Options for bad credit???

nuttyamy22

Hi all

Now I am going to be the first to admit that my credit rating is not great but I am trying to improve it.

I currently have a £700 loan (paying back £77 per month for 12 months) and a credit card at its £500 limit (I pay the minimum every month without fail and sometimes pay an extra £20 if I have the spare cash).

I have never missed any payments on these but there are some months where the £77 is cripling me.

I need some advice on any loans (not brokers) etc where I can consolidate this loan with the credit card to pay them off and have a smaller outgoing. Looking for about £1200 over say 2/3 years.

Thanks

geoffky

With a history of not paying people back when you said you would then you will struggle to get a loan from any mainstream lender..plus how much do you earn as they look at your total debt..

CLAPTON

why is your credit poor?
what do your credit files say?
how much do you earn?
if you are paying at least the minimum payment and something more then why is the CC maxed out?

Russe11

Why do you need to consolidate the card debt?, why not just pay off the balance in full when you get paid, then spend on the card again, that way you won't be getting any interest on the £500 balance held. After all to be constantly maxed you must be respending on the card anyway.

DCFC79

nuttyamy22 wrote: »

Hi all

Now I am going to be the first to admit that my credit rating is not great but I am trying to improve it.

I currently have a £700 loan (paying back £77 per month for 12 months) and a credit card at its £500 limit (I pay the minimum every month without fail and sometimes pay an extra £20 if I have the spare cash).

I have never missed any payments on these but there are some months where the £77 is cripling me.

I need some advice on any loans (not brokers) etc where I can consolidate this loan with the credit card to pay them off and have a smaller outgoing. Looking for about £1200 over say 2/3 years.

Thanks

What do you earn/salary ?

Any other debts ?

tell_it_how_it_is

At just £77 per month, for only 12 months, I think the advice should arguably be to knuckle down, cut back on your monthly spending wherever possible in other areas (reduce mobile, satellite TV, going out food etc.?), and clear it off as per the agreement. Why choose to saddle yourself with additional debt (interest-wise) over a longer period of time?

nuttyamy22

Thanks for all who have responded so far...I guess deep down I knew what the answer was....sometimes just need someone else to knock into you as well so to speak. :-)

27col

nuttyamy22 wrote: »

Thanks for all who have responded so far...I guess deep down I knew what the answer was....sometimes just need someone else to knock into you as well so to speak. :-)

But are you going to take any notice of what people have said.

dealer_wins

@ the OP, you have realised how bad for your wealth (and health, stress worry etc) loans are.

You only owe a tiny amount compared to most borrowers in distress.

Get these paid off as soon as possible and live a debt free life.

In my experience its constant re-financing that gradually turns £1200 debts into £25000 debts over the years.

So just knuckle down, live frugally for a few months and get your debts cleared while they are small.