Problem getting loan

stickman

Hi
On DMP with CCCS who are brilliant by the way.
However creditors willing for full and final which sounds great.
Problem is I can't get loan to cover it.
Currently paying 500 plus on DMP with end date of approx 6yrs time. 12k loan =350/380 over 3yrs.
So saving 200 per month and debt free in half the time.

1 Can you get a loan whilst on DMP
2 Anyone know of any such company that does
At present family unable to help and I realise you should'nt borrow more to clear existing debt, but if loan available then will be clear of debt in half the time and creditors happy with full and final settlement offer.

Help and advice please.
Thanks

CLAPTON

A DMP means you have failed to pay your debts in the normal manner.

It's extremely unlikely that any lender would want to risk lending to some-one with a proven record of not repaying.

stickman

CLAPTON wrote: »

A DMP means you have failed to pay your debts in the normal manner.

It's extremely unlikely that any lender would want to risk lending to some-one with a proven record of not repaying.

Thanks and totally agree,was just hoping that maybe I could find one of those lenders that have higher than the norm apr rates. Would still work out cheaper and quicker.

worried48

Not a hope in hell, sorry. I couldn't get a small loan and I had a record of no missed or late payments beyond one month for two years.

fozmcfc

It's against the terms of a DMP to take out further credit.

Even applying for further credit, could risk the whole DMP to be chucked out. If you apply with anyone who is remotely connected with a company who you owe money to, it could be flagged up and it will goodbye to the DMP.

The only loan you are likely to get would be a secured loan and at a high interest rate.

Your figures are way way way off, what someone with your credit profile could expect if someone was willing to take a massive risk on lending to you. Paying back £350 - £380 over 3 years, comes to £12,600 - £13,680.

Even people with half decent credit ratings would struggle to get a loans at such an interest rate. You'd be looking at paying more like £20,000 - £25,000 + back on a £12k loan.

John1993_2

The intention is not, generally, that you take out a loan to settle existing ones, so no, you aren't likely to have much luck.

Your best option is to sell anything of value (computer, car, bike, etc.) to make the payment, and then save up until you can afford them again.

27col

Why would you even think of such a thing. You are on a DMP because you didn't repay money you had borrowed. You cannot seriously think that borrowing more money is a good idea. luckily for you, no-one is going to lend you any more money.

fart

Lending to pay off lenders is a bad thing, and it's that sort of mindset that gets onto these schemes in the first place. You need to go by the mantra 'if i can't afford it, i can't have it'.