Loan for those with poor credit history

xandu

Hi

Can anyone recommend a decent loan for someone with a poor credit history - I want to consolidate my debts.

As an aside I'm impressed to see on the website an article about bad debt and mental health - I have been affected.

Thank you
Xandu

HappyMJ

Not recommended at all. What debts do you have and the interest rates?

If you have a poor credit history then it's unlikely you will get a good rate anyway so you wouldn't be saving much.

Gaz83

It's very unlikely that any mainstream lender will allow someone with a poor credit history to take out a consolidation loan. They simply won't trust that you won't use it to buy yourself shiny new things and end up in a worst position than you already are.

Pixie5740

Debt consolidation rarely works. Even if, with your poor credit history, you could find someone to lend you money the APR is likely to be high. Usually debt consolidation seems like a good idea as you have lower monthly repayments but you usually end up paying the money back over a longer term so don't really save anything.

A better bet would be to try snowballing your debt:

http://www.whatsthecost.com/snowball.aspx

This will give you an idea of when you'll become debt free. :j

Also filling in this Statement of Affairs (SOA) and posting it on the Debt Free Wannabe board might generate some support and ideas on how to reach that debt free target even quicker.

http://www.stoozing.com/calculator/soa.php

Good luck.

moohound

Repeatedly consolidating helped me get into the most appalling mess, owing nearly £40000, When I 'fessed up to my husband he said "what did you spend it?" on and I replied "interest"

dealer_wins

traveler67 wrote: »

nice to know about this poor credit.

Go away spammer

sacha28

xandu wrote: »

Hi

Can anyone recommend a decent loan for someone with a poor credit history - I want to consolidate my debts.

As an aside I'm impressed to see on the website an article about bad debt and mental health - I have been affected.

Thank you
Xandu

So you have/had mental health issues following bad debt.......and you have bad credit.......and you want to take out a further loan? Really? Take a step back and think about what you wrote and decide whether it's sensible.

dapast

Borrowing to consolidate if you are struggling isn't the best way to go about things, now I'm not qualified to advise, far from it, but from experience, my wife and I borrowed to pay of debts which we got from borrowing to pay of debts, and it can soon spiral out of control. Could you consider a repayment plan? Either an iva, which we had, it helped us but I know some people oppose them, or a personal agreement with the creditors to pay back a lower amount and ask them to fix the interest?

Hope you find the right solution, try the money advice line, they also help give guidance.