Stupid bloke needs loan help

daftbloke

Ok so a bit of a story. In 2007 I had nearly £100k of credit card debt! Had to sell my house and pay some down been renting since and had to move again 4 months ago. My career has gone very well over the last few years and I am now in an extremely privileged position earnings wise I make over £150k a year. All my spare money goes on paying back the credit to companies on the agreements that I made with them. I have negotiated all my debt with banks and credit card companies but have defaults against my credit record so have no credit card balances to use, cannot get any access to credit apart from payday loans which bite my hand off to lend! However, I want to get away from these. I need a loan of £5k for maximum a year as I have debts (consolidation, moving bills and large tax bill) I need to pay like now.

Who can I go to to get a loan? I know that the interest rate will be insane but I am ok with that for the short term. I nearly fell into the trap with Castle Finance and Priority Money Club so am look for some recommendations.

I realise that what I am suggesting will not be what everyone else might do on this forum but for me this will be the best root for a few months.

poppasmurf_bewdley

Have you checked your credit file with the three credit reference agencies?

That's where you need to start. It's unlikely you will be considered for a loan by any reputable loan company if you still have defaults or none-payments showing on your file.

What is the hurry with needing to take out a loan now rather than wait until you have paid off your debts?

daftbloke

Yeah I have checked my credit file and there are defaults on it and non-payments in the past. I know that I can't get anything from a typical high street loan company.

I have an immediate need to pay of £5k worth of debts in the next 30 days or so otherwise I risk screwing up my credit rating even more and being taken to court.

My debts will all be cleared by December this year. From that point on I will be a good boy and build my credit rating, save, buy a house etc I just need something for the short term. I almost don't care how much it costs i.e. 70% APR because with my salary I can handle it and not having further defaults and a court history is worth far more to me that say £3.5k in interest that I might need to pay for an expensive loan. If I change jobs I might get a signing on bonus of £50k but I will be credit checked and if that comes up bad then I won't get the job. So you can see why I might look at this a little differently than most people!

KatieDee

Please excuse my ignorance OP, but is there absolutely nothing left over at the end of the month? £150,000 is a lot of money to earn in a year and I know of people on this site who earn far less, have debt issues but are still managing to survive without getting loans.

As others have pointed out, it may be better to wait until you have cleared all your existing debts before embarking on more. You don't want to spend all this time working on reducing your debt only to fall into the trap again.

Perhaps you could speak to your debtors and see if they will spread the payments out a bit further...maybe make a token payment this month and pay them off in full next month on pay day!

poppasmurf_bewdley

daftbloke wrote: »

If I change jobs I might get a signing on bonus of £50k but I will be credit checked and if that comes up bad then I won't get the job. So you can see why I might look at this a little differently than most people!

In that case, with the very high salary you claim to be earning, I think your best course is to visit a paid for financial advisor, cross his palm with silver, and take his advice. Very few, if any, of the people on this forum will have knowledge of dealing with such a high salary.

jonesMUFCforever

Sorry OP but with your track record nobody will lend you five grand unless secured.
Have you seen the debt free wanabe board yet? - you can post income and expenditure there - they will help you with your budget.

daftbloke

KatieDee wrote: »

Please excuse my ignorance OP, but is there absolutely nothing left over at the end of the month? £150,000 is a lot of money to earn in a year and I know of people on this site who earn far less, have debt issues but are still managing to survive without getting loans.

As others have pointed out, it may be better to wait until you have cleared all your existing debts before embarking on more. You don't want to spend all this time working on reducing your debt only to fall into the trap again.

Perhaps you could speak to your debtors and see if they will spread the payments out a bit further...maybe make a token payment this month and pay them off in full next month on pay day!

Yep I know it is a lot but nothing left at the end of each month at the moment. My debtors are not willing to budge at the moment as they are all keen to get their money back and know I am ultimately good for it.

poppasmurf_bewdley wrote: »

In that case, with the very high salary you claim to be earning, I think your best course is to visit a paid for financial advisor, cross his palm with silver, and take his advice. Very few, if any, of the people on this forum will have knowledge of dealing with such a high salary.

If I had the spare money to visit a financial advisor that would actually help I would! I don't think the issue is my salary I only state that to give some context as to why I am ok with the root I am proposing to get an expensive loan.

jonesMUFCforever wrote: »

Sorry OP but with your track record nobody will lend you five grand unless secured.
Have you seen the debt free wanabe board yet? - you can post income and expenditure there - they will help you with your budget.

On the whole my budget is in control and my debts will all be paid off by the end of the year. What I did do was over commit to my creditors as to how much I would pay each month which has left me without any contingency for the additional bills I have had due to moving house i.e. The electric company want me to pay the £1.5k balance I had on my account with them before I had to move supplier.

My only options at the moment are more payday loans but expect this to continue until Christmas so would like a cheaper option for a 12 month loan if I can find one.

P.S. I only get to see United at the pub at the moment for free :-)

jonesMUFCforever

At the moment you are not missing out on anything are you LOL My son wants Moyes fired!


I am sorry but the only way out of this is to earn more or spend less (or better still both) have you not got anything to sell? If the worst happens transfer your energy supply with the same company until you can pay it off.

vacationgirl

Could you not ask your employer for a loan and repay it in instalments from your salary?

daftbloke

vacationgirl wrote: »

Could you not ask your employer for a loan and repay it in instalments from your salary?

No I think if they knew about the problems I had it would severely damage my career and they would probably engineer an exit out of the company for me without a payoff!!

Poppops

Your post is confusing. On your salary your take home must be well over £7k per month. Can you not just have a really lean month, ask your other creditors to accept less for just this one month and pay off whatever it is you need the £5k for?