In serious need of advice.

Ynayesta

Hi savers!

I'm in serious need of advice. I have been hit with an accident that is either going to cost me my job, or around about £2k I don't have, and don't know where to find it from. Essentially the front of my motorbike has been crushed, and will cost "easily over £1k" to fix it is insured for TP, F & T but that doesn't help much in this situation. (next time i'm going fully comp, ergh lrnt mah lesson)

Anyway, I'm due back at work on sunday, though i'm seeing the doctor today so that may be extended another week (I am not physically fine, I have a herniated spinal disk and crippling sciatica as well as a shattered knee cap. I'm on crutches and a coctail of meds, I doubt my doctor will think i should go back so soon), my work is a little complicated, essentially i'm in home care - I use the bike to get call to call, sometimes manymany miles apart to deliver care to individuals in their own homes. I use the bike because I can't afford to run a car, I need that bike to do my job - my options are fix it or lose my job as far as I can see.

So i've been entertaining the idea of getting a loan, now I have never had a loan in my life - the only money i've borrowed is the finance (not paid off) on my bike, so I have no idea what i'm doing, where to start - what to look for. I'm also really worried of being just completely rejected, my credit history consists of a phone contract, and this finance - noodle gives me a not so favourable score, and I have been rejected just for opening a normal bank account - my bank account is still the one I used when I was 16 to get that young person's bursary for going to college. Genuinely that is my full history - I was able to get the bike finance thanks to my uncle who acted as guarantor. - If i get rejected for just opening a normal bank account, surely I am not allowed a loan?

I really just dont know what to do I would greately appreciate any and all advice anyone feels they can give.

If it helps here are a few more details financially:
0 hour contract, avg of £500 pcm wages.
monthly phone contract, always paid
finance contract, always paid
no other income/no benifits etc

Please if there's any other details I need to share I will be online until around 3pm - as I have an appointment to attend, I'll also be back after that.

the_insider

When you say hit with an accident do you mean someone knocked you off the bike? If so it doesn't matter what type of insurance you have, make a claim through the other person's insurance. That's what it's there for.

McKneff

From what the OP has said 'front of bike crushed' it sounds as if he/she has hit something.


Hopefully not but OP, you must look after yourself if you are this much injured. Pushing yourself
will only mean you will be ill for longer.


Good luck.

Ynayesta

I will clarify the accident, I did indeed hit something - driver error, thankfully no other party involved or injured, but I have certainly learnt my lesson when it comes to riding in extreame weather, I caught a gust of wind that blew me well off course, that gross hurricane end we had recently.

The last time I was hit by someone else (and only time forever hopefully) they drove off and left me in the road thankfully I was able to cover that fron my isa.

Thanks McKneff, feels like I need all the luck I can get xx

DCFC79

Your own bank might be the best place to start if your on good terms with them which going by your first post it looks like you are.

Ynayesta

Thank you, I hadn't thought they might be able to give me a loan, especialy as it was them who rejected me getting a normal bank account - I have had a look at their loan calculator, and they offer a very attractive, and affordable loan at 29.9% over a year.

This really seems like something I may be able to afford (if no affording anything else, but it's better than being completely red!!)

I'm going to ask my family if they are able to help me out by lending a small amount, to take the amount of the total loan down, the place that's repairing my bike also suggested a 0% card, I'm going to look through this site to see if there's anything like that suitable. Anything to make it more affordable.

Hopefully halifax will give me a little love in regards to this, thanks very much xxx

---
Looks like the only 0% card I have a chance of getting accepted for only has a 3 month term, which I doubt I will be able to pay in time so I'd rather not risk that.
At the moment I'm almost certainly looking at that bank loan, hopefully for a little less than the total if I can borrow any from family.
Please let me know if you think it's stupid idea, or there is anything else.

x

stator

Are you on the electoral roll? It's important for the credit check.

Could you find a small moped somewhere?

If your still have outstanding finance on the bike that might cause trouble. If the bike is written off they would ask for full repayment of the loan. A 0% credit card for the repairs would be a good idea but with a poor credit history they might not offer you enough of a credit limit.

DCFC79

Ynayesta wrote: »

Thank you, I hadn't thought they might be able to give me a loan, especialy as it was them who rejected me getting a normal bank account - I have had a look at their loan calculator, and they offer a very attractive, and affordable loan at 29.9% over a year.

This really seems like something I may be able to afford (if no affording anything else, but it's better than being completely red!!)

I'm going to ask my family if they are able to help me out by lending a small amount, to take the amount of the total loan down, the place that's repairing my bike also suggested a 0% card, I'm going to look through this site to see if there's anything like that suitable. Anything to make it more affordable.

Hopefully halifax will give me a little love in regards to this, thanks very much xxx

---
Looks like the only 0% card I have a chance of getting accepted for only has a 3 month term, which I doubt I will be able to pay in time so I'd rather not risk that.
At the moment I'm almost certainly looking at that bank loan, hopefully for a little less than the total if I can borrow any from family.
Please let me know if you think it's stupid idea, or there is anything else.

x

If they had rejected you for a normal bank account then maybe they would reject you for a loan, theres way to tell.

tinkerbell28

The problem is here. £500 pcm and a 0 hours contract, a phone contract and bike finance.

No way will he get a loan on a 6k average take home, from a high street bank.

Ynayesta

Yep entirely refused for a loan from my bank, I have been signed not fit for work for another two weeks, so at least I have that time to try and sort something out, or lose my job.

could be worse I guess.

Ynayesta

stator wrote: »

Are you on the electoral roll? It's important for the credit check.

Could you find a small moped somewhere?

If your still have outstanding finance on the bike that might cause trouble. If the bike is written off they would ask for full repayment of the loan. A 0% credit card for the repairs would be a good idea but with a poor credit history they might not offer you enough of a credit limit.

I am, I made sure of it.

The cost of buying another, and then insuring it would be too great i'm afraid, but thanks for the suggestion - my actual bike is a very cheap commuter.

There is outstanding finance of just over £1k, and ahighly affordable £60 pcm, but as the bike is not a write off I am not worried about that thankfully! The front of the frame is bent, perhaps the handle bars (they need to strip it to find out) no damage to the engine, and the fairing (plastic bodywork) is craked in some panels, but in a manner that makes it unsafe to ride. They have quoted me £1k to fix IF that is all that's wrong with it, they wont be able to tell until they strip it, which I need to be able to tell them they can go ahead to do.

As my immediate family is unable to help, I am going to try to ask my partner's family if I could borrow from them.

It's so frustrating, because I know I could repay the loan, I have no issue being tight with money as I don't get luxuries, my whole life is my job, and studying right now.

Thank you everyone for your advice, I really appreciate it.