Help needed for bad past

NorthernMike

Long Story Short: Mine/Partner

Credit Status: Very Poor/ Very Poor
Homeowner: No/No
Job Status: Working (FT)/ Full time Mother
Household Income: approx £20k

I'm looking to get a £12,000 loan for the following

House Arrears £1400
Pay off Car £900
Credit Card: £750
Catolgues: £2000
Christmas/New Baby: £2000
Debts: £4500

I have a solid £250 a month spare to fund it, I have very stable job. I am very commited to doing this too for the future of my family

1 Problem. No one will touch me, unless I want to pay 50%APR or £600 a month because of my old credit etc... Can anyone advise further?

[Deleted User]

It won't happen. It's too much on your income, even before your other debts.

Use the £250 per month spare to pay down the highest rate debt, then move onto the others. Visit the DFW baords for ideas on cutting costs further.

Pixie5740

My advice is stop borrowing money, it's not going to get you out of this.

Put together a statements of affairs and post it on the Debt Free Wannabe money.

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

People on that board have been where you are now so can offer plenty of support and advice to help you repay your debts and get back on an even keel. Much better than a loan with 50% APR.

James_B.

if you've got £250 spare per month you should start paying it off your debts, as you won't be getting a loan.

I'd knock the idea of a new baby on the head until you sort out your finances, it's not a good idea to have a child when you are struggling. You already have 50% of your gross income in debt, which tends to be about the limit that most lenders will be happy to see, even if your credit was good.

jonesMUFCforever

I know the post is a wind up - £2k for xmas indeed.

PeacefulWaters

Christmas/New Baby: £2000

I can't even begin to find sympathy for the stupidity of the idea.

I can only assume it's a wind up. Sorry.

If it's not, forget new credit and pay the minimum payments on each debt. Any surplus, apply to the rent arrears. When they're cleared, apply it to the most expensive credit. Repeat until debt free.

Cancel spending at Christmas. No presents for anybody. Enjoy it in other ways.

Stop having sex or talk to your doctor about birth control options.

macman

If Christmas and new baby are going to occur simultaneously, then it's a bit late to suggest birth control options in September...
OP, consolidating your various debts into one big loan will not clear a single pound of the debt. Your overriding priority is to clear £1400 rent arrears before you find yourself evicted, so why not sell the car and clear the finance on that, and pay the arrears with the balance?

19lottie82

Hi OP, there is no way you will get this loan from a lender who doesn't charge astronomical interest rates and won't break your legs if you miss a payment.

Adding £2k on to your "required amount" for Christmas / New Baby costs is just ridiculous, and with the greatest respect, this displays why you are already in debt. You really need to cut your cloth accordingly when it comes to Christmas (buy presents for your kids only, and don't go over the top, you CAN'T afford it!), and in regards to the new baby, get on gumtree / freecycle for the stuff you really need. All you have to buy new is a mattress and a car seat.
Baby's don't cost a lot if you only buy the necessities.

Get over to the Debt Free Wannabe part of the forum and others will help advise how you can cut back and pay off your debts quicker.

jonbooker44

Hello
Iam in a bit of a quandary regarding a letter from DLC.
Its adressed to the occupier but i know i have a debt out there but iam not sure how much for anymore.
I have been informed that if i ask the debt company to provide proof of original agreement and they cant provided it ,it means the debt is nil and void???!

IS THIS TRUE??

Thanks in advance for any help

JON

~Beanie~

jonbooker44 wrote: »

Hello
Iam in a bit of a quandary regarding a letter from DLC.
Its adressed to the occupier but i know i have a debt out there but iam not sure how much for anymore.
I have been informed that if i ask the debt company to provide proof of original agreement and they cant provided it ,it means the debt is nil and void???!

IS THIS TRUE??

Thanks in advance for any help

JON

You need to start a new thread of your own, probably best on the Debtfree Wannabee board.

27col

In the words of someone or other. You cannot be serious!!