Debt consolidation for bad credit

worried48

It was a payday loan - it was the low amount offered that astounded me!

worried48

Another text today saying I qualified for £300 over 12 months. Wow, I am thrilled! I honestly never thought I was quite this rockbottom!

worried48

Just had a phone call (usually leave my mobile turned off to avoid these!) from a lender who said, after going through my details, that I would not be accepted for a 2k loan for a purchase but would perhaps be accepted for a consolidation loan to consolidate 6.5k on four different credit cards into one payment. As it happened, he tried to pass me over to someone else and got cut off, then called back and the same thing happened again, after which I figured I wasn't that desperate and turned the phone off. But my question is, how could they lend me 6.5k for debt consolidation if they can't lend me 2k for a purchase? Does the purpose of the loan really make that much difference? I mean, they could hardly insist I cut up my cards and sent them to them when they are not the card issuer, so I could easily end up borrowing a total of 13k and that would be OK apparently but 8.5k wouldn't. I don't understand how all this sub prime credit works, is there any article or forum anyone knows of that will tell me the basics (even if it's not what I want to hear?)

iolanthe07

is there any article or forum anyone knows of that will tell me the basics (even if it's not what I want to hear?)

You could do a lot worse than spend some time looking through the stickys and posts on this forum and the debtfreewannabe forum. There is a good deal of input from people who have been snared by sub-prime lenders and brokers.

Apples2

Worried48 are you for real?

Do you actually think ANYONE is offering a loan to you?

Wake up man, this is embarrassing for the rest of us. THEY ARE ALL TRYING TO SCAM YOU FOR GOODNESS SAKE!

SnowTiger

worried48 wrote: »

Just had a phone call (usually leave my mobile turned off to avoid these!) from a lender who said, after going through my details, that I would not be accepted for a 2k loan for a purchase but would perhaps be accepted for a consolidation loan to consolidate 6.5k on four different credit cards into one payment.

Perhaps the lender who knocked you back is simply passing you down the lending food chain, hoping to earn a bit of commission as an introducer.

You'll probably end up with an offer from Amigo Loans and asked to phone a 'friend.' :rotfl:

worried48

Apples2 wrote: »

Worried48 are you for real?

Do you actually think ANYONE is offering a loan to you?

Wake up man, this is embarrassing for the rest of us. THEY ARE ALL TRYING TO SCAM YOU FOR GOODNESS SAKE!

O come on, they can't all be scammers surely. I'm not paying fees up front - got caught on that one twice in the distant past (over a decade ago). Are you all seriously saying that there is absolutely no credit available, other than payday loans, for someone with no defaults just because I am already borrowing 8k? All the adverts out there are lying? If that is really true, why hasn't serious action been taken against alll these companies?

worried48

SnowTiger wrote: »

You'll probably end up with an offer from Amigo Loans and asked to phone a 'friend.' :rotfl:

Had that one - twice.

Liz

[Deleted User]

wrote: »

You will certainly find it difficult to get approved for a 7k loan if you have bad credit history. Payday loan could be an alternative that you may want to consider.

Dreadful attempt. In the good old days, spammers would at least put in a bit of effort.

Give it another go.

BugsyBrowne

Have you tried this https://www.wearegivingyoufu*kall.co.uk