Loan With Defaults

Pixie5740

Loans under £7,500 tend to have a high APR, usually circa 25%. Assuming you were even able to get a loan with your DMP the APR offered to you could be much higher than 25%. The best case scenario would you being offered a loan for less than £2,000 if you can only afford repayments of £100.

Joining one of the car share clubs might be an avenue worth exploring.

mystic_bertie

DCFC79 wrote: »

Good point by lynz, you might be best asking your dmp provider if or what options are option to you.

My bad, Id forgot to mention abut the dmp and further credit.

I dont know what dmp is, its a 'DAS' i have, my adviser never mentioned anything about never getting credit again.

mystic_bertie

Pixie5740 wrote: »

Loans under £7,500 tend to have a high APR, usually circa 25%. Assuming you were even able to get a loan with your DMP the APR offered to you could be much higher than 25%. The best case scenario would you being offered a loan for less than £2,000 if you can only afford repayments of £100.

Joining one of the car share clubs might be an avenue worth exploring.

wow 25% is quite high, how things have changed. Car sharing clubs are not for me thanks for the suggestion though.

CKhalvashi

Pixie5740 wrote: »

Joining one of the car share clubs might be an avenue worth exploring.

One of our staff runs 3 people in from Kent to London 5 days a week for some extra cash (but significantly cheaper than the train fare), so it may be worth seeing if it's possible to get on the other end of this agreement, and a cheap ride into work.

CK

DCFC79

mystic_bertie wrote: »

I dont know what dmp is, its a 'DAS' i have, my adviser never mentioned anything about never getting credit again.

a dmp is a debt management plan, [STRIKE]not sure what a das is[/STRIKE] now i know what a dasis it sounds like its a dmp.

tomtontom

You will be in breach of your DAS if you take out further credit. There are a few exceptions where it is possible but buying a car is not one of them.

jellie

With respect Bertie, if you can commit to repaying a loan at £100 per month plus the considerable costs associated with running a car (MOT, petrol, tax, insurance etc), then I would think your current creditors might appreciate you increasing your payments to them.

Why should your existing creditors have to wait years to get their money back, but not your new loan providers?

antonic

DAS is a Debt Arrangement Scheme in Scotland

http://www.dasscotland.gov.uk/

And I have a feeling it will be like DMP I finished last year, where it was made quite clear to me that I couldnt take out any further credit when I was clearing my debts.

DCFC79

antonic wrote: »

DAS is a Debt Arrangement Scheme in Scotland

http://www.dasscotland.gov.uk/

And I have a feeling it will be like DMP I finished last year, where it was made quite clear to me that I couldnt take out any further credit when I was clearing my debts.

Thanks, did wonder if it was something from Scotland.

mystic_bertie

Ok nobody mentioned to me i could not take any further credit out in the future, so i am not aware of this. Judge me if you want but im not going to put every bit of spare cash into paying off my das.

If i cant get a loan, ill save it up. Now im working again my finances will be good, i dont need to car share and i dont want to care share, thanks anyway. I already have a car but i want something safer to travel the 40 miles a day.