Loans - what to do...

Danniuk

Hi all,

When i turned 18 i really abused my credit history, getting phones on contract, loans, credit cards etc which i couldnt exactly afford to pay back, at the the time i was really stupid and wasnt thinking about my future, now i am paying all my debts bit by bit but i'm struggling being accepted for a loan, contract etc everywhere and im now 22 near enough 23, when i turned 19 i became fully employed as a mechanic and had a really good wage (until 3 months ago when the business closed down!) but was still refused credit all the same even though i was earning over 20k a year!
Now i have moved into new accomodation and require some more furniture for the new flat im in but i cannot get a loan anywere! can someone shed some light whether my bank would be able to help me with this and who i should be speaking to?
im much more mature and feel as if i could repay a loan as im doing with all my old debts, really not very happy with this 'computer says no' just because i was silly 4 years or so ago!

Apples2

Nobody will give you a loan if you aren't earning a wage.

Buying your way out of debt never works, tightening your belt by curbing the spending is the quickest and cheapest way.

Good luck to you

rdwarr

Why borrow money when you don't need to and, by your own admission, have had problems paying it back in the past?
You don't need a loan for furniture. Get some charity shop stuff and upgrade when you have sorted yourself out a bit more.
I got my first flat at 24. I bought a new bed, a second hand fridge freezer for £15 and everything else was free. You don't need everything now - you're only young

Do you want to be disappointed that you can't get into debt or proud that you don't have to?

happycamel_2

Absolutely buy cheap and save up. Then rather than wasting money on interest you can use it to improve your standard of living. You won't get a loan at a decent rate anyway and of you've lost your job then how will you pay it back.

Danniuk

thank's, after having a scan on the internet ive just found a website with local people offering unwanted furnishings and appliances for free, a friend has also just pointed me in the way of a nearby british heart foundation store thats fairly cheap and has some decent gear! and i understand what you mean, it's probably not the wisest thing to do especially after losing my job, Im due to start a new job on the 2nd jan but i feel it may be wiser on focusing on clearing what i owe and paying more off my debts before considering borrowing more.

thanks for the help guys

bargainbetty

The British Heart Foundation shops are really good - they have lots of things there, and at good prices too. Freecycle is an option too, and check out the pages of your local newspaper for items for sale too.

Honestly, you should be able to kit out a place fairly cheaply. Remember that if a wooden piece doesn't look exactly right, you can always buy a pot of paint and jazz it up, or use cheap throws to hide a faded patch on an otherwise comfy sofa....

Good luck in your new home!