In serious need of some advice

Chris_D_5

Hi all,

First post, so a few details about myself.

I'm 24, married, working full-time and a non home owner.

I've got a seriously bad credit file and I'm getting really annoyed as I can't get basic things like a mobile phone.

I have about £12K outstanding on HP (not showing in file) which is up to date and always has been.

I have about £7.5 owing to other creditors. About £2K of this is shown on my credit file as defaulted (am paying it off slowly now). The rest either doesn't show, or shows 1-3 months behind, which I'm catching up on.

I'm not on the electoral role at my new address (recently moved) and apart from that that's the only things on my report.

I currently have no issues with keeping up payments, and I'm always in touch with the creditors if there would be anything. I earn £29k a year and I would like to think that I'd be a prime candidate for a loan or a credit card, but not so. I'd like a loan for £8K so I can pay off all the creditors bar my car and have a little spending money over, but I've just been refused by yes loans (I thought I'd be able to get one out, pay it off over a number of months then take on with less interest).

It's frustrating me and bringing me down that I can't get new credit. I'd love to be able to finance a new TV etc on interest free and pay it off before the interest hits. I can afford it, just I'm getting refused the whole while.

Please, is someone could help me rebuild my credit file or offer some tips I'd be very grateful.

EDIT

SOA:

As of two months ago:

My Income: £1550

Sky £48
Food £300
Cars £500
Petrol £80
Gas + Elec £40
Phone + Internet £50

[FONT=&quot]Lloyds TSB – Amount Outstanding = 3088.49[/FONT]
[FONT=&quot]Monthly Payment they want = 67.12[/FONT]

[FONT=&quot]Conister – Amount Outstanding = 1639.37[/FONT]
[FONT=&quot]Monthly Payment they want = 66.29[/FONT]

[FONT=&quot]Clydesdale – Amount Outstanding = 1123[/FONT]
[FONT=&quot]Monthly Payment they want = 15[/FONT]

[FONT=&quot]Capital One – Amount Outstanding = 383.82[/FONT]
[FONT=&quot]Monthly Payment they want = 10[/FONT]

[FONT=&quot]Vodafone – Amount Outstanding = 1079.45[/FONT]
[FONT=&quot]Monthly Payment they want = 26.87[/FONT]


[FONT=&quot]HSBC - Amount Outstanding = 1200[/FONT]
[FONT=&quot]Payment - 70
[/FONT]



Outgoings total 1273.28 leaves 276.72




Wifes income £800



Wifes outgoings £120



Obviously the shopping and some bills are paid for by the other half, but this gives you a better idea. Sorry for not doing it right in the first place. Yes loans actually accepted me, but they couldn't find a lender that would.

bedhair

The most important thing is to get yourself on the electoral role. If you type "electoral role" into google it will give you a link to a printable form that you just hand in to your local council office.
Very easy, I did it this week.
HTH
Bedhair
xxx

shell_girl

With all due respect- the advice I'm going to give you isn't designed to get you more credit! Your outgoings are nearly £1000 under your incomings per month- how much do you want to spend on a TV??!!!

In eight months you could have paid off your creditors without having to take out that extra loan- and without having to pay the interest on it. I don't want to sound flippant and would love to tell you what you want to hear but I don't understand why you're looking for advice about how to get yourself INTO debt (that's all credit is- debt) on a board called Debt- Free- Wannabe?

Chris_D_5

Is it that easy?

Problem is that I'm in the Forces so moving around every 2-3 years, sometimes out of the country makes it hard for me to stay at an address for any decent time.

Is there not some cut of for registering on it? It's not a case of the lenders asking me to prove my identity, all say the same and that is my credit score is too low.

Chris_D_5

shell_girl wrote: »

With all due respect- the advice I'm going to give you isn't designed to get you more credit! Your outgoings are nearly £1000 under your incomings per month- how much do you want to spend on a TV??!!!

In eight months you could have paid off your creditors without having to take out that extra loan- and without having to pay the interest on it. I don't want to sound flippant and would love to tell you what you want to hear but I don't understand why you're looking for advice about how to get yourself INTO debt (that's all credit is- debt) on a board called Debt- Free- Wannabe?

I'm trying to build my score, so when such a situation arises that I would like to take out credit, or in the future attain a mortgage, or a contract mobile etc then I can do so.

BTW, I can't find this form I need to fill in for the life of me.

angelavdavis

Hi Chris,

OK, let me get this straight

Your household income is £2,350
Your outgoings are £1,118.02

This leaves over £1200 per month.

What are you spending this money on if its not paying debts?

I suggest you start by jointly keeping a spending diary to find out exactly what you are spending money on.

As shell_girls says, you could have easily reduced this debt down before now.

Is the outgoing debt payments a total of the minimum payments only?

Why are you paying off debts slowly when you clearly have £1200 per month that could easily be reducing the payments?

As anyone on here who has suffered can tell you, consolidation is NOT the answer.

Update your SOA with details of the credit card/store card debts and aprs.

The only way to fix your credit score is by

a) Making regular payments
b) Ensure you are registered at your address with the Local Authority (phone them to let them know)
c) Cancel any credit cards you no longer use
d) Phone your lenders and ask for the credit limits to be lowered
e) Get a copy of your credit report to see what is actually on there. If your failures in paying are listed in the last six years - you will have to be patient and pay on time to fix this.
f) look at Martin's article http://www.moneysavingexpert.com/banking/credit-rating-credit-score

As you will see from Martin's article, lenders differ with how they judge you but, tbh, if Yes loans have turned you down - its likely no one will accept you.

Chris_D_5

As of two months ago:

My Income: £1550

Sky £48
Food £300
Cars £500
Petrol £80
Gas + Elec £40
Phone + Internet £50

[FONT=&quot]Lloyds TSB – Amount Outstanding = 3088.49[/FONT]
[FONT=&quot]Monthly Payment they want = 67.12[/FONT]

[FONT=&quot]Conister – Amount Outstanding = 1639.37[/FONT]
[FONT=&quot]Monthly Payment they want = 66.29[/FONT]

[FONT=&quot]Clydesdale – Amount Outstanding = 1123[/FONT]
[FONT=&quot]Monthly Payment they want = 15[/FONT]

[FONT=&quot]Capital One – Amount Outstanding = 383.82[/FONT]
[FONT=&quot]Monthly Payment they want = 10[/FONT]

[FONT=&quot]Vodafone – Amount Outstanding = 1079.45[/FONT]
[FONT=&quot]Monthly Payment they want = 26.87[/FONT]

[FONT=&quot][/FONT]
[FONT=&quot]HSBC - Amount Outstanding = 1200[/FONT]
[FONT=&quot]Payment - 70
[/FONT]



Outgoings total 1273.28 leaves 276.72




Wifes income £800



Wifes outgoings £120



Obviously the shopping and some bills are paid for by the other half, but this gives you a better idea. Sorry for not doing it right in the first place. Yes loans actually accepted me, but they couldn't find a lender that would.

Zulu_Dawn

I'd love to be able to finance a new TV etc on interest free and pay it off before the interest hits.

I don't know what telly you are after but why not just buy it with this months spare cash rather than add it to your debt. I'm sure you can negotiate a better price by paying for it up front rather than on an interest free.

BTW - what is car plus insurance - £500 is this another debt (HP?)

ZD

Chris_D_5

I used the TV as an example. The car + bits is two cars, both on HP and insurance for the both of them, and I've factored in servicing, brake pads etc.

Chris_D_5

Oh and btw, I was with All Clear Finance but I fooked them off as I didn't like the service and I decided to go it alone.

Zulu_Dawn

I think my post crossed.

Clearly you don't have as much spare money as your OP indicated.

I think you need to establish a regular payment profile before you start trying to borrow more. I would try and pick off some of these smaller debts and any arrears.

Best of luck.

ZD