Desperate for Advice - Need a Loan, Bad Credit History

desperately_needing_help

Hi there...

I have registered for this site in the hope that someone can give me some advice on a practical way to escape my debt problem once and for all. I have struggled with debts for years but I now have the chance to get past these problems and don't know how.

I estimate that I currently owe around £6,500 in various places, and I am now getting some really nasty letters about them. I am desperate to get them off my back, but I just don't have the funds right now.

The thing is, I started a new job just before xmas on a good wage, and I know if only I could obtain a loan for the current debts that I could easily afford to repay it (probably even within a year).

Unfortunately my credit history seems to be so bad that I can't get this loan anywhere. I tried two lenders first, one at approx 12% and one around 27%, but was turned down for both. I then registered with Yes Loans and got very excited when they said I was accepted, sent them £50 and was then contacted by Welcome Finance offering me £2000 at 60%+ APR.

Obviously I didn't take that as a)it doesn't solve my problems and b)it'll only increase my debt problems.

Does anyone have any advice on where I can obtain this loan? I NEED to get these people off my back for the good of my health (stress levels causing me some problems!) and a loan seems the simplest way. I don't even mind paying back an extortionate amount so long as I can afford it within my monthly wage.

Any other tips besides loans? Are the CAB worth a try?

Thanks in advance to anyone that is kind enough to offer me any advice

clarab_3

desperately_needing_help wrote:

Hi there...

I have registered for this site in the hope that someone can give me some advice on a practical way to escape my debt problem once and for all. I have struggled with debts for years but I now have the chance to get past these problems and don't know how.

I estimate that I currently owe around £6,500 in various places, and I am now getting some really nasty letters about them. I am desperate to get them off my back, but I just don't have the funds right now.

The thing is, I started a new job just before xmas on a good wage, and I know if only I could obtain a loan for the current debts that I could easily afford to repay it (probably even within a year).

Unfortunately my credit history seems to be so bad that I can't get this loan anywhere. I tried two lenders first, one at approx 12% and one around 27%, but was turned down for both. I then registered with Yes Loans and got very excited when they said I was accepted, sent them £50 and was then contacted by Welcome Finance offering me £2000 at 60%+ APR.

Obviously I didn't take that as a)it doesn't solve my problems and b)it'll only increase my debt problems.

Does anyone have any advice on where I can obtain this loan? I NEED to get these people off my back for the good of my health (stress levels causing me some problems!) and a loan seems the simplest way. I don't even mind paying back an extortionate amount so long as I can afford it within my monthly wage.

Any other tips besides loans? Are the CAB worth a try?

Thanks in advance to anyone that is kind enough to offer me any advice

I think your best bet is to post over on the Debt free wannabee board on this site - hunreds of people there who are experts at dealing with debt and will be able to advise you on the best way to clear it. Have to say i dont think a loan is probably the best answer, especially given the interest rates you are likely to be quoted.

itsarichmansworld

I agree with the above poster come over to DFW and do a soa see southern scousers thread and we'll help you out! :hello:

desperately_needing_help

Thanks for that folks, I have now posted in DFW but would still appreciate advice regarding loans - as i said I don't mind paying back nearly twice as much as I just need to get out of the hole NOW.

mrmajika

Hi

If you are genuine about being able to pay off a £6.5 within 12 months - which equates to over £500 per month - then could you not look to come to arrangements with your existing creditors? This might be a better way forward than consolidation.

If you are being knocked back by the companies you have already applied to then you will probably have trouble finding someone who will lend to you.

As previous posters have said, the guys at the DFW board can look at a breakdown of your debts and maybe advise further. If you list all your debts along with details of who is 'pestering' you / sending letters about the debts.

Good Luck.

mummyyummy_2

try https://www.uccplc.co.uk they may be able to help you, saw them on https://www.moneysupermarket.com

mrmajika

mummyyummy wrote:

try https://www.uccplc.co.uk they may be able to help you, saw them on https://www.moneysupermarket.com

I would hold back on applying for this one just yet. Their FAQ's state :

Provided CCJ's or defaults registered within the last 36 months do not total more than £2500 and those registered in the last 12 months total no more than £500, an application will still be considered.

How does this fit with your situation? There's no point in registering another needless credit search.

Debt_Free_Chick

desperately_needing_help wrote:

Thanks for that folks, I have now posted in DFW but would still appreciate advice regarding loans - as i said I don't mind paying back nearly twice as much as I just need to get out of the hole NOW.

You can't borrow your way out of debt.

Unless you get a much better interest rate, your repayments won't be much lower than they are now. Unless you extend the term, in which case you will end up giving the lender more of your hard-earned cash.

I haven't looked at your message on DFW yet, but will head over their now.

nomoneytoday

Debt_Free_Chick wrote:

You can't borrow your way out of debt.

Top advice there