Poor credit unsecured loans...

damon1985

Hi Everyone first time post here, and after browsing the forum could not really find the advice i needed.

Got myself into a bit of debt with payday loans, overdraft and outstanding bills (which needs to be paid urgently) I'm looking for a loan of roughly £1000 so i can consolidate all my payday loans into one monthly manageable amount.

I currently have bad credit though late payments and defaults so i know i won't be able to get a loan from many respectable companies. A bit about my situation i live in a private rented flat, earn roughly £1450 a month in a stable job.

The loan I'm looking for is £1000 and I'm not to fussed about the repayment APR as i understand this will be high with my situation. I've heard about 12 month style payday loans, does anyone have experience of these and if so could you recommend one? I can't use Amigo loans as i don't have access to a guarantor.

I look forward to any advice!

emmah89

do not take another loan. have you spoke to the payday companies involved about setting up repayment plans?

Peelerfart

Hi OP and welcome,

IMHO what you don't need is a loan,that you will probably struggle to get anyway.

A month or so on beans on toast and council house pop,you can fix the problem yourself and have no loan to worry about paying.

If you earn £1450 and owe (I'm guessing) a little less than a grand by cutting right back to the essentials for a relatively short amount of time you can clear it all.

damon1985

Thanks for the replies,

Wonga and QuickQuid have been understanding and i've managed to get up repayment plans, however Mr Lender and PaydayUk not so much so. Does anyone have experience of dealing with these companies?

If there were any companies out there able to give poor credit loans of £1000ish i'd still be interested? In the long term i know i would be better off but the thought of the next 3 month's living on next to nothing is far to depressing. At least with a £1000 loan the repayment would be one manageable monthly fee rather than dealing with all these horrible payday loan companies

Apples2

damon1985 wrote: »

Thanks for the replies,

Wonga and QuickQuid have been understanding and i've managed to get up repayment plans, however Mr Lender and PaydayUk not so much so. Does anyone have experience of dealing with these companies?

If there were any companies out there able to give poor credit loans of £1000ish i'd still be interested? In the long term i know i would be better off but the thought of the next 3 month's living on next to nothing is far to depressing. At least with a £1000 loan the repayment would be one manageable monthly fee rather than dealing with all these horrible payday loan companies

It really wouldn't take long browsing this forum to get the answer to your question. The problem was you couldn't find the answer you WANTED to your question.
Simplistically, the answer you are looking for does not exist because the product does not exist.

Some of the "best of a bad bunch" will play ball but as you are spread amongst the whole field, you have few options.

They can and will jump in and take your money if they feel it is right to do so (if they think you aren't going to get any more money from you).

The only way to prevent it is to go into your bank and cancel any CPA set up, you do need to instruct your bank to do this, they are unlikely to offer it.

A more robust approach is to open a new bank account and shift your money across (it must not be the same banking group as your current account now). This protects your money as they are unable to access it.

Things are never this simple though as you do owe money and are expected to repay it, along with missed payment fees, charges for phone calls, letters etc so things will get worse in the short term.

You need to write to them and request they freeze interest (to stop it getting out of control) and to set up a manageable payment plan, be realistic, don't just expect to pay £1 a month forever more.

If all this is too stressful, get in touch with Step Change or Payplan, they are both free and will do all this on your behalf.

Don't ignore it though, it won't just go away. Pay as much as you can afford, live on bread and beans, don't go out, cancel anything cancellable, it wasn't so long ago none of us had mobile phones, the World kept turning.


Good luck.

emmah89

ok, so you have 2 out of 4 agreeing with you. whats the breakdown of the 4 payday loans? are you able to pay off the 2 loans that are unwilling to co-operate at once, and pay the repayment plans on the other 2?

demontfort

"but the thought of the next 3 month's living on next to nothing is far to depressing."

The thought of being hounded for unpaid debts and baillif charges for the next 3 years should be even more depressing son.

You're just sleepwalking into a disaster here, you have a half decent salary yet you are unwilling to cut back for 3 months to sort out your finances. 3 months of eating cheap food and stopping in to watch tv at night in ordee to pay back a grand or so and you won't do it. You'd rather risk screwing up your finances for possibly the next 5 to 10 years rather than live like a spartan for 3 months.

I really hope for your sake you don't get a loan as then you might grow a backbone and start living within your means.

damon1985

I appreciate the feedback, i do understand that the best option would be to not get loan. I think it was just wishful hoping that i maybe able to source a decent loan instead of dealing with so many payday loan companies. Mostly the situation is frustration that i let myself get into this mess.

Currently I owe £450 Wonga payment plan set up of 100 a month, Quick Quid £270 payment plan of £135 a month

Payday Uk £300 with no payment plan
Mr Lender 300 with no payment plan

So i guess in 4 months I'll be 2 nasty companies down 2 to go!

DCFC79

damon1985 wrote: »

In the long term i know i would be better off but the thought of the next 3 month's living on next to nothing is far to depressing.

Would you be better off though ?

What if soemthing else cropped up that needed money spent on it/ you stopped paying the pdl and used that money for something else.

There are options with regards to food (if thats what you meant).

Get a second job to get more cash to pay the loans off.

ChopperST

Sell old stuff you don't need on ebay
Its nearly carboot season get all your unwanted goods to a big carboot and see what you can make there.
Any clothes / shoes you cant sell on ebay or car boot then take to cash for clothes (£5 a kilo). I ended up with £20 for stuff we were throwing out.

Like others have said, smart price food, home cooking in bulk, chillis, bolognaise etc you'll easily have paid back £1k.

Please please please dont get another loan...

poppasmurf_bewdley

Unfortunately, there are no companies nowadays that lend money to people with bad credit.

Companies that did do so, eg Welcome Finance and Yes Car Credit, went out of business because - guess what - people didn't pay them back.

The advice to live on beans on toast and water for a month or so is the best advice you will get, and is the best thing you can do given your circumstances.