Bad credit rating loan...urgent help needed

Benson112

Hi all,

Basically ive got a christmas hangover and have around £1000 in arears. Considering ive missed loads of DD's i am now over my overdraft limit due to fee's and they keep coming. So i have less and less money to pay bills every month which means more and more arrears.

So ive decided its time to do something about it, i have previous debt and it may be an idea for me to consolidate one of two of them due to the rediculous interest rates but im stuck as to where to go.

Obviously i have a pants credit rating so was wondering if anybody could point me in the right direction as to what to do next? Its at a point now where my wages will cover about 70% of the bills and thats it, not to mention the arrears and living costs. Im in a bad way! I cant even afford food at the minute so something needs to be done.

My other half is going back to work in a couple of weeks, but its going to be some time before she gets her first pay cheque and with only working part time this isnt going to be a huge amount.

I desperately need to get my hands on some cash in the short term so i can finish the house and get it sold to move forward with my long term plan.

Thanks in advanced!

patwa_2

Not having had experience with this, I would not be able to advise you well on consolidated loans.

However, I would advise speaking with the companies/people you have debts with. Presumably you're being charged each time one is missed, plus interest on top. Remember if they don't know you're in debt, they'll not realise you can't pay, simply that you're not paying. Maybe you can come to some arrangements regarding either smaller payments, or differed payments.

I'm sure there are others in this situation who maybe able to help you out. You may be able to qualify for a short-term balance transfer card, which might give you some breathing space until your OH's paycheques start coming in.

Benson112

The consolidation bit is a maybe, im not too fussed about that it would just be nice to cut the rates on some of my old debts. I just need cash quickly and dont want to rope myself into something really expensive etc.
Last time i was in a similar situation i tried to consolidate everything (£10k loan at the time) and i got accepted but the small print said id be paying back £33k!!! Theres no way i could justify that on a £10k loan so thats what im trying to avoid this time.

Thanks for your reply.

gningo

benson, when you got accepted for the 10k consolidation loan, who was that with?

Benson112

Mate i havent got a clue. Be careful when applying because alot of these so called "bad credit loans" are just brokers who ask everyman and his dog if they will accept you...hence you have a million footprints on your credit history which is what has left me in this situation now with not being able to get credit.

I dont know but im pretty sure that it was Yes loans or freedom finance, something like that!

TAG

You might want to post this on the Debt Free Wannabe board. I think you'll get more help there.

Benson112

How do i move this??

MODS MOVE IT FOR ME PLEASE if it will help like

richmulch

dont bother just speak to the companies and come up with a repayment plan, if you go to a loan company even for a small amount you are looking at paying in excess of 25% interest not worth it trust me been there aspeak to who you owe and im sure youll come up with something