I have poor credit. Can I get a second loan?

chicklit

My monthly Gross is £2800. My monthly outgoings are approx £1500. I have a house that I rent out (included in my monthly Gross). I currently have a loan with my bank; would require a second loan - for approx £2k-£2.5k to put myself back in the black and pay off previous home bills (I've just moved from that address). Paying off previous bills would also assist my credit score. My bank won't extend my loan as I'm living in overdraft so again the loan would put me back in the black (irony..?). I've been working at my current job since Feb.
Can I get the second loan? Would want the loan for 36 - 60 moinths - pending on the interest/monthly payments.
I have poor credit due to being behind in previous bills.
Many thanks
NB: Current loan is unsecured; want 2nd loan to be unsecured also.

redcard

What's happening to your spare £1.3K?

chicklit

currently in my over-overdraft...
re-calculation of outgoings.... £1900 & gross is actually £2700

redcard

Getting a £2K loan will put you more in the red, not in the black.

You should be able to pay off your overdraft in 2-3 months. You still have £800 spare every month.

tell_it_how_it_is

Yes, do yourself a favour and see where you can tighten up on the monthly outgoings. You'll thank yourself in the long run.

BillJones

chicklit wrote: »

would require a second loan - for approx £2k-£2.5k to put myself back in the black

That's not how money works. If you borrow money, you do not move more into the "black", you actually move more into debt, which is quite the opposite.

I think that you need to have a bit of a rethink.

DCFC79

Simple answer is no you can't get a second loan.

I suggest looking at your spending and cut back, get cheaper TV/internet/phone packages, gas and electric and insurance.

You also need to be wary the OD could be withdrawn so focus on getting out of it.

How far are you into the OD ?

-taff

So what you're talking about is a consolidation loan to pay all debts including overdraft?
They don't work very well, trust me.
You clear everything, are left with one payment, but you don't cut up your cards or get rid of your overdraft so you end up in it again within months.

Look at what you're spending money on, and see where it's going. If you were having trouble paying bills before, what's changed to stop that happening again?

I would post on the debt free wannabe board for advice.

Pixie5740

Getting another loan when you have bad credit is going to be unlikely. Probably the only lenders who will touch you will offer loans with very high APR so are best avoided.

Put together an honest statement of affairs and post it over on the Debt Free Wannabe board.

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

Take onboard some of the money saving suggestions and kick your debt into touch once and for all. Pow!

Gaz83

chicklit wrote: »

currently in my over-overdraft...
re-calculation of outgoings.... £1900 & gross is actually £2700

That was quite the 24 minutes!

bargainbetty

Fill out a statement of affairs listing your net income (all of it) and your full expenses. Work out where you can save money, and start bringing down your overdraft from the inside. Another loan is both unlikely and unwise until you have got your house in order.

Good luck