokers , and have excepted i have been a idiot .
Question is do any of these people ever give out loans ?
my situations is as follows
discharged bankrupt in 2007 ( made in 2006 ) will be off my credit file next year , have one current ccj
self employed
own my own house , with a morgage and 140K equity

And for love or money i cant get a £4k loan any where , i would not mind getting a bussines overdraft and i have even asked my bussiness bank account term , wont do this even if i ask them to secure it on my house ....

I just need some working capitial for my bussiness

Any ideads !!!!!!

Thanks in advance

chalkie99

err.... You have been made bankrupt, and had a CCJ since your discharge.

Why would anyone want to lend you money?

Sell the house, downsize and use your equity to finance yourself.

Ian_m

chalkie99 wrote: »

err.... You have been made bankrupt, and had a CCJ since your discharge.

Why would anyone want to lend you money?

Sell the house, downsize and use your equity to finance yourself.

Your missing the point , i dont need to down sise , i need cashflow for my bussiness , i can quite happly cover my bills , My bankrupcty was down to my ex businnes partner droping me in the !!!! and f***ing off
to newzeland ,
The point is i have equity in my house and lots of it but cant touch it as i still have the bankrupcty on my credit file !!!!!

So i need to find a way of borring money and its not easy let me tell you ...

Tixy

I doubt very much you will get any personal credit at the moment.

The only chance I think you would have would be if you trade through a limited company, perhaps then your company may be able to obtain a loan/business overdraft if you prepare a business plan/ financial projections to explain why you need the money and demonstrate the business can repay it - in that instance you just might get a loan even given your financial circumstance. They'd likely still ask for a directors guarantee as well to back up the funding.

Ian_m

Tixy wrote: »

I doubt very much you will get any personal credit at the moment.

The only chance I think you would have would be if you trade through a limited company, perhaps then your company may be able to obtain a loan/business overdraft if you prepare a business plan/ financial projections to explain why you need the money and demonstrate the business can repay it - in that instance you just might get a loan even given your financial circumstance. They'd likely still ask for a directors guarantee as well to back up the funding.

Yep that might be a option , it will take a while which i dont have , i think i might have to speak to a family member , as i have just won a contract that i need money for .

thanks for the advise !

Emmzi

if the family member has cash would they take shares in the business instead of a loan?

or ask the bank about factoring