I need a loan...

jkelly81

I am in desperate need of a loan just now, I had around £15,000 debt previously which I eventually transferred to CCCS (after 6 months of hassle from them) I have now found out that none of the companies they are paying have frozen interest, eg. my overdraft they are paying off at £5.95 a month, and the bank then charge me £5 a month... I have a need for money right now however and would rather just settle the CCCS balance in one go aswell, so am looking to borrow 25,000. Due to bad credit I just can't get taken serious anywhere I apply. It grates me to see young 19 year old kids driving 20k cars at my work when I cant get the loan for a more serious need. I constantly read here about people who advise not to take on more debt to repay your existing debt because "you always just spend it all anyway..." well thats a risk I will take, please share the info of where you were all able to get this magical 2nd loan.

KingElvis

Given your situation, I don't think you could get a loan for this amount anywhere The late payments, CCCS etc will not have done your credit report any good at all.

I would go down a few fora to the Debt Free Wannabe board and they will give you loads of help there

Best of luck.

StuTheDon

For anyone to even consider lending you this amount, you would need a salary of £60-£70k and that is with a perfect credit score. As for the risk of you spending it all anyway - and you believe it to be your risk - it is a risk for the banks and, frankly, this is why you are not going to be able to get a loan.

I'm not sure what your urgent need for cash is, but my advise is to try and sell anything you can to clear of some of this debt - what has happened to the stuff you bought for £15k? Try and get your debt levels down - the DFW board will be a great help.

Good luck.

iolanthe07

£25K is generally the maximum you can get on an unsecured loan, and these days this would only be available to someone with around £50K + annual income, no other significant debt, and a squeaky clean credit history.

Tixy

As part of your DMP with CCCS you agree not to take on any more credit. If you have been on your DMP for a few months then it is very likely that your creditors have issued defaults against you. So you will have no chance of getting a loan.

jkelly81 wrote: »

please share the info of where you were all able to get this magical 2nd loan.

I suspect you will find that people who were able to get such consolidation loans in the past are either people who consolidated several years ago before banks tightened up on their lending so much or people who didn't actually owe that much compared to their salaries and still had intact credit files.

I would suggest you speak to CCCS again and talk to them about why they think none of your creditors have agreed to freeze interest. Whilst its not uncommon for some creditors to refuse to its probably fairly rare that none will. It may be that your payments are pretty close to the original minimum payments for the debts (I have seen mention that one creditor won't freeze interest if your DMP pro-rata payment is more than 90% of the original contracted payment) or it may be that the creditors consider something on your income & expenditure to be excessive and so don't believe you are repaying all that you can afford to do so.
Talk to CCCS and see if you can rework your budget in anyway. See when they last asked the creditors if the would freeze interest. Some people have found that writing themselves to ask the creditors to reconsider freezing interest has a positive result, even when on a charity DMP- if you decide to do this there is a very good template on national debtline website.

If you have only been on your DMP for a couple of months or so then it can sometimes take that long for creditors to agree to freeze interest (some won't do so until they issue the default notice for example) so if that is the case I would suggest you persevere for a while longer.

Apples2

Originally Posted by jkelly81
It grates me to see young 19 year old kids driving 20k cars at my work when I cant get the loan for a more serious need

You already had your flash £20k car in the form of a £15k debt which you are unable to repay. What was that flittered away on which makes your need for a further lump of cash more important than the kids car?

Originally Posted by jkelly81
please share the info of where you were all able to get this magical 2nd loan.

Look around on here for the First Plus loan posts where people got this magical consolidation loan but are now so buried in debt they are facing both reposession and bankruptcy.


I'm not sure why CCCS have been a "Hassle" to you, they generally help people dig their way out of the mess they caused themselves..... for nothing.

chalkie99

If you cannot pay off debts of £15,000 then you have less than zero chance of paying back £25,000.

As for saying

thats a risk I will take

it is actually a risk you are asking a lender to take.

Ask yourself, realistically, if someone owed you £15,000 and couldn't pay it back, would you want to lend them even more money?

skintandscared_2

Please don't panic. Whether your creditors are freezing interest or not at the moment is immaterial anyway - you are paying a fixed amount through CCCS and they can't ask you for any more than that. Some of my creditors have frozen interest, some haven't. But I'm just going to keep paying my agreed DMP monthly amount and see how it goes. This interest isn't an extra payment you suddenly have to find. You have zero chance of getting any sort of loan so forget about incurring even further debt. Just keep calm and keep going with the payments.

redpete

jkelly81 wrote: »

It grates me to see young 19 year old kids driving 20k cars at my work...

Come and see my 19 year old kid driving a £600 car if you need to balance out the feelings.

Apples2

Those kids will be on here in a few years time,

"Ma motuurzz nly worf $50,00 bt day saiz u ow da hood $1.8,000k help a cuz get men selv owt a dis sik mess"

Google Translated for old people.....

"My cars only worth £5k but they say I still owe £18k, this was completely mis-sold".

jkelly81

I have nothing to show for 15k of debt...about 10k of that debt was accrued trying to pay off the 5k... when it was 5k I wanted to borrow 10k... if I could have I wouldn't have been in this mess by now...but thats another story.

I have a mortgage and have been paying 750 for 4 years, I put down a 25% deposit...but my mortgage providers tell me i don't have enough equity for additional borrowing. At what stage can I borrow on my property???

If 25k can only be loaned to people with 60k+ salaries...why do I see people driving cars worth more than their salary?