Loan Help

RAHRAH700

Im looking for advice - our boiler has decided to throw its hand in this week so we now have no heating/hot water. A qoute to get it fixed was more expensive that replacing so we will have to replace the boiler at a cost of £1350.

My husband and i have a terrible credit rating so getting a loan is virtually impossible without getting ripped off with "admin fees" of around £50 to £70 a time!

We have no savings, our family cannot lend us the money and we apparently earn too much to get any grants etc.

Can anyone suggest a lender for bad credit who wont rip us off with upfront fees etc?! Otherwise we are facing a very very cold christmas!!

Tixy

Pretty unlikely you'll find anyone - all the genuine lenders who lent to people with a poor credit rating have gone out of business. Can you expand on your terrible credit ratings? what is actually on your credit files? CCJs? defaults? bankruptcy? lots of missed payments or what?

Are you both employed? would either of your employers consider a loan to be paid back over a few months?

How much can you afford to repay a month? Do you have any existing credit available to your (credit cards etc).

One possible option might be a local credit union - a lot of these require you to save with them first - but a minority will consider lending as soon as you join (usually at a higher rate) based on your ability to repay rather than your credit rating. You might not be able to borrow the whole amount from them, but maybe some of it.

Have you looked at tightening up your outgoings as much as you can? If you could borrow so much from a credit union and fund the rest from this month's pay packets maybe that would be an option.

poppasmurf_bewdley

None of those companies that want to charge any admin fees or upfront fees will lend you any money. Please get that right. All they want is the fee they can wring out of people desperate for money.

Your chances of getting a loan are pretty much zero, so you will have to explore other avenues.

Firstly, get a second opinion about your boiler and what's wrong with it.

You will need to raise some money. Start with a boot sale - pester friends and family for items. That should make a £100 or so start to your boiler fund.

Failing everything else, get a portable gas fire to keep you warm in the winter. It will be a lot cheaper than an electric fire.