i am 20 and i need a loan! help

ichlebear

i am 20 years old and i have a bad credit history because my mum made £600 worth of debt in my name which i didnt know about until i moved out so the debt was sat there for 2 years.
I really need to get a loan of about £4600 but i know i wont get it because of my history and ages. This is really important to me and i am in the middle of paying of the debts.
i want to know how to make my credit history good so that i can get a loan and how long it will take, the sooner the better.
i earn £14500 a year and i have a phone contract dont know if that helps my history? please help any advise is really appreciated!!

Emmzi

have you paid off the debt?

6 years for the default to drop off your file.

i'd ask my mum for the money..!

banks4u

Do a payment plan instead

ichlebear

wouldnt suprise me if i never get the money from my mum, whats a payment plan?

CuteBB

I'd advise you to go to your local credit union Banks loans and a big no, no

ichlebear

how would my local credit union help me?

WhiteHorse

ichlebear wrote: »

i am 20 years old and i have a bad credit history because my mum made £600 worth of debt in my name which i didnt know about until i moved out so the debt was sat there for 2 years.

Can you prove that she did this? If you can, go to the police.

You could ask for advice on some of the more specialist forums such as legalbeagles or CAG (Consumer Action Group).

You might start with a SAR under the Data Protection Act 1998.

I really need to get a loan of about £4600 but i know i wont get it because of my history and ages.

No, you won't. What on earth do you want the money for at your age?

This is really important to me and i am in the middle of paying of the debts.

You should have repudiated the debts. As you have acknowledged them, you may have some difficulty backtracking.

i want to know how to make my credit history good so that i can get a loan and how long it will take, the sooner the better.
i earn £14500 a year and i have a phone contract dont know if that helps my history?

You have a long way to go.

DCFC79

Why £4600 ? or is that how much the debt is. Just pay off the debts asap.

Tixy

What do you want to borrow the money for? why £4600?
Are you employed? how much do you earn?

What does your credit file show in relation to this debt? Did mum ever pay anything towards it at all? When did it default? Have you spoken to mum about this and said that if she can't help you pay it off you will have to go to the police and report the fraud?

A credit union might consider lending you a small amount, certainly nowhere near £4k. A lot of credit unions you have to start saving with them first, though a few will allow a small loan as soon as you join (not likely to be more than £500) - they assess based on affordability not based on what is on your credit file.

Have you checked your credit files with all 3 agencies to ensure she hasn;t run up anymore debts you don't know about? Do you think there is a risk she will do it again? if so consider CIFAS protective registration which should stop her.

telboyo

Go to police. Mother fraud - prison. Move back in to house rent free while it is empty. Quids in. Mum comes out of prison has nowhere to live as house repo'd due to none payment of rent/mortgage double quids in. See how she likes it.

or
Pay the debt because as EVERYONE on here will tell you consolidation is very rarely a good idea.

KingElvis

You mum sounds like a model citizen, I'd report her asss to plod and have her collar felt......