Bad Credit Help

helly82

I have been very silly over the past year or so and have managed to get myself in to debt with credit card, Stores cards and payday loans, i have had my head in the sand for far to long now im in a good position now to pay a monthly amount, I have no family that can help I have been looking for Loans for about 5K but as I have little or no credit score and am living at home with parents so its difficult, So can anyone advise me where the best place to go would be, i'm thinking a loan shark or a bigger Payday loan I dont know what to do.

chrisuren

If you're in a good position to make monthly payments, that's the solution? Pay off your debts.

I can't understand this topic? What advice do you need?

helly82

My min payments and all debts are too much for me to handle, If i could get a loan of 5K pay monthly £250 I could manage that not current close to £600 a month now. Im asking if there is a Loan company that lends to Bad credit non home homer people. Sorry for not making it clearer

chrisuren

Aqua Credit Cards specialize in people with poor credit history. It's a credit card though so it needs to be paid of at the end of every month. Because they specialize in people with poor credit the interest rates are normally 30%+ so if you miss a repayment you'll soon be in trouble with them.

forgotmyname

How will getting more credit solve your inability to make the minimum payment? The minimum payment will only increase. Or take much longer to pay it off.

Your alreadys a poor risk with a high debt/income ratio so more is NOT the answer. And you cannot be seriously thinking about a loan shark???

Dont pay your phone bill or CC bill they dont come around and beat you up or worse.. Start taking your parents items.. Or put pressure on them to pay your bills.

You cannot afford the minimum payments so the only answer is cut back and spend less. Lower your outgoings.

You need to do an SOA listing all incoming and outgoings. Then people can advise where to cut back. And who to pay quickly and who to pay a minimum.

Cycrow

if you're living at home with parents, does that mean you dont have many/any outgoings to cover ?

if so you can put all the money you have towards the debt.

a pay day loan will only make things worse as it'll most likely be at a higher apr than what your current debts are at, only increases the amount you will need to pay back each month.

bad credit loans dont exist.

£600 a month seems alot in minimum payments for a debt of 5k

what debts do you actually have ?

an SOA would be useful

[Deleted User]

helly82 wrote: »

My min payments and all debts are too much for me to handle

helly82 wrote: »

i'm thinking a loan shark or a bigger Payday loan

What the hell kind of rates are you currently paying where a PDL or Mad Knuckles McSmasher is going to offer you a lower rate?

CLAPTON

helly82 wrote: »

I have been very silly over the past year or so and have managed to get myself in to debt with credit card, Stores cards and payday loans, i have had my head in the sand for far to long now im in a good position now to pay a monthly amount, I have no family that can help I have been looking for Loans for about 5K but as I have little or no credit score and am living at home with parents so its difficult, So can anyone advise me where the best place to go would be, i'm thinking a loan shark or a bigger Payday loan I dont know what to do.

what's your income

list each debt and give us
-the amount
-the APR
-the minimum payment
-etc

bella2121

I have to disagree slightly with the bad credit loans don't exist comments, me and OH got in a mess with payday loans and were borrowing more and more each month, we got a loan back in may for £2500 to be paid over 24 months but we pay weekly which is easier for us although not ideal as the interest is high it has meant we could pay off the payday loans and we have definately learnt from our mistakes. We used everyday loans. As people have said though if you are living at home and don't have any major out goings might be better to have some skint months and sort it that way, without seeing your SOA we can't really tell

Hope this helps x

Tixy

Helly

You say you have been very silly in the past, it sounds like what you are trying to do now is more than silly.

Loan sharks would be a crazy idea. Payday loan companies don't offer £5k loans and that would also be crazy, as you wouldn't be able to afford the repayment.

Rather than look for a loan I would consider contacting one of the debt advice charities about a debt management plan (DMP)

With a DMP you and the charity work out what you can afford a month and pay that to the charity. Then then split the payment proportionately between all your existing creditors. Often the creditors may agree to freeze interest on your debts during a DMP.

Please read this link - IMPORTANT - Where to seek professional impartial advice about your debts.

Good_Goose

I would post on the debt free wanabe board.

Getting a loan is madness, and will not happen anyway with your credit rating and current borrowings.

There are 2 ways out of your situation.

1, default and make token payments, trashing your credit file for years to come and going through the hassle of debt collectors etc

2, Cut back (to the bone if necessary) and make your payments each month until your clear off your debts.

The debt free board can help with no 2.