Need a small personal loan quicky, but...income problems!

EileenB_3

Hello all,

I found this forum recently while searching on information on loans. I will outline my problem/s below so it's easier for people to understand my concerns/problems.

I'm a 56 year old woman, seperated from my husband for many years. He is a con artist and has done a runner from all sorts of companies. I get mail through the letter box every week in his name from debt collection agencies, etc, and I just write on the back "DOES NOT LIVE HERE - RETURN TO SENDER" and post them in the post box.

Recently I some of the kitchen appliances have started to get outdated (washing machine, dish washer, etc) and I would like to replace them ASAP as I think the lifespan on my dishwasher is only about 2 weeks now and the others are on their way out too). Finances have been tight, and I'm unable to work (I unfortunately get DLA). That is my only source of documented income I can prove.

I live in a council house (secured tenant) and have been at the same place for over 22 years and not moved. My 24 year old son moved in with me not too long ago, lives and even though I deal with all the bills he is the one who pays for most of everything. He basically just gives me the money I need for all the bills in my hand, and he earns his money by "donations" online. They aren't really donations but that's how he said it works, so he also has no proof of income.

I have added everything up and we have a yearly income amount of 11,000 pounds (we're lower class obviously) but all of that can not be proved through documentation except for my DLA at 1,400.

He also has zero credit himself, no credit cards, nothing.

I have 1 credit card with capital one and a basic bank account due to having a poor credit rating. I have manage to disassociate myself from my seperated husband and he is nowhere to be listed on my credit reports anymore, but my credit rating is still low.

I have paid in full for the last 18 months on my credit card, only making 1 late payment recently (problem with capital one over this as they made a mistake but still put it as late payment).

I have 1 default of 80 pounds that was from 2004 with my co-op current account, in which I have payed all that off.

Now, my son isn't getting enough money to be able to pay for the kitchen appliances that are needed, but we really need a personal loan of 1000-1500.

My son currently can afford to pay up to 200 a month on repayment for a loan of that size, and his income (albeit listed as donations) is very stable. We want to pay it back within a year, but obviously due to his zero credit rating I'll be the one who's taking out the loan so I can get what I need (and he'll be paying iit back for me by giving me the money every month).

I don't know what to do, because basically we need our dishwasher, washing machine and other stuff and want to get something better than last time and worth the money, and waiting for my son to save up every month doesn't seem like a good solution.

I don't want to tarnish my already poor credit rating by applying for a loan and getting turned down everytime because I know I will, and that will just make it harder to get one.

Basically the interest/APR isn't too important, as we want to take it out over a year, and he'd be willing to pay back up to 60% interest for me which is very nice of him.

I do also get income support but that is excluded as income for loan companies so I have not included that at all in the finances.

Any ideas on how I can get a 1,000 pounds loan asap?

Thank you for reading. I know this sounds like a very odd story but both me and my son had a tough time getting by and he actually said he doesn't care about him building credit right now and that even if he could get a loan himself, he'd still want me to do it due to making the repayments and that making my credit score better.

Thanks again. Sorry for long post

PS. Don't know if I mentioned it earlier but I've never taken out a loan before in my life.

tom188

Why do you need a dishwasher?? surely that is a luxury item.

EileenB_3

I don't think it is. I'm disabled and it's quite a lot of effort to do things manually (that is why I get DLA).

If I could break down all the things I need it to make life easier it would exceed one thousand pounds.

For example.

1) Washing Machine
2) New Television (old panasonic from 1991)
3) New Furniture

etc the list goes on. When my husband and I were seperated, I was left with almost nothing. I don't think it matter what I need it for because it's only a small amount but I would rather not wait 6 months for my son to save that money up when I think I should be entiled to some of the things other people have. The dishwasher is only one of the things that not everyone has, but in my case it is important. In fact, if we don't have it, then we can't wash dishes because the place (kitchen) area is being rebuilt by the council so most of the units are just placed in a corner. There is sink in the kitchen and owrk won't be finished for a while.

There is all sorts of reasons.

frugalpam

EileenB wrote: »

I don't think it is. I'm disabled and it's quite a lot of effort to do things manually (that is why I get DLA).

If I could break down all the things I need it to make life easier it would exceed one thousand pounds.

For example.

1) Washing Machine
2) New Television (old panasonic from 1991)
3) New Furniture

etc the list goes on. When my husband and I were seperated, I was left with almost nothing. I don't think it matter what I need it for because it's only a small amount but I would rather not wait 6 months for my son to save that money up when I think I should be entiled to some of the things other people have. The dishwasher is only one of the things that not everyone has, but in my case it is important. In fact, if we don't have it, then we can't wash dishes because the place (kitchen) area is being rebuilt by the council so most of the units are just placed in a corner. There is sink in the kitchen and owrk won't be finished for a while.

There is all sorts of reasons.

Instead of borrowing money to buy new and expensive items such as a washing machine, dishwasher etc, why not keep an eye out in the local paper - people often sell appliances like this because they're upgrading their kitchens and their existing appliances won't fit in. You can pick up some real bargains this way. Also, join your local Freecycle group - people sometimes give these items away.
In terms of furniture etc - again, local papers and Freecycle are a great source of 2nd hand goods. I bought a lovely suite out of the paper for less than £100 - it had sat in someone's 2nd lounge and had hardly ever been used.

Pam

EileenB_3

frugalpam wrote: »

Instead of borrowing money to buy new and expensive items such as a washing machine, dishwasher etc, why not keep an eye out in the local paper - people often sell appliances like this because they're upgrading their kitchens and their existing appliances won't fit in. You can pick up some real bargains this way. Also, join your local Freecycle group - people sometimes give these items away.
In terms of furniture etc - again, local papers and Freecycle are a great source of 2nd hand goods. I bought a lovely suite out of the paper for less than £100 - it had sat in someone's 2nd lounge and had hardly ever been used.

Pam

Thanks Pam for the advice. I hate to admit this but it crossed my mind to think of this. I will keep an eye out.

The only problem I am having is I've caught my eye on a 3 piece suite that I really like and I can only get it new

To be honest that's what will set me back quite a lot (hence the up to 1500). I just wonder if it would be possible for me to get a loan for that? I know I could wait but I'm worried because it's in sale and in several months I won't be able to get it on the current offer. I am going to try to call my brother in London to see if he can borrow me a couple of hundred. What about citifinancial, will they accept me? And how could I go about the fact that I cannot prove my income due to the fact that it's handed down through cash from my son, who gets it from running a website and receiving donations from random people.

Seems like I'm completely in a mess, doesn't it? I never knew it would be this hard to get myself credit after my husband left, but even though he had god knows how many CCJs against him, commited so much fraud (I never accepted a penny of it), and well, the situation I'm in now is that I have absolutely crap credit (worse off it seems) after he's gone.

I hate it that my son is supporting me financially like this to be honest, but I can't exactly say no.

I guess with the few hundred I might be able to get from my brother can get some new kitchen appliances, but not my sofa which is well over 600.

To sum it up, there is enough money to pay for a loan, but no way to prove any income. Oh dear!

donny_osmonds_mad_fan

I am intersted to know how your son gets his income as 'donations'..whats that all about lol...sorry just being nosey

if he can pay £200 a mth then look at ebay some mega serious bargains on there and you wont be in debt and with £200 a mth to play with you could replace the dishwasher and washing machine this mth and then look at a sofa etc next.

some of my ebay bargains are a £300 washing machine 6 mths old for £60, ours went and we couldnt warrent a full price one, so it did until we could. We also got two amazing sofas, from some lovely people who were suddenly moving abroad due to husbands job, they were worth ! £1200 each, real luxurious ones still with labels on under the big cushions, still smelt new hardly been used, got them both for £329 plus £50 for hubby to hire a van....it is a great way to replace items so many new things people dont like the look of or change their minds about etc

bet u could get all u want for £400 within 2 mths and no debt or companies making money out of you with stupid interest rates...you can seriously enjoy items so much more than way

frugalpam

jenny5969 wrote: »

But i am in no means trying to gain anything or advertise anything.... OH REALLY ??

jenny5969

:spam:
REPORTED
I hope no-one is foolish enough to take out a loan with this company who are charging EXTORTIONATE interest rates.

Pam

jamesd

Doorstep lenders like Provident specialise in selling credit to people who can't get credit from other places. The problem is the interest rate, which will mean that you pay one and three quarters times as much as you borrow: borrow 1000, pay back about 1700.

That's not really worth doing so I suggest that your son starts saving today and you replace the kitchen appliances in the order in which they fail.

There will be another furniture sale soon enough. Try it now and you'll just end up paying in interest what you save on the sale purchase price.

maxfactor_3

Hi,I get incapacity benefits and a lot of companies will give loans to people on the sick,living in council accomodation and with a low credit rating,one of the companies I went to was benificial finance.interest is high I got a loan for £2500 and the interest was about £2000 over 4 years but Im not suggesting you get in to debt.Why dont you try social services ?.They can often help out or even point you in the right direction or maybe a catalogue.

maxfactor_3

I dint have any luck with companies like provident and whatever you do dont pay any newspaper advertisements promising you guaranteed loans for a fee its all a big,If you read the small print you usually need a guarantor and the whole thing ends up in there name and they are fully responsible for it its not just a case of them signing a form,they want all there history.They might have just as well have took the loan out themselves and the interest is incredible.

nomoneytoday

Why not buy the dishwasher this month for £200, the washing machine or tv next month for £200 and so on. Then save up for the sofa. You could have it in 7.5 months if you save

Good luck