personal loan advice?

rewass

hi,

i'm thinking of getting a personal loan from the bank to help me pay off my debts. i think apart from winning some money or getting a better paid job this is my only way out of the mess ive got myself into! i'm not in a huge amount probably about 3 or 4k at the most, however i know i have a bad credit rating and the bank have refused me a personal loan before. i'm thinking of maybe ringing the bank again and if the advisor says no probably asking to speak to someone higher or maybe even writing to them to push for one? i mean i know i'd be better off getting one as at the min i'm paying about £100 a month in overdraft charges and if i get a loan, pay off my debts and keep up the repayments it will improve my credit rating.

what are your thoughts?

_Andy_

If you have adverse credit no mainstream lender is going to touch you. Writing to them to 'push for one' isn't going to achieve anything.

opinions4u

Have you considered spending less on other things?

Then use the money freed up to pay off the most expensive debt first.

matttye

I think it's best to find your way out of debt without borrowing more, as this will teach you to be more responsible with money.

If you get a loan and pay off all your debts, you'll just have a load of credit lines available to you again and what's to stop you running up the debts again? That's the way the bank will see it, even if you don't, so it's understandable why they won't give you a loan.

Head on over to the debt-free wannabe board if you want to discuss a budget.

happygirl148

pop over to http://www.stepchange.org/ and try their debt remedy tool its completely anonymous

you just put all your incomings and outgoings in and the debts you owe and it gives you an instant Taylor made action plan based on what you have put in

They also do debt management plans if you wanted to consider that as an option instead of a loan and they do not charge any fees for the plan as they are a charity

so any payment you make to them goes straight to your creditors and they can deal with your creditors for you so you don't have to put up with the stress of doing so .

As long as you keep up with any agreed payment its a pretty smooth process and the best way to get back on track without taking out more credit

ch3101

Asking to speak to someone higher will have no effect at all.

Most loan decisions are a computer based scoring system and once you're declined, unless you can provide more information than you already have, no one will change the decision.

Go over to the DFW board, you'll get a lot of help there

rewass

opinions4u wrote: »

Have you considered spending less on other things?

Then use the money freed up to pay off the most expensive debt first.

erm yes i have and that is what I have been trying to do.

thanks for your replies guys, looks like i've saved myself some time by coming on here first!!

jamesd

Please say more about just what you mean by bad credit rating. Just some late payments or lots of CCJs a couple of months ago and a bankruptcy yesterday?

The lenders at lenderscompared.org might well be willing to lend at expensive rates that are still cheaper than payday lenders and maybe overdraft charges. Perhaps 250% APR. Not at all good but maybe better at least for enough to prevent the overdraft charges.

jonesMUFCforever

OP getting a loan does not mean you have paid one penny off your debt - you have only shifted it from A to B.

The only sure way to get debt free is to spend less than you earn.

DCFC79

Theres various tips around to cut your spending which can be found on the dfw board.

[Deleted User]

Is your debt a single item, or a number of smaller debts, adding up to 3 or 4k?