Bad credit loans.. Advice appreciated.

Munkatra

Heya,

I'm new to the forums but have briefly visited the website on numerous occasions.

I've found myself in a sticky situation and would appreciate any help and just the chance to offload my stress! Sorry for length and hope its posted in right place.

I'm 25, single, have a 4yr old daughter. During my 6yr relationship with her dad, I stupidly signed my name onto his £14000 loan to improve his apr, after we split, I had to get a LILA bankruptcy which ended last April.

I work 16hrs a week on nightshifts but have been signed off past 6wks due to depression amongst other things I don't want to discuss. My mother who has a rich fianc!, was kind enough to give me her old car as a gift when she bought a fancy one, so I could get about, its my lifeline! but has now taken it away after I chucked my leech of a brother out who had been crashing on my sofa, eating my food etc for 2yrs and I could not afford it or stand it any longer.

Now I'm stuck with no car which I desperately need as I'm suppose to return to studying in August when my daughter starts school, amongst training/teaching and promoting a pole fitness studio I'm part of. I live 30 miles away from nearest city where everything is.

Basically I really need a loan for £1000-1500 to purchase a cheap run around car that won't break down on me all the time and the £400 insurance for first year (based on group3 insurance)

Is anyone in a similar situation, who has bad credit rating and found a money lender that is not completely drainin you of everything? I've tried asking family etc to help but our family not close, my mum knows this but won't help my situation whilst she has an expensive house/lifestyle etc.. (i dont mean to come across bitter or anything but the ring she just bought herself cost £4000, and the car she took away is worth £900) My dad has bad finance. I'm seriously considering other options like working in a strip club to get money to support my daughter, pass Uni and better our lives.

I have looked at public transport as a means to get by but it's £8.70 for a return(£4 fuel in car) takes twice as long and an unreliable service.

This is really long, I apologise. But if anyone can offer any advice I'd really appreciate it, thanks.

chesky369

Can you offer to buy the car from your mother for a set amount each week?

malkyh

Tough situation, but I would urge you NOT to get a loan as you'll undoubtedly end up with a lot more problems than you have now. Any company who would lend to you would charge a massive APR which you would not be able to keep up repayments.

CKhalvashi

Follow post 2 or 3, as well as considering secured car finance (mainly arranged by garages, and I know Lloyds TSB do it, too, as my mother financed our old Passat this way).

You’re looking a much lower APR using this method. Another bit of advice here is to find a VW/Skoda/Seat with the 1.9 TDi, they cost peanuts to run and last a long time. I remember seeing an Octavia when we owned a cab firm do 1.6m miles without a problem (c.2009) and is a drivers wifes runaround now.

CK

malkyh

CKhalvashi wrote: »

Follow post 2 or 3, as well as considering secured car finance (mainly arranged by garages, and I know Lloyds TSB do it, too, as my mother financed our old Passat this way).

You’re looking a much lower APR using this method. Another bit of advice here is to find a VW/Skoda/Seat with the 1.9 TDi, they cost peanuts to run and last a long time. I remember seeing an Octavia when we owned a cab firm do 1.6m miles without a problem (c.2009) and is a drivers wifes runaround now.

CK

With a bankruptcy on file she has no chance of finance through any garage.

CKhalvashi

malkyh wrote: »

With a bankruptcy on file she has no chance of finance through any garage.

Thanks for that, I tend to skim read posts and didn’t see that bit.

CK