I need a loan...

jkelly81

skintandscared wrote: »

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.

CCCS are CRAP. It took six months for my plan to go ahead...in which time my debt grew by about 3k...I am still plagued by phone calls by my creditors and they all giveme phone calls saying they can give me a better deal if I come off the CCCS....of course they say this because they know I don't have the money to take them up on their offer...but I want the loan so I have the money to talk with and can call their bluff....it would be very satisfying to have the money to blitz my debt at almost half the cost, but if you don't have the money to hand, you don't get anywhere. Rich get Richer eh.....

Tixy

jkelly81 wrote: »

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 you had a very good credit history and your ltv was less than 75% you might be able to borrow up to 75%. But if you only bought 4years ago then I guess your property might not be worth anymore than when you bought it, and of course you don't have a good credit history.

jkelly81 wrote: »

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

Leases? Company cars? cars bought on HP (secured lending is easier to be approved for than unsecured).
Edit - or maybe they saved up for them?

KingElvis

jkelly81 wrote: »

Rich get Richer eh.....

That's the law of the land

Tixy

jkelly81 wrote: »

I am still plagued by phone calls by my creditors

You could send letters to all your creditors requiring that all future communication is in writing and requiring them to remove your phone numbers from their records.

If you are not happy with CCCS you could of course stop using them at anytime and do a self-managed DMP, or whatever else you saw fit. But most people find that to be much more hassle and hardwork than using one of the charities.

jkelly81

KingElvis wrote: »

That's the law of the land

Put the coffee down:beer:

KingElvis

jkelly81 wrote: »

Put the coffee down:beer:

Awesome that you recognised that quote...kudos mate :rotfl:

Apples2

it would be very satisfying to have the money to blitz my debt at almost half the cost,

Wouldn't converting a £15k debt into a £25 debt INCREASE the cost?

Your strategy seems flawed, if you can't service a £15k debt, why does it seem like a good plan to service a £25k debt?

jkelly81

Apples2 wrote: »

Wouldn't converting a £15k debt into a £25 debt INCREASE the cost?

Your strategy seems flawed, if you can't service a £15k debt, why does it seem like a good plan to service a £25k debt?

There is a need (for personal reasons) for me to have about £10k...

Currently I have 15k of debt. None of which was tanglible and grew from 5k of debt due to charges, shocking interest rates, bouts of depression due to the stress thie caused (which means time off work, which means no money). The monthly cost of a 25k loan is not that much more than my CCCS plan...the 10k cash flow could lead to bigger and better things...if I had a firmer grasp on my finances with some end in sight I could keep myself in check and not go off the rails everytime I see £3 in my bank 4 days after pay day...some of my friends in similar jobs to me (who have less years experience than me) are earning some 10-15k more per year than me because they have had the money to help them move city when the right package has come along etc. I am stuck in the same crap job as the highest earner in a company who wins business by selling themself short time and time again and I can see me being stuck here for quite some time...I have a family to support who deserve better, but I don/t know what it is, I seem to fall for every trick and trap in the book, I never have any money, I have nothing to show for it, and every other month or so now that all builds up and leads to sick days at home in bed losing the will to bloody live...its not some flash motor or crap I am after, its a sad fact, money talks in this world...I just need that little boost over the wall to get things going again...

redpete

jkelly81 wrote: »

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???

You property is quite likely valued less now than it was when you bought it. In those first 4 years of a mortgage you would have paid off not very much capital. Mortgage lenders look for lower LTV rates than they did 4 years ago. It sounds as though your credit record is worse now than it was 4 years ago.

So the answer is probably not yet.

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

Because they have a rich mummy and/or daddy, because they received an inheritance, because they saved up, because the car is not worth as much as you think, because they earn more than you think, because your obsession with other people's cars leads to irrational judgement on how many there are in this situation, because loans that are secured on a new car are more readily available than loans for unspecified purposes, ...

andy.m_2

I had a consolidation loan once.
I spunked the money and ended up owing both amounts, being in a worse position that I was before.
Blame me as to why you cannot get one nowadays, I am sorry.
However the man in the bank said that 99% of people did exactly as I did and so they stopped that particular tickle a few years back.

It is not the answer, you have made a good decision and just need to let that settle down and you will be paid off and back in the land of the welcome in no time, plus next time you will be money savvy and it will be good.

Good luck, don't get down hearted and stick at it.