loans after a DMP

k-swiss85

would i get accepted for a loan from my bank or would i have to go to one of these rip-off companies ??

cheers

Wutang_2

k-swiss85 wrote: »

would i get accepted for a loan from my bank or would i have to go to one of these rip-off companies ??

cheers

Looking to get back into debt again?......and which rip-off companies do you refer to?

k-swiss85

i need a new car,

amigo etc the usual suspects!

or a car finance company somewhere

cheers

DevCoder

Need, or want?

Depends on how soon after a DMP, but I'd say your credit record would be screwed for 6 years due to the defaults before going onto the DMP

Was your bank or anyone you're going to be going to a loan for one of your creditors in the DMP?

smithers1981

only one way to find out apply to your bank and see, one search wont hurt, it may be a decline in which case yr gonna have to rebuild yr credit rating using sub-prime credit card such as vanquish which will need to be paid off in full each month to avoid their hefty interest rates.

As for dodgy loans steer clear, or you will be on fast track to another DMP.

DCFC79

k-swiss85 wrote: »

i need a new car,

amigo etc the usual suspects!

or a car finance company somewhere

cheers

Well first question is can you afford it ?

Try your own bank first, maybe try nationwide as they do a soft search.

k-swiss85

ive got a vanquasis card, paid off in full every month, just got a credit limit increase.

ive got 2 payments left on dmp

DevCoder

You need to answer the question as to whether anyone you are going to approach is on your creditors list on the DMP?

Given that you're still on the DMP and a vanquis card is really last resort to credit building then it doesn't look good. (or it does if you approach it from the opinion that you shouldn't be looking to get yourself into more debt when recovering in a DMP vehicle).

k-swiss85

im not rushing into anything just having a look around, probably be september, october time before i apply for one

i owe like 200 on my dmp, the only reason i ended up on one is because i lost my job !

Mara69

k-swiss85 wrote: »

i owe like 200 on my dmp, the only reason i ended up on one is because i lost my job !

You've clearly learned nothing - or it has been far too easy for you. You had debt, lost your job and ended up with a DMP. You finish paying that DMP, get more debt.....what happens if you lose your job again??

Save the money you would have been paying onto your DMP and buy a cheap run around. Then save some more, before upgrading to a more expensive car. Rinse and repeat. It's called living within your means.

k-swiss85

i fail to see how ive not learned anything, maybe it has been easy for me, ive got a cheap run around but sick of forking out for bills regarding it!

i know what living within my means is as ive been doing it for the past 4 or 5 years !