loan help for bad credit

shelleps

i have bad credit as through a divorce a couple of years ago, we had to let a house get repossessed and i had to go bankrupt to pay off the debts from the marriage


i have an income of £2000 a month and need to get £18000. any ideas where would lend this sort of money.?

Tixy

If you were bankrupt a couple of years ago then there is no realistic chance of being able to borrow £18k from any commercial lender, regardless of income.

With a spotless credit file, and on your income you might probably be able to borrow that amount, or not far off.

What were you hoping to borrow for? - maybe people on here might be able to suggest an alternative that doesn't involve you borrowing significant amounts of money.

shelleps

really? not even with a high interest rate? i dont mind paying back double,

Tixy

shelleps wrote: »

really? not even with a high interest rate? i dont mind paying back double,

Really. A discharged bankruptcy is pretty much the second worse possible thing to show on your file (an undischarged bankrupt being the first).

From going bankrupt its takes 6years for your credit file to clear, in that time you should be able to get some small amounts of subprime credit, such as perhaps catalogues accounts or subprime credit cards for a few hundred quid.
But lenders are not keen to risk £18k on someone who has (as far as they are concerned) a proven track record of not repaying debts. There may well have been many reasons why you went bankrupt and I'm not judging you for it, but to a lender looking at your credit report and deciding whether to lend to you or someone with a clean credit file - they just see the black and white fact and are going to choose to lend to someone with a clean file with a record of making all repayments on time.

Are you still paying into an IPA for your bankruptcy debts? if you are would you even be able to afford repayments on a loan?

Your only possible chance would be if you owned a property with significant equity - I assume you don't?

shelleps

hi, no i dont own a property and yh i can afford to pay back £300 a month, i know the bankruptcy is obviously a massive problem. was just hoping there may be a company out there that can lend on the affordability to pay back rather than things that had happened in the past

Tixy

shelleps wrote: »

was just hoping there may be a company out there that can lend on the affordability to pay back

The problem is that they will be focusing on the risk that you decide to choose not to pay them back, rather than the risk that you cannot afford to pay.

As an aside - even if you could get a loan for £18k, it would be likely repayments would be more than £300 a month.

ILW

What do you need £18k for?
Are there no alternatives?

shelleps

Tixy wrote: »

The problem is that they will be focusing on the risk that you decide to choose not to pay them back, rather than the risk that you cannot afford to pay.

As an aside - even if you could get a loan for £18k, it would be likely repayments would be more than £300 a month.

yh maybe depending on the term, but i dont mind spreading over a llonger term and paying more back

there must be someone out there

smidgey

shelleps wrote: »

there must be someone out there

Looking at your previous posts i'm not so sure anyone should be lending you £18,000.

What do you need the money for?

Tixy

shelleps wrote: »

yh maybe depending on the term, but i dont mind spreading over a llonger term and paying more back

Most lenders have a maximum term for unsecured credit, often 7years, which would cost £300a month even at a competitive APR (for someone with a spotless credit file). Some allow loans over 10years but for subprime credit rates that would still be over £300 a month - its academic anyway as you won't get accepted for a loan of that size.

shelleps wrote: »

there must be someone out there

No there isn't.

Have you had any credit accounts at all since you went bankrupt? any subprime cards or catalogues?
Did you do a proper 'post bankruptcy credit file clean up' once you were discharged.
I'd focus on starting to try to rebuild your credit history, getting a subprime card and using for a couple of purchases each month and paying off in full each month. Then in 4 years time when you bankruptcy no longer shows you'll stand a being accepted for high street credit or larger loans.

Give up on the idea of borrowing this money anytime in the next few years and think of alternatives.

poppasmurf_bewdley

Sorry to tell you, but you haven't a hope in hell of getting a loan for £18k.

From what you have said, you'd be lucky to get a loan for £1k.

Companies specialising in loans to poor risks have all closed down. Why? Because amazingly, they found out people like that didn't make their payments.