Anyone know an honest poor credit loan firm!?

throwoff

Hello folks,

I have awful credit. Many different reasons have created the mess I am in but that is for another post.

I want to get a loan for around 10k to clear my awful pay day loans and other problems.

I earn good money now but the arrears etc are deep.

Now before anyone says 'you might use your cards again etc' take this as read, NO WAY!

I just want one monthly payment, around 4 year payment term and once it is paid to NEVER look at credit again.

Any suggestions?

talana

You have awful credit.
You have PDLs and other problems.
You have arrears.

Basically no mainstream lender will touch you with all that baggage.
Might sound like a solution, but it's not realistic.

Any suggestions?

Complete an SOA and put it on the DFW board for advice.
Borrow from family (if they're willing)
Anything you can sell quickly to get the PDLs cleared?

throwoff

There are a few things I have left to sell, borrowing from family is a bit of a mare but will ask around.

DCFC79

throwoff wrote: »

There are a few things I have left to sell, borrowing from family is a bit of a mare but will ask around.

To give yourself a chance of clearing the 10k your going to have to cut your spending, i second complete a SOA and post it on the dfw board, you get other peoples opinions/a second pair of eyes where to cut back, even if it means you live very frugally for a while until you clear the debt but its all down to you, you need the will power to not spend money on that gadget or something else.

RuthnJasper

Would an IVA be a viable option in your situation? http://www.adviceguide.org.uk/england/debt_e/debt_help_with_debt_e/individual_voluntary_arrangements_ivas.htm

It's not for everyone, though I'm in one myself. But if you really are in dire straits it's worth exploring.

Best wishes. x

19lottie82

An honest loan company? Sure, most of them are honest. They may charge you a fortune, but all the T&C's are there in black and white/

If by "honest" you mean a company that will lend you 10k at a decent rate, despite you having a terrible credit history....... I really doubt it.

As others have said, forget about consolidating. Get over to the DFW board, post an SOA and get some advice on how you can clear your debts quicker. You say you have a good job, so it shouldn't be that hard, if you knuckle down.

throwoff

I have already worked out a SOA for myself and know how to do it but cutting down and still manage to eat etc!

I guess I am just being too naive and trying to solve it without the pain, the pain is probably part of the learning!

Frugal times lie ahead, thanks guys!

Tixy

Have you considered talking to one of the debt advice charities for some advice?

Can you realistically meet all payments as they become due without borrowing further and still be able to afford to all basic living costs? If not then you might want to consider other options, prerhaps a DMP would be something to consider.

paddyrg

Problem is with a salary of £24k, the very most credit you could realistically access is £10-12k in total (with a good credit history etc) - as you're already at £10kish, there really isn't much in the way of headroom to clear off old debts sadly.

By holding PDL's, credible lenders will be scared off. I'm afraid you'll need to find another way...

oldmother

Just had bad experience with wentworth direct. They offered me a loan but said that they wouldn't send the contract out till I paid broker fee of 70 pounds!!! I looked onto the website where I read posts of people who got scammed and when I rang them to turn down the loan it was met by hostility by the woman who said it's nothing to do with them anymore and my details have been passed on and I now have to ring head office. She was very rude and when I asked to speak to someone higher than her she put the phone down. Beware.

DCFC79

oldmother wrote: »

Just had bad experience with wentworth direct. They offered me a loan but said that they wouldn't send the contract out till I paid broker fee of 70 pounds!!! I looked onto the website where I read posts of people who got scammed and when I rang them to turn down the loan it was met by hostility by the woman who said it's nothing to do with them anymore and my details have been passed on and I now have to ring head office. She was very rude and when I asked to speak to someone higher than her she put the phone down. Beware.

Im sure Wentworth has already been mentioned on here, ill repeat whtas previously been said Do Not Ever pay the broker any money to find you a loan irrespective of how convincing they may be.