Bad credit loan advice - please help?

mrsh2012

I am looking to get a loan to cover some of my debts so that I have fewer monthly repayments. This might not be a great idea but I NEED some extra money right now. I have been hit with a few extra bills and have no money to pay them. I am cutting back on spending and selling all unused/unwanted things on ebay but it's not enough.

Is there a lender who will give someone with poor credit a loan? I need around £2500.

Moneymash

Wow 64 views and no response, possibly because you haven't given a lot of info. What is your income? how much are your debts? What is your credit rating like?, Do you have any savings you've forgotten about? What are the extra bills you have to pay e.g. council tax, utility bills?

At the risk of sounding obvious have you exhausted all the usual routes, e.g. your bank for a loan, increase in overdraft. If you have a loan with them already a payment holiday.

Anything else to sell, e.g. car. iphone, bike, gold? What about family or friends helping you out?

tallyhoh

there may be people around who would give you the loan but at a very high rate of interest probably.

Why do you think it would help if you had fewer payments? the interest rate on the loan might be more.

bargainbetty

If your financil circumstances are that tight, then you may be better off considering a debt management plan - writing to your creditors and telling them you cannot repay at the agreed rates, and setting up fixed repayment plans. You can ask them to freeze charges and interest (some will, some won't) and set yourself a sensible budget to live by.

It means trashing your credit rating for six years, and you can't take more credit out, but it's the closest you can get to a clean slate without bankruptcy.

If you are set on getting a further loan, total your existing debt, and work out how much more you are seeking to borrow. It the total of the two is more than half your income, you are going to struggle, whatever your credit rating.

Can you not approach these new creditors and ask them for more time to pay?

RAS

Hi

Please speak to one of the debt charities urgently.

They will enable you to pay your living costs and divi up what is left between your creditors if that is the right process for your situation.

katsu

Depending on what your emergency is then you may be able to borrow some money from a credit union - eg to get rid of a payday loan. I don't think you'd get 2.5k and more debt is rarely the solution but you may want to look into it - google "credit union <your town>".