Serious Loan help required please!

SteveCat

Hi this is not for me but for a friend of mines partner. This is the situation:

The guy in question has some arrears but no CCJ's, he wants to borrow 2.5k to consolidate but keeps getting knocked back. He most recently applied for Yes Loans who took a £50.00 application fee only to be turned down which has brought him down a lot. I have explained its pointless in keep applying for loans has I'm sure it will hinder his credit rating but he is seriously at the end of his tether.

Could anyone reccomend a fairly decent loan/company that is likely to take him based on the amount he wants and the fact he is employed and not a home owner? He currently works for Sainsbury's on a wage of 7800k PA and also claims Tax credits.


Any serious help with this would be greatly received.

joeblack066

You are right when you say that he is seriously damaging his credit rating by continually applying. Each one leaves a 'footprint' on his file, and will reduce his rating. So, first things first.
1) If he pesters Yes Loans enough, he will get his £50 back. They are an unscrupulous broker, not a loan company. I fell into their trap before I discovered this site, but soon saw the error of their ways. Tell him to mention that Moneysupermarket.com are researching Yes Loans, because of this admin fee, which is true!
2) he neds to go to the CAB, or CCCS, or Payplan for some FREE professional advice. If he is already having difficulty, how is taking on more debt going to help?
3) Can you persuade him to join MSE, post his SOA, and let the good guys on here help out with advice? Once he has a handle on his actual situation, he will be able to take control of it, and will feel SO much better
4) Your friend is lucky to have a good friend in you!

SteveCat

joeblack066 wrote:

You are right when you say that he is seriously damaging his credit rating by continually applying. Each one leaves a 'footprint' on his file, and will reduce his rating. So, first things first.
1) If he pesters Yes Loans enough, he will get his £50 back. They are an unscrupulous broker, not a loan company. I fell into their trap before I discovered this site, but soon saw the error of their ways. Tell him to mention that Moneysupermarket.com are researching Yes Loans, because of this admin fee, which is true!
2) he neds to go to the CAB, or CCCS, or Payplan for some FREE professional advice. If he is already having difficulty, how is taking on more debt going to help?
3) Can you persuade him to join MSE, post his SOA, and let the good guys on here help out with advice? Once he has a handle on his actual situation, he will be able to take control of it, and will feel SO much better
4) Your friend is lucky to have a good friend in you!

Thanks for that and I will pass on the the info regarding his fee's. Can I ask you if you dealt with YL then obviosuly you were looking for a loan, where did you go? I really need to find someone who will deal with his situation as he firmly believes consolidation is the only way.

Gemmadm

Hi I also went through Yes loans. They are the worst people I have ever come across as they just con you. Sorry I have no info on other loans to go for as I am paying off mine individually now. On the matter of getting your money back from Yes, I sent them a letter quoting from the trading standards website as they are not allowed to charge more than £5 if they don't arrange anything for you. It took a few weeks and just 1 letter and got money back. They rely on the fact that not many people know this.
Hope everything goes ok.
Gemxx