What are my loan options?

w_ackerman

I have a lot outstanding balances on credit cards and (unfortunately) a pay day loan. I want to get a loan to get rid of the payday and some expensive cards.
I have a good salary but no bank will lend me because of my poor credit & outstanding debts. What options do I have? Is there a reliable company who will consider giving a me loan (even with a relatively high interest rate) ? I have a good job and I earn more that 2.500 per month .

Any help will be greatly appreciated.

DCFC79

How much are the debts for ?
How about paying off the debts ?
How come you got into the situation your in ?

opinions4u

Has it crossed your mind that your finances are out of control? Borrowing to deal with it isn't the solution now.

1) Get rid of the Payday loan before anything else - sell stuff on ebay, pay late on other credit etc. Just get rid of the PDL.

2) Go to www.makesenseofcards.co.uk and complete a statement of affairs (SOA).

3) Post the SOA on the Debt-free Wannabe part of this forum and seek advice.

4) Stop borrowing. No more credit. Stop spending on anything that isn't food, work transport and shelter.

Get a grip of yourself and face this head on.

somethingcorporate

Why not use some of your income to pay back your debts?

More debt is very rarely the answer to debt.

w_ackerman

I think I was misunderstood. I am not looking to borrow more money to spend. I want to pay off the expensive debts with a cheaper one.

I got into debt because of lomg term health problem in the family. If I had money to spare I would pay off the PD loan but I don't.

All I want is some advice on reliable companys who will lend to people with poor credit history.

iolanthe07

All I want is some advice on reliable companies who will lend to people with poor credit history

There aren't any, apart from credit unions. Those that did lend to people with a history of defaulting on their loans have either gone belly up, or stopped lending to that particular demographic, for obvious reasons.

tell_it_how_it_is

On £2.5k a month, surely you can pay off the payday loan plus the minimum on your cards with your next pay packet?

Then rip the cards up and start working on paying off as big chunks as possible each subsequent month.

The best way to deal with it is surely to pay it all off while you have decent money coming in.

somethingcorporate

Reliable companies are not in the habit of lending money to unreliable individuals. You need to deal with your debts, your history makes it very unlikely a reliable company will want to loan you any money.