Help me MSE - you're my only hope!

Emmzi

how are you going to get a loan if even the PDL people are turning you down?

Unless you have a major asset to secure it against I don't think it will happen. Prove me wrong, but former bank manager talking. I wouldn't lend you a fiver never mind five grand, you are a student with £750 a month and you cannot stick to a budget, and you don't prioritise essential bills like rent, tuition fees, and the bills to keep your internet business going.

Do you think you are a good risk? Click a light will you. You're in loan shark territory and you want to go there to keep an old motor?

Emmzi

PS and if you are of an age to quote Star Wars you are old enough to know better.....

opinions4u

Sell all your toys on eBay.

Soldierearth54

Agree with what others say, your not facing up to something here. The car needs to go, regardless of whether you think you will have to shell out in the future.

If your situation is so dire, which you say it is, then a car is a luxury you cannot afford when it will make you money getting rid of it.

Aside from that, you may be able to make a little bit of cash from car boot sales selling old stuff... gumtree, ebay music magpie etc.

You should look at budget your monthly incomings as you don't seem to have done this in the past from the debt you've got into.

Give up on trying to get loans - you'll either get refused or it will serve as a short term solution only.

Live within your means!

mlp

A £600 car left to rot for a year will probably need at least as much again spending on it to get it through the MOT / back on the road!

Best to get shot now while it still has some value.

LewisM_2

Emmzi wrote: »

how are you going to get a loan if even the PDL people are turning you down?

Honestly no idea, I was hoping there would be some absurdly high APR option
And it's not a case of being able to budget each month, the money I would have to pay out each month is higher than what I'm taking in.
This is why I was hoping for a loan, even if I was stuck with a 50%, even a 75% APR, at least I could pay off my immediate debts then pay the loan off over the course of a few years.

However based on peoples responses the only way that would be remotely possible would be to have a chat with 'Fat Tony'

mlp wrote: »

A £600 car left to rot for a year will probably need at least as much again spending on it to get it through the MOT / back on the road!

Best to get shot now while it still has some value.

Aye that's a good point too.

Time to grab an AutoTrader eh

RobertoMoir

LewisM wrote: »

Honestly no idea, I was hoping there would be some absurdly high APR option

The answer to "I have credit problems" is not more credit. That's like trying to get warm by sitting in a bath full of cold water. Or putting a fire out by pouring petrol on it. You get the idea.

And it's not a case of being able to budget each month, the money I would have to pay out each month is higher than what I'm taking in.
This is why I was hoping for a loan, even if I was stuck with a 50%, even a 75% APR, at least I could pay off my immediate debts then pay the loan off over the course of a few years.

If you think that 75% APR is high (and God knows, it is!) then please be careful when you read the paperwork for those payday loans you mentioned or you'll probably rupture something.

You need to adjust your incomings and outgoings. It really is that simple. Even if you choose not to post them on any of the forums here, look on the debt free wannabe board for guidance on preparing a statement of affairs (SoA) and use that to see where you're going wrong and what your options might be.

If you need to earn money then no more messing around with "£100 a month and no paperwork *ahem* ;-)" - that's not going to cut it. You could earn more working behind a bar or on the door of a club or with a part time supermarket job.

Get out there and look for a job. I know its tough on top of studies and I know there isn't that much around right now but you need to face up to the fact that you are, one way or another, spending more than you earn each month. Even if you were to get a loan somehow, without fixing this fundamental problem all you'd be doing is putting off the day of reckoning for a bit longer and making sure that when it did arrive it landed with that bit more pain.

However based on peoples responses the only way that would be remotely possible would be to have a chat with 'Fat Tony'

Aye that's a good point too.

Time to grab an AutoTrader eh

To reach the "tomorrow" you're worried about needing a car for, you have to survive "today".

paddyrg

There seem to be 2 options - sink or swim. At the moment you're going for the 'sink' option, and nearly succeeded already. If you want to try 'swim', then the DFW board will give tough but useful advice. If it wasn't already clear, you won't get a loan, you are a proven bad credit risk. As I recall, even SORN you still have to insure the car - just get rid - get £600 and save £110 a month (+fuel) you just cannot afford. Can't afford it, don't have it.

The business - is this now dead and buried? £3500 corp tax means it must have been moderately successful for a while, so why does it cost £1200? You cannot apparently say, that is fine, but if it just loses money, time to walk away and look at taking on extra jobs. Nothing wrong with a business going bad, happens all the time, just learn from it and make the right choices next time - but don't throw good money after bad.

Have you considered deferring study for a year? A straightening out year? Arrange to leave your tenancy (or if you can't, make sure you pay it first before all else), then go to a temp agency and take whatever they can offer. On top of that, do a bar job, or MaccyD's, something to keep you busy, social and earning in your evenings. Work yourself ragged until you hit broke but out of the mire, then moderate your work to just keep you stable.

How can you save cash? Ditch the iPhone on the silly contract and get a £50 Android on PAYG maybe? The car is already long gone, but is there anything else you can sell? Obviously food goes down to spuds, rice, pasta with eggs for protein and cheap cabbage for foliage - but if you can save £30/week on food, that's half your rent found already! Booze goes, obviously. Heating - extra jumpers and a hot water bottle go a long way, as do thermal long johns (I won't tell anyone). Basically a lifestyle pruning until money coming in equals or exceeds money going out. Make it a challenge, and you can get clear within a year easily, but faff around with expensive payday loans etc and you will have to declare bankruptcy in 3 months. It is wake-up time I'm afraid!

bouncydog1

Best advice - stop behaving like a know it all and take some of the useful advice you have been given on here.

What's done is done - you can't change the past but you can change the future if you want to.

Why do you need £400 per month to live as a student if your rent is paid? You need to cut back on the going out, focus on your studies and paying off your debts otherwise the post you make next year is going to be along the lines of "debt collection agencies pursuing me and my parents/grandparents can't help".

Find yourself a part-time job that pays proper money, get your affairs under control, declare income instead of trying to defraud the taxman and start behaving like an adult with a future.

DorsetGirl_2

You are not going to get a loan on such a small income, especially when you have applied for 30 PDL and they all turned you down, trampling all over your credit report.

How much did you ask the PDL companies for out of interest? I cant believe not one would touch you.