cant get a loan to consolidate my payments

momo2015

i am 28 years old with a very poor credit rating.

I have some large personal loans with friends and family who need their money back asap. i also have pay day loans outstanding as well.

I dont earn enought o cover it all monthly on top of that i am a single dad who pay towards Child maintenance.

My problem is i cant get a loan of around 10k to pay them all off and just have one monthly payment...any help would be appreciated.

cheers

m

Gaz83

Salary? Current debts?

momo2015

earn about 24k a year
4k to a freind (his credit card)
3k to family
1k to payday
3k personal loan

DCFC79

momo2015 wrote: »

i am 28 years old with a very poor credit rating.

I have some large personal loans with friends and family who need their money back asap. i also have pay day loans outstanding as well.

I dont earn enought o cover it all monthly on top of that i am a single dad who pay towards Child maintenance.

My problem is i cant get a loan of around 10k to pay them all off and just have one monthly payment...any help would be appreciated.

cheers

m

I can't see you getting a loan so I see your only option to cut back on your outgoings, get a cheaper phone contract, same with internet and TV. The money you save you put towards paying off the loans from family and family.

You can only pay back the family and friends loans if you have the money to do so, this is the problem with borrowing from friends and family.

Or you get a job that pays more.

jonesMUFCforever

Consider getting proper advice from a debt charity - you may have to enter into an IVA or even bankruptcy.
Your friend may have to kiss goodbye to 90% of his money so don't expect him to be a friend after this.

leebo87

Stick around on this forum: there is plenty of great advice on here and even tiny savings add-up in the long run. Posting an SOA will help the more experienced on here give you some more specific advice.

Good luck,

jonesMUFCforever

leebo87 wrote: »

Stick around on this forum: there is plenty of great advice on here and even tiny savings add-up in the long run. Posting an SOA will help the more experienced on here give you some more specific advice.

Good luck,

Can I ask how you come to this conclusion?
6 posts in 4 1/2 years?

welshbookworm

jonesMUFCforever wrote: »

Can I ask how you come to this conclusion?
6 posts in 4 1/2 years?

you can read other peoples posts and learn a lot without posting.

MEM62

momo2015 wrote: »

earn about 24k a year
4k to a freind (his credit card)
3k to family
1k to payday
3k personal loan

Your borrowing is fairly close to 50% of your salary already. That combined with a payday loan on your credit history makes further borrowing unlikely. You may have no choice but to negotiate with the people you owe money to for more time / lower payments. Of course, doing this with the credit card company is a non-starter as the card in not in your name and delaying repayment of the payday loan will cost you dearly. You may therefore have little choice but to speak with your family and bank.

I hope it all works you for you.

20aday

I hope it all works out for you too OP.

Is there anything you could sell via eBay?

You mention in one of your posts about £4,000 being on a friend's credit card; is that his/her debt or yours?

N9eav

momo2015 wrote: »

earn about 24k a year
4k to a freind (his credit card)
3k to family
1k to payday
3k personal loan

How is your credit rating with friends and family? My kids for example cannot get cheap loans or card because of their age. My credit rating is good, so I can get 0% or loans like Tesco for 3.6%. So I have fronted a loan in the past.


While I accept it is a huge risk to a third party who would have to guarantee the loan and also affects their credit rating, but this might be a way out.... I see you have used 'family' and 'friend' already, so perhaps that option is already scuppered