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Banks Perspective on Payday Loans
Duk
Posts: 117 Forumite
Hi All,
Just after a few opinions here.
Right, Recently I moved across the country for work, My new role offers much better salary, bonus, overtime and career progression.
During the move I have a few financial issues, This was due to moving apartment, Paying off my old company for training and also I had to buy a new car to get to work as my old car broke down at exactly the time I wanted it to
Due to this I had to use my overdraft £2640, Take out a new HP loan for a car £7500 and unfortunately had to take out a payday loan with Wonga £800
I am happy to pay this back however, Me and my fiance have to leave our current accommodation and once again need fees to pay for a new place. My wage is fine to pay for fees on a one off but not with a Wonga loan.
I earn about £2320 a month after Tax.
Today I have a meeting at the bank and want to try and get a consolidation loan to cover all of this (possibly not the HP) I used to have a good credit profile but because I am not on the electoral role here yet (still going though) and I am only 25, My credit shows up at 640 (with 1 late payment to O2 2 months ago). I have applied for a Loan with a different Bank but have been declined.
I am wondering how Banks stand on this, What are the chances of getting the consolidation loan, If I cant... I may have to leave my work as I have nowhere else to go but back across the country to my parents and the work is not commutable.
If anyone has any advice on this situation or anything I can do to persuade that I can pay the consolidation loan off, even if it is at a higher rate.
And yes, I know about Payday Loans, I am usually very very good with my money, but sometimes we all get into a pickle.
Thanks for any help.
Just after a few opinions here.
Right, Recently I moved across the country for work, My new role offers much better salary, bonus, overtime and career progression.
During the move I have a few financial issues, This was due to moving apartment, Paying off my old company for training and also I had to buy a new car to get to work as my old car broke down at exactly the time I wanted it to
Due to this I had to use my overdraft £2640, Take out a new HP loan for a car £7500 and unfortunately had to take out a payday loan with Wonga £800
I am happy to pay this back however, Me and my fiance have to leave our current accommodation and once again need fees to pay for a new place. My wage is fine to pay for fees on a one off but not with a Wonga loan.
I earn about £2320 a month after Tax.
Today I have a meeting at the bank and want to try and get a consolidation loan to cover all of this (possibly not the HP) I used to have a good credit profile but because I am not on the electoral role here yet (still going though) and I am only 25, My credit shows up at 640 (with 1 late payment to O2 2 months ago). I have applied for a Loan with a different Bank but have been declined.
I am wondering how Banks stand on this, What are the chances of getting the consolidation loan, If I cant... I may have to leave my work as I have nowhere else to go but back across the country to my parents and the work is not commutable.
If anyone has any advice on this situation or anything I can do to persuade that I can pay the consolidation loan off, even if it is at a higher rate.
And yes, I know about Payday Loans, I am usually very very good with my money, but sometimes we all get into a pickle.
Thanks for any help.
0
Comments
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Wonga seem to be one of the best in arranging payment plans - talk to them.Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.0
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Would that Not mean defaulting on the original credit agreement and making my credit history worst?0
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