Loan Help!!!

bg100

Hi,


I am hoping someone can help me. I require a loan of 2700 to help clear some debt. I have 4 outstanding paydayloans, and interest is killing me. I also have a credit card of 800. I have never missed payment in over 24 months to any creditor, and my Equifax profile is fair, although Experian is showing poor. I wish I had never got involved in payday loans!! I currently earn 36k per year. I would like one consolidation loan to reduce monthly payment. My bank wont lend. I am single male, no kids, and live with partner but not on mortgage. Is there anyone out there that can help? I have searched online but can't find any legitimate lenders other that payday loans!! HELP!!

Apples2

Single with a decent salary? What are you doing with it all?

Your credit rating can't get much worse with multiple payday loans, forget any "Fair" nonsense, it means nothing. Mainstream lender are very unlikely to offer even a mediocre loan.

You've borrowed before, was each successiive one to try to clear the building debts from the others (normally the case)? Further borrowing doesn't help as you are discovering.

The correct path is to curb the outgoings, no luxuries, mobile contracts, cinemas etc.

The Debt Free Wannabe Board is filled with people in your position, there is safety in numbers, you will get support and a host of idea on how to climb out without getting further into debt.

bg100

Without sounding too saintly. My parents are living off nothing, and I'm essentially trying to make sure they get by. However, you are right, I can save on luxuries. I thought maybe there would be lender that looked at my situation personally without 'scoring' on computer. I will check out debt help apples. Thanks for reply.

Caz3121

In these sort of cases the best chance is with your own bank, as they have rejected you then there are little avenues left.

Maybe you need to check that your parents are receiving all the benefits etc that they are entitled to so you do not have to pay for them through payday loans

bg100

I will contact each payday lender and ask for 30 days to carry income/expenditure check and ask them to freeze roll over fees. I can only try? Hopefully pay 1 back each month, or every 2 months. Can I just add another question? Will the presence of payday loans on my file actually have adverse effect with lenders then? Even if it shows they were taken and paid back on time?

CherlokHomes

bg100 wrote: »

I will contact each payday lender and ask for 30 days to carry income/expenditure check and ask them to freeze roll over fees. I can only try? Hopefully pay 1 back each month, or every 2 months. Can I just add another question? Will the presence of payday loans on my file actually have adverse effect with lenders then? Even if it shows they were taken and paid back on time?

Payday loans on your credit file is like having "spent most of my life in Prison" on a Job application form it doesn't look good.

Apples2

bg100 wrote: »

Will the presence of payday loans on my file actually have adverse effect with lenders then? Even if it shows they were taken and paid back on time?

Yes.

Think about it in simple terms, a Payday loan helps you out when you can't make your monthly wage last until payday.
When used correctly this should be for a car breakdown, boiler failing or some other kind of "one off" event.

when they look at your file, they will see your monthly wage doesn't last you a month, so how could you afford to take on loan repayments each month as well (they will not be concerned about consolidation)

Mallotum_X

Keep making just over the minimum payment on your credit card, and dont try and pay that one off yet.

I would work on getting shot of the payday loans, can you live off your credit card for a month and if so would that help kill at least one of the pdl's.

make sure your folks are getting all benefits and slash expenditure.

The overall debt is not that high and your income is good so you should be able to make inroads. Is there anything you can sell to bring in some extra, or some overtime, part time work. If you tackle this now it wont get out of hand, but you cant let it grow.

Stabilo_Boss

CherlokHomes wrote: »

Payday loans on your credit file is like having "spent most of my life in Prison" on a Job application form it doesn't look good.

Lenders cannot see who has lent you money when they see your credit file. However if you have lots of short term loans' they will probably work out what they are and so I suppose they might form a judgement on that basis

bg100

Time to knock in some overtime then. Head down and save. One more thing? Can I have the payday loans deleted from file on the basis they are harming credit rather than helping it?

Stabilo_Boss

bg100 wrote: »

I will contact each payday lender and ask for 30 days to carry income/expenditure check and ask them to freeze roll over fees. I can only try? Hopefully pay 1 back each month, or every 2 months. Can I just add another question? Will the presence of payday loans on my file actually have adverse effect with lenders then? Even if it shows they were taken and paid back on time?

This might be the right thing to do but think carefully about this because you might end up with an 'Arrangement to Pay' marker on your credit file (check elsewhere on this forum or Google) and this can be almost as damaging as anything else and stays on file for 6 years. If you have a spotless credit file I would try and keep it that way if you can. Could your employer help you perhaps? Otherwise could you get a guarantor? Amigo loans accept a guarantor but they are high interest as a last resort