I need a Loan

Remulos

As the title suggests, I need a loan. I finished paying off all my debts in June through a DMP with Payplan (who are absolutely excellent), including satisfying a CCJ, and am trying to build up my credit rating. I have a 'Poor Credit' Luma credit card which I just use for petrol and pay off in full every month to try and get some extra good credit points. All payments are going off without a hitch, haven't missed a single payment for anything for a couple of years. Long story short, I'm slowly but surely starting to drag myself out of this hole.

The only problem is that my laptop has just bitten the proverbial bullet and can't be fixed. I would just get a cheap Chromebook but I regularly use some fairly hart-hitting programs (various programming IDE's, Adobe products, 3D animation software, CAD packages, (not going to lie - video games as well) etc.) and need something more powerful.

I just wanted to get your views on a loan company that might work for me? I have looked on my Noddle file but there's only one which it will actually show me a Likelyhood of Approval rating for (118 Money) and I would like to avoid adding a bunch of credit file searches. The loan I would be looking for would ideally be £700 over 6+ months but I know that I might have to get £1000 over 12 months at a minimum.

DCFC79

How much money every month do you have spare ?

DomRavioli

You can pick up a refurbished machine for under 300 on ebay; I run full adobe suite on mine, its worked perfectly for just over a year and I use it at least 40 hours a week for work and more for pleasure.

700 is a pipe dream.

Remulos

About £300. In 2 or 3 months I'd be able to buy one without financial aid but realistically December is a write off, like most people I have to buy Christmas presents, and I can't go without a laptop until March.

Remulos

DomRavioli wrote: »

You can pick up a refurbished machine for under 300 on ebay; I run full adobe suite on mine, its worked perfectly for just over a year and I use it at least 40 hours a week for work and more for pleasure.

700 is a pipe dream.

How much longer is that machine likely to last though? £300 a year is going to be more costly than £700 for something that will last the next 4 or 5 years. Short-term thinking is what got me into the mess with the debts in the first place.

Remulos

Deleted_User wrote: »

What about savings? From your previous posts, you were going to be saving £250 a month from coming out of the DMP. You should have a grand saved by now?

My DMP finishing coincided with my brother moving out so my mum saw this as a good time to start getting rent from me. I would ask her to forgo rent for a month but unfortunately she really can't afford it.

Candyapple

If you have £300 spare every month, why not put the purchase on your Luma card and then use the £300 to pay it off every month until it's clear and in December if you can't throw £300 at the debt, just repay the minimum payment for that month. That will be your cheapest option rather than going for a high interest loan for a small amount of money.

Remulos

Candyapple wrote: »

If you have £300 spare every month, why not put the purchase on your Luma card and then use the £300 to pay it off every month until it's clear and in December if you can't throw £300 at the debt, just repay the minimum payment for that month. That will be your cheapest option rather than going for a high interest loan for a small amount of money.

The limit on my Luma card is £200, which is fine with me as I only use it for petrol which I know I have budgeted for. I have only had it for 2 months so there's no chance of getting the limit raised.

Pixie5740

Remulos wrote: »

About £300. In 2 or 3 months I'd be able to buy one without financial aid but realistically December is a write off, like most people I have to buy Christmas presents, and I can't go without a laptop until March.

Like every year Christmas is on 25th December. You should put money away for it throughout the year and then December won't be a write off.

Perhaps you could forgo Christmas presents, or whatever you spend money on at Christmas time this year. I stopped buying presents for my brother because a) he can't afford to go buying presents for people b) whatever I bought him ended up on eBay because he was short on rent money.

Remulos wrote: »

How much longer is that machine likely to last though? £300 a year is going to be more costly than £700 for something that will last the next 4 or 5 years. Short-term thinking is what got me into the mess with the debts in the first place.

How much interest will you pay on the £700? With your recently settled CCJ and DMP the best loan rates won't be available to you yet. You can try the MSE loan eligibility calculator but I don't fancy your chances.

What do you use the laptop for? Work? Studying? Hobbies?

Remulos wrote: »

My DMP finishing coincided with my brother moving out so my mum saw this as a good time to start getting rent from me. I would ask her to forgo rent for a month but unfortunately she really can't afford it.

Nor should your mother forgo rent for a month.

Remulos

Pixie5740, thank you so much, I did have my suspicions about Christmas behaving wildly and changing date of it's own volition so thank you for alleviating my fears.

As I mentioned, I only finished my DMP in June and (at the time) was expecting to have more disposable income once it was over so saving for Christmas presents was not at the forefront of my mind. In the future I will indeed be saving throughout the year but insightful retrospective isn't very helpful at the moment.

Also, thank you for looking out for my mother, it would be horrible if I took advantage of her. She would probably forgo rent for a month, even though she can't afford it. That's why I won't ask her. Wow, looks like we're both looking out for her.

BrassicWoman

You didn't answer the question about if your laptop is for work or home

If it doesn't generate income, your hobbies may have to wait - you cannot afford them. Wanting things now is most likely what got you into the mess, not short term thinking!