Advice Please

sbworcs

I have a less than average credit rating with unsecured debts totalling approx £10,000. Minium monthly payments on these are costing me 2/3 of my salalry and will take god knows how long to clear!

I have worked out (using an online loan calculator) that even if I could secure a loan with APR in the region of 20% I could pay off these debts and then pay the loan back within 5 years and save myself approx £150 per month on repayments.

I do not have a home to secure against nor have any guarantors who could act for me.

Full time employed in a stable job, same home for over 10 years.

The only loans that appear avaialble are excellent credit with 6.9% APR (for example) or companies such as Aspire with 62.1% APR.

Anyone know who might be willing to lend that I could look into?

Thanks

Stephen

BugsyBrowne

Loans are only for people with a good credit history hence the low APR as for high interest loans these are normally secured against a home or a guarantor required.

Go to nationwide website and fill in the loan application and it will quote you at the end with no effect to your credit file but will do a soft search.

stephane_2

If you have already £10000 of debt and spending 2/3 of your salary on minimum payment if that is all you can afford then very unlikely that you'll get a loan from anyone until you can bring your level of debt to a reasonable level compare to your annual salary.

maginot

What is your annual income, if the minimum payments for £10,000 take up 2/3 of your income it is unlikely you would be able to borrow £10,000 at any interest.

You should consider posting up an SOA, so you can see where you can cut back and then start throwing any extra money you have each month at the most expensive debt. With this snowball method after one debt is repaid it will free up more money to be spent on your other debts and will reduce at a quicker rate.