Help! Consolidation loan needed on bad credit

Fairies

Hi,

Please can anyone advise?! Last year I had irregular employment and so was unemployed for a a substantial time of the year. Subsequently I took out several pay day loans to help me out, and I'm sure you can guess how the story goes.

This year I've managed to get a perm job and now that I have a steady income, I'm trying to sort out my finances.

The problem is that all the pay day loans want paying in whole and I'm behind because I can't afford to pay them all in one go plus rent and living expenses. I have such a bad credit rating, that I can't get a consolidation loan anywhere. I know that if I could get one and spread the repayments out I would manage very easily.

Web search has revealed Aspire Money but I'm a little wary having been stung by those upfront fee companies.

Please can anyone advise?

Would be much appreciated.

Thanks!

BugsyBrowne

Bad credit history = No loan certainty not from a reputable lender.

Aspire company is a broker.

The upfront fee loans are not loans so forget those to.The only way to pay your debts is to throw as much as you can against them.

dealer_wins

Agree sensible payment plans with the pay day loan companies, and get them cleared asap.

Zero chance of getting a loan from any reputable lender.

DCFC79

I dont think "consolidation loans" exist but could be wrong, loans are loans are they not. Anyway I agree with the above talk/write to the lenders and agree on a repayment plan.

Look at the dfw board and post and soa. Are you leaking money left right and centre ?

Did you adjust your outgoings so they reflected the irregular employment ?

BugsyBrowne

DCFC79 wrote: »

I dont think "consolidation loans" exist but could be wrong, loans are loans are they not. Anyway I agree with the above talk/write to the lenders and agree on a repayment plan.

Look at the dfw board and post and soa. Are you leaking money left right and centre.

I completely agree consolidation don't exist its just a loan like any other loan wether you're paying debt or not.

FireWyrm

Come on over to the DFW (debt free wannabe) board for more advice. We're very friendly.

Fill out an SOA (statement of affairs - sticky at top of that forum) for us and we'll be able to offer specific targeted advice about how to manage this. There are ways and means to manage the situation and specialist advice available over there.

DCFC79

BugsyBrowne wrote: »

I completely agree consolidation don't exist its just a loan like any other loan wether you're paying debt or not.

What I meant was i think the OP was actually looking for a loan called a consolidation loan or have I just read it wrong.

BugsyBrowne

DCFC79 wrote: »

What I meant was i think the OP was actually looking for a loan called a consolidation loan or have I just read it wrong.

You've read it wrong and I've replied wrong.

As you say a loan is a loan it hasn't got another name.

DCFC79

BugsyBrowne wrote: »

You've read it wrong and I've replied wrong.

As you say a loan is a loan it hasn't got another name.

Glad we sorted that out lol.

[Deleted User]

DCFC79 wrote: »

I don't think "consolidation loans" exist but could be wrong, loans are loans are they not.

I think you are right.

It's just a matter of the purpose, to which you put the loan.

I've used a loan to consolidate other borrowing (from memory, 2 Credit Cards, a Store Card and an overdraft) and it's been a long, and torturous, 4 year slog (just coming to the end now) to pay it off.

CLAPTON

Fairies wrote: »

Hi,

Please can anyone advise?! Last year I had irregular employment and so was unemployed for a a substantial time of the year. Subsequently I took out several pay day loans to help me out, and I'm sure you can guess how the story goes.

This year I've managed to get a perm job and now that I have a steady income, I'm trying to sort out my finances.

The problem is that all the pay day loans want paying in whole and I'm behind because I can't afford to pay them all in one go plus rent and living expenses. I have such a bad credit rating, that I can't get a consolidation loan anywhere. I know that if I could get one and spread the repayments out I would manage very easily.

Web search has revealed Aspire Money but I'm a little wary having been stung by those upfront fee companies.

Please can anyone advise?

Would be much appreciated.

Thanks!

full facts always help?

list each debt?

how much can you afford to pay off each month?

do you have a credit card or OD?


presumably you can pay some in full and roll over the others.

then next month pay one more in full and roll over he others

and so on until all are cleared

but that depends upon knowing the full facts