Loan advice

edited 30 November -1 at 1:00AM in Loans
1 reply 452 views
nickj89nickj89 Forumite
1 Post
edited 30 November -1 at 1:00AM in Loans
Hi everyone,

I'm in need of advice regarding consolidating my existing debts into a one monthly outgoing.

Due to my habits in my teens I have a very poor credit rating. I didn't realize every time I searched for a loan/credit card it affected my score, I constantly missed payments and ignored the collection teams,

I have since paid these debts off (2 years ago) but I am still suffering with the set-backs off a poor credit rating..
I have only just been able to take out a phone contract!

I have a lot of outgoing at present, 3 of which are monthly debt payments. (None of whcih are credit cards)

What with rent, phone, food and car insurance/petrol, I am barely making enough to cover these debts.. (Car and phone necessary for work)

I have recently searched for a loan for £1000 to consolidate all these debts and pay a manageable monthly sum over 12 months, but unfortunately I am being turned down with a resounding NO!

I have a stable income, but it has only been properly stable for 3 months, before then it varied due to the volume of work decreasing.

Can I talk to my bank manager and explain my situation, see if he can use their discretion to approve a loan, or does it not work like that anymore?

If not does anybody have any advise, I'd be happy to take on a higher interest rate, but nothing ridiculous.

Any help would be greatly appreciated, this is starting to weigh on my shoulders now..

Many thanks,


  • TixyTixy Forumite
    31.5K Posts
    What actually shows on your credit files?

    Did you default on these debts/credit agreements you had? Do they show as defaulted debts on your credit file?

    What current outstanding debts do you have currently? how much and to whom? have you kept up with all payments to them on time?
    what is your currently monthly repayments on those debts?

    Whilst its true that a lot of applications can have a negative affect on your ability to get credit - this is only for a short period of time. Applications you made over a year ago will have no bearing on whether you can get credit now. So how many recent credit applications have you made (say in the last 6months)?
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
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