Self Employed looking for a loan

Kerryatter

I wonder if someone can help me?

A bit of background first - DH was working for a company who basically ripped him off - We went on holiday and whilst away his boss decided that he was going to change his pay days from monthly to fortnightly and that he wasn't going to pay him for the annual leave he had for the holiday that we had just taken. He also never paid my dh for his car usage. He didn't get paid on time and as a result we ended up getting all messed up with our bank, direct debits bounced all over the shop - we had to live off credit cards over 3 month period and maxed them out. To cut it short we went from having no debt and a perfect credit rating to owing thousands on the cc's and having a bad rating.

In the end DH told the bloke to stick his job and took him to employment tribuanl and we're about to take him to court for remaining monies owing.

In January he took the plunge and decided to become self-employed :T I think it's probably the best decision he has ever made and is earning much more than he ever has before. We've had to struggle, but it's starting to come together.

Now for my question - We really need to take out a loan to pay off the credit cards and to purchase some essential equipment for DH's business - we've contacted our mortgage company but they don't seem too impressed as he's only been trading for 5 months and I don't work (I'm a full time mum) . Our accountant has put us in contact with a financial advisor who got in touch today but I'm a bit wary as I don't really know anything about them and they want to do a credit check on us (I know it's not very good but we have no CCJs and our payments were late rather than missed all together)

Is there any advice that anyone can give me - Should we go with a financial advisor or try to sort it myself? What should I do? Our bank won't touch us as we've had bank charges of over £700 over the last 6 months (GULP!!) and to be honest I'm pretty sure that we could get better rates elsewhere.

Please help - we really need this cash and I have no idea what I'm doing!

Many thanks and sorry for waffling!

K x

Paulxo

Well, hopefully you're aware that you can get the bank charges back? If not, see homepage. Martin tells you how.

How much do you need?

Do you have your own property? There are loan brokers out there who will give you a secured loan without accounts (a self cert) on the property. It's slightly higher risk, but what i would say is that it depends how much you need and how quickly.

What you could do is try to earn the money very quickly by doing matched betting...That will pull in 6k or so in a few months.

I'm not sure you could get better rates than your bank though. Despite the charges, they might consider you, how about you suggest the loan covers the charges also? They've got targets to meet, you just need to make the loan appear serviceable.

The only drawback is the self employed element. However, why not apply for a business loan? Banks fall over themselves to lend thousands to businesses, and there's a lot of help and support from your local business link if you seek it out.

It's difficult to know what else to say without more information, but good luck. pm me if you like

Kerryatter

We need around £10k, we own our own property (with mortgage obviously!) and we could do with it within the next 2 months or so.

What is matched betting?

We do know about the Bank Charges - we recovered mine from my old Barclays account last year. I think we're a bit worried about doing them on our current Lloyds account as we can't have them close it or demand our overdraft back... is this likely?

Thank you so much for replying to my waffle

financial_solution

Kerryatter,

It seems that your mortgage payments are late rateher than missed which is a small but significant difference with the lenders. You have no ccjs which helps.

Basically,

What is house value (approx)?

What is mortgage balance (approx)?

What is approx income?

loan required £10,000, is that correct?

who is current mortgage with?

The lenders are very much equity driven with self-certification loans. Your circumstances are not as horrific as it probably feels, but as I say equity needs to be considered.

The timescale for a regulated loan of £10,000 would realistically be three weeks(ish) subject to any peculiarities.

Regards,

Good Luck,
Mark,

Kerryatter

Hi Mark - Thanks for your reply... I'm gonna PM you the details

Paulxo

Matched Betting is where you.... well, it would take too long to explain. If both you did it, you could earn 10k in a few months....

Check out the forum on Gambling Introductory Loopholes. It's all there.

PM me if u want!