Advice Needed Regarding Getting a 20,000 Loan

screwedbyesporta

Thanks for stopping by. I am looking forward to apply for a 20k loan and before i go with it, i wanted your valued input on my situation and what procedure should i opt for applying it.

I'm self employed and live in rented property, i guess that alone will make it harder for me to get the loan. Beside that, i have not applied for nay credit card or loan in about 4 5 years. I had been upto date with my minimum payments until recently when i found that i have a some insurance payment on my barclay account and they start calling me as early as 7 8 in the morning for payment, which annoyed me a lot as first of all i had not purchased this insurance thing and probably barclay people tricked me into it by saying stuff on phone, so i have couple of delayed minimum payments for this insurance thing.

My last year's total income was around 50k pounds, which all comes into my halifax account.

Recently i have come across an opportunity to buy an overseas property for around 150k and i am 100% sure to resell the property with in 3 to 5 months for atleast 250k, however, i am short for around 30k cash. I can get extra 10k from friends, but for another 20k i must get the loan.

I will highly appreciate if you could suggest what should i do to get the required 20k?

DCFC79

screwedbyesporta wrote: »

Thanks for stopping by. I am looking forward to apply for a 20k loan and before i go with it, i wanted your valued input on my situation and what procedure should i opt for applying it.

I'm self employed and live in rented property, i guess that alone will make it harder for me to get the loan. Beside that, i have not applied for nay credit card or loan in about 4 5 years. I had been upto date with my minimum payments until recently when i found that i have a some insurance payment on my barclay account and they start calling me as early as 7 8 in the morning for payment, which annoyed me a lot as first of all i had not purchased this insurance thing and probably barclay people tricked me into it by saying stuff on phone, so i have couple of delayed minimum payments for this insurance thing.

My last year's total income was around 50k pounds, which all comes into my halifax account.

Recently i have come across an opportunity to buy an overseas property for around 150k and i am 100% sure to resell the property with in 3 to 5 months for atleast 250k, however, i am short for around 30k cash. I can get extra 10k from friends, but for another 20k i must get the loan.

I will highly appreciate if you could suggest what should i do to get the required 20k?

1 the fact your SE may make it harder to get a loan
2 you have missed payments
3 not exactly sure what reason you would choose for " buying an overseas property ".

re this insurance thing from barclays, what is it exactly ?

how did they trick you ?
were you listening to they're spiel about the product ?
or was it it a case of not listening to what was said ?

jason1231972

screwedbyesporta wrote: »

Recently i have come across an opportunity to buy an overseas property for around 150k and i am 100% sure to resell the property with in 3 to 5 months for atleast 250k

If it can '100%' be sold for £250k, how and why is it available to you for just 60% of that?!

BugsyBrowne

You would think 50k going into his Halifax account then these would be the best place to ask for a loan.

Then again not sure we will hear from the OP again.

DCFC79

BugsyBrowne wrote: »

You would think 50k going into his Halifax account then these would be the best place to ask for a loan.

Then again not sure we will hear from the OP again.

Ah yes good point re his own bank, forgot to mention that.

What makes you think the OP wont come back ? or is that from past experience ?

jason1231972

DCFC79 wrote: »

What makes you think the OP wont come back ? or is that from past experience ?

Probably his post frequency - 4 posts in 4 years

DCFC79

jason1231972 wrote: »

Probably his post frequency - 4 posts in 4 years

True, there are a few who do disappear, shame they do that as you would think sinc ethey posted the question for help/advice they would post back to to give us an update.

geoffky

Please tell me it is not in Spain or Greece or Ireland or America..If it is you are about to do your brains in..

screwedbyesporta

DCFC79 wrote: »

1 the fact your SE may make it harder to get a loan
2 you have missed payments
3 not exactly sure what reason you would choose for " buying an overseas property ".

re this insurance thing from barclays, what is it exactly ?

how did they trick you ?
were you listening to they're spiel about the product ?
or was it it a case of not listening to what was said ?

1: True
2: True
3: True, i need a reason, i might be having a wedding in couple of months though, can add that as a reason as well, but i need suggestions.

I think they tricked me by being pushy or not explaining it rightly, i don't even remember signing up for this, so certainly they said something on the phone and i usually tell such pushy people that i will look into it to end the convo. What i do remember is begging them to cancel it as i did not apply for it! yet they don't.

screwedbyesporta

jason1231972 wrote: »

If it can '100%' be sold for £250k, how and why is it available to you for just 60% of that?!

Because i understand Market better and have better links, which i can utilize to get the product sold for better price. Partially the reason why its available for such a low price is because owner doesn't care much, he needs quick cash and willing to let go for less.

Please suggest some solution to problem as well.

screwedbyesporta

jason1231972 wrote: »

Probably his post frequency - 4 posts in 4 years

Thing is, i did not make a new account, i used the one i had registered before. The reason for not being able to participate much is extremely tough schedule in past.:)