suggestions of loan companies who offer self-certified loans (bad credit too)

geoffky

Can i ask if anyone will lend to me, in the past i have ripped loan company's off, i am prepared to lie about my income and i no equity in my house, any chance?

if it looks mad on paper its because it is mad..

SnowTiger

geoffky wrote: »

Can i ask if anyone will lend to me, in the past i have ripped loan company's off, i am prepared to lie about my income and i no equity in my house, any chance?

if it looks mad on paper its because it is mad..

You're about three/four years too late. Prior to the banking crisis, when people suddenly realised banks had lent a lot of money people who couldn't pay it back, they'd have thrown money at you. :rotfl:

RichGold

SnowTiger wrote: »

banking crisis

Now, for those of you who don't know, back in around 2007/8 the banks had lent far too much money to far too many people who were realistically never going to repay so the banks, simply to make it look as though they were doing something, bundled some of these debts together and started to sell them to each other hoping they wouldn't be the one holding them when the music stopped, like playing a game of pass-the-parcel with hand grenades. In the end as banks realised how much money they were out of pocket on these debts, and also their continuing degradation as they were sold between the banks caused banks to stop lending to each other, causing a runs on high street banks, some going bust and culminating in larger banks swallowing some other banks and then plenty of taxpayer money and on top of that everyone being unable to get credit in the forms to which we had become accustomed.

It could be argued that this simplified version of the last 4 years explains perfectly why self certification and borrowing more than you're entitled to is a bad idea, especially if you already have a history of not meeting your obligations.

dshart

What some people seem to forget is that the whole issue of self certifying etc was not mainly the fault of the people taking the loans. These people did not suddenly one day decide they could get easy credit by self certifying, they were advised they could do it by greedy advisers and brokers who were raking in huge commissions selling these loans.

I remember about 12 years ago looking at a property that was out of my budget and was surprised when I spoke to a broker to be told that I would be able to get a mortgage but I would have to self certify. In the end I decided not to proceed with it and I am glad I did not but it shows how easy it was for people to be lured into it.

I agree with most of the advice here that now it will be very difficult to get such a loan and if you do find someone who will loan you on in such a way you are likely to pay dearly for it.

RichGold

dshart wrote: »

What some people seem to forget is that the whole issue of self certifying etc was not mainly the fault of the people taking the loans. They were advised they could do it by greedy advisers and brokers who were raking in huge commissions selling these loans.

Yes actually, it was the fault of the person taking the loan. Are you saying that a pub landlord should refuse anyone who has had more than a couple of pints in a pub due to it being more than the recommended daily intake of 4 units and therefore potentially damaging to his health? Of course a landlord wont do that, he's in it for the money.

The people taking the loans saw a way of acquiring something that was previously unobtainable, and went for it with both hands.

dshart

RichGold wrote: »

Yes actually, it was the fault of the person taking the loan. Are you saying that a pub landlord should refuse anyone who has had more than a couple of pints in a pub due to it being more than the recommended daily intake of 4 units and therefore potentially damaging to his health? Of course a landlord wont do that, he's in it for the money.

The people taking the loans saw a way of acquiring something that was previously unobtainable, and went for it with both hands.

Well your analogy dosent really work as pub landlords now can be held liable for continuing to serve someone who has drank to much.

Its a case of which came first the chicken or the egg, was it people who were asking to self certify or was it banks offering products so they could get round their own lending criteria?

I am not saying people are not at fault for borrowing more than they could afford to pay, but when banks etc make it very easy for people to get this money they should also shoulder the blame when the system comes crashing down around them.

To use an analogy, if you left a wad of cash lying around even people who would not normally consider stealing money would be tempted to take it.

RichGold

dshart wrote: »

Well your analogy dosent really work as pub landlords now can be held liable for continuing to serve someone who has drank to much.

2 pints is far from too much but its around the recommended daily maximum. You misunderstood my analogy.

dshart wrote:

To use an analogy, if you left a wad of cash lying around even people who would not normally consider stealing money would be tempted to take it.

But that act of taking that money would still be theft, regardless of whether the person would normally steal or not.
And ultimately the person would still be responsible.

confusedlittlebunny

if i have what is "deemed" sufficent income to certify then i will...i always assumed being self-employed, it would have to be self-cert, no? as my end of years accounts have not been done yet, what do i put as salary? and i am assuming i have bad credit, how do you know if your credit file is classed as poor,very poor or good?

confusedlittlebunny

geoffky wrote: »

Can i ask if anyone will lend to me, in the past i have ripped loan company's off, i am prepared to lie about my income and i no equity in my house, any chance?

if it looks mad on paper its because it is mad..

are you replying to me? my home has plenty of equity (and will happily get a secured loan if i have to!), lie about what income? i am self employed! no end of year account yet!!

I am assuming i have bad credit! i have 2 credit cards and defaulted a few times!

chalkie99

confusedlittlebunny wrote: »

are you replying to me? my home has plenty of equity (and will happily get a secured loan if i have to!), lie about what income? i am self employed! no end of year account yet!!

I am assuming i have bad credit! i have 2 credit cards and defaulted a few times!

No need to assume. Just read through your post history to refresh your memory.