borrowing money with bad credit

mistafeesh

Hi,

A few years ago, my DLA was stopped, which resulted in sudden extreme skintness, and I was forced to default on a loan, and also got into some other debts. Thankfully it's been restored now, and I've paid everything off except the loan, which I'm in the process of re-organising with my bank.

However, I'm in a position where I need to borrow about £1000, about half of which I need immediately! This is a one-off situation, and I won't need to borrow again for a long time. It's to cover costs of things that have been neglected while I've been skint (can go into more detail if it's relevant, but it's complicated!)

I was imagining taking out another loan to pay off my current one, and adding this to the balance. I tried with my bank, but they've said no, and I've also applied for a loan online through Tesco, which was listed as a loan for bad credit ratings, but was also turned down for that.

With my financial situation now, I am able to cover the costs easily.

What do people suggest I do?

Many thanks xx

Tixy

It sounds unlikely you will be able to get a loan if you have been declined by 2 places and have an outstanding defaulted account on your credit file.

Tesco loans, like most high street lenders, are not likely to lend to people with a poor credit history, they are probably one of the more picky lenders on the market.

The more credit applications you make the greater the chance of being declined so I wouldn't apply for any more commercial loans at the moment (and definitely do not apply to online loan brokers offering loans to people with a poor credit history).

So are there alternative ways you could fund this expenditure?
Are you employed? would your employer consider an advance against you wages?
Could you put off paying some other outgoings whilst you save up for this cost.
Are you on any benefits that may mean you would qualify for a budgeting loan (and is it needed for something that would be eligible for a budgeting loan)?
You mention reorganising your existing loan - do you mean arranging a repayment plan to pay off the debt? if so then perhaps you could propose to them that you can only afford token payments for the first few months and will then increase your payments once you are in a position to do so.

Failing those perhaps expanding on what the money is for will help people suggest other alternatives?
Also it may be useful if you can say how long you need to borrow the £500/£1000 for and how much you can afford to repay a month to see if that helps people make suggestions.

Brock_and_Roll

Don't spend £3k flying the family to Hong Kong and get your father to fly to the UK instead? That's would save a couple of k.

mistafeesh

I've already paid for the flights etc, this is other stuff - I need some spare cash in case of eventualities on the trip, but the main reason is that I really have to leard to drive and get a vehicle.
I can't fly my Dad here - he's quite old and I don't tihnk it'd do him any good, and also currently having trouble with his passport because he's been in HK for the last 40 odd years...
I've been on a payment plan with my bank, but I could now make the original payments again, with a bit more if necessary.
I guess I'll have to do it the long way around with the car etc if credit looks unlikely, and hope nothing too crazy happens on the journey! I do have some spare money, but would have been happier if I had more to fall back on!

Iheart

mistafeesh wrote: »

I've already paid for the flights etc, this is other stuff - I need some spare cash in case of eventualities on the trip, but the main reason is that I really have to leard to drive and get a vehicle.
I can't fly my Dad here - he's quite old and I don't tihnk it'd do him any good, and also currently having trouble with his passport because he's been in HK for the last 40 odd years...
I've been on a payment plan with my bank, but I could now make the original payments again, with a bit more if necessary.
I guess I'll have to do it the long way around with the car etc if credit looks unlikely, and hope nothing too crazy happens on the journey! I do have some spare money, but would have been happier if I had more to fall back on!

This will be hindering you just as much as the missed payments, and probably why your bank said no.