Getting a loan as a carer? Help please.

SimplyStupid

Hi everyone, would like some advice please, is it possible to get a loan as a carer in receipt of carers allowance / income support without having to use one of the awful APR payday loan companies? Each one I have looked at only gives options for unemployed and comes back as 0% chance of being approved? I am a carer to my disabled mother and I am a single mother of two. need to consolidate some debts, personal and credit and would prefer one easier to manage monthly payment but I have never had a loan before, feel a little lost tbh.
Any help would be greatfully received X

Money_maker

How about posting on the debt free wannabe board, if you do a statement of affairs (SOA) then the wonderful peeps over there can help you make savings on your outgoings and pay your debts off quicker. Consolidation rarely works - sadly most run fresh debts up again once the card/loan/bank account is free to use again.

SimplyStupid

I have just been thinking about that after reading a similar comment on a different thread, I think it is just too easy to get into a tangle with credit these days and it spirals very fast. I do still think a consolidated loan would really help me get a grip of things again and close the outstanding accounts without more interest adding up, lessons learned and all that. thanks for the help x

forgotmyname

Consolidation loans often make matters worse. The interest rate is likely to be poor and the timeframe to pay it back maybe more than you think.

AnotherJoe

SimplyStupid wrote: »

Hi everyone, would like some advice please, is it possible to get a loan as a carer in receipt of carers allowance / income support without having to use one of the awful APR payday loan companies? Each one I have looked at only gives options for unemployed and comes back as 0% chance of being approved? I am a carer to my disabled mother and I am a single mother of two. need to consolidate some debts, personal and credit and would prefer one easier to manage monthly payment but I have never had a loan before, feel a little lost tbh.
Any help would be greatfully received X

Well, those are loans really aren't they?

Write down each loan in a list with interest rate and amount. Post it the debt free wannabe forum and people will advise.

Pulling them all into one bigger loan probably won't help you pay it back quicker and might even seem more overwhelming. Some people advise focussing on paying off the smaller ones first even if financially that's not the best since that gives a better feel for progress and makes it more likely you will keep the progress going. But in any case if you provide the numbers people will advise.

DCFC79

I agree with everyone else OP.

ReadingTim

Instead of a consolidation loan why don't you ask if you can change (or consolidate) the repayment dates of your current loans etc so they're all on the same date each month? - preferably a day after pay day.

It's not one payment, but it's the next best thing: once they've all gone out, you know exactly how much you have left to play with that month.

bargainbetty

As you have noted, without a specific income you are unable to get a larger loan that does not have excessive interest rates. This is because lenders will see you as a risk.


In that case, taking the suggested route of doing a proper budget and reviewing your outgoings is the best/only option available to you. I'm sorry this isn't what you want to hear, but it may help identify the best way to pay down your debts.


Good luck

Pixie5740

You can't borrow your way out of debt and I really don't see what difference it makes having one payment coming out your account or a dozen different payments as long as you budget properly. You have a low income and I'm guessing a pretty high debt:income ratio which probably explains why the loan eligibility calculator is coming back with a lot of 0%-chance-of-being-approved predictions.

As pretty much everyone else has said, put together an accurate statement of affairs and get yourself over to the Debt Free Wannabe board. You could also contact one of the debt charities for advice if you're struggling to make ends meet; CAP UK, National Debtline or Step Change.