LOAN - HELP (outrageous APR rating/personalised)

Gaz83

konn1ch1ha wrote: »

What would you know?

I've lent family members money on the strength they promised to pay it back, when they desperately needed it, and now I need it but they don't have the money. If I were to be a selfish !!!!! and not lend the money in the first place, I wouldn't need to borrow from the bank right now.

Think first before making snidey, sanctimonious comments.

Not sure what you lending to others has to do with, well, anything in your situation, to be honest.

You have been given several pieces of advice, across this thread and others, and each piece of advice has either been ignored or isn't suitable.

It was you yourself who admitted that you've known about the work for a couple of years.

Candyapple

Pixie5740 wrote: »

I did say "a credit card, specifically a money transfer card." With a money transfer card such as the ones offered by Barclaycard, MBNA and Virgin, you can transfer the money into your bank account to then spend as you wish. The 3 cards I mentioned all offer 0% on money transfers for X number of months although there is usually a fee (approximately 3% of the amount being transferred).

Scratch the advice, just read some of OP's other threads and it appears they don't even know how a credit card works so I'm assuming they have little/no credit history which will mean 0 chance of getting a money transfer card.

OP - do you have a job? If yes and by your own admission you knew about this years ago, why didn't you put aside a small amount each month for it? :huh:

konn1ch1ha

Gaz83 wrote: »

Not sure what you lending to others has to do with, well, anything in your situation, to be honest.

You have been given several pieces of advice, across this thread and others, and each piece of advice has either been ignored or isn't suitable.

It was you yourself who admitted that you've known about the work for a couple of years.

When I say "What would you know?", I'm talking literally about what would you know I'm not worthy of being lent to.

Yes, and in the meantime, I've been trying to get the assets of what people owe me returned. It is my defence why I'm financially screwed at the moment, and a fairly justifiable one.

Gaz83

konn1ch1ha wrote: »

When I say "What would you know?", I'm talking literally about what would you know I'm not worthy of being lent to.

You're the one coming out with phrases such as "It probably won't work due to my financial status", champ.

konn1ch1ha wrote: »

Yes, and in the meantime, I've been trying to get the assets of what people owe me returned. It is my defence why I'm financially screwed at the moment, and a fairly justifiable one.

You may think it's justifiable, but as you're finding out lenders don't care about the reasons why you're in debt or unable to service credit.

As you've said above as well, these people don't have the money. While they don't have the money, you aren't going to be getting anything from them.

AnotherJoe

konn1ch1ha wrote: »

I've already maxed out my overdraft so that option's out the window.

And the property managers don't accept credit card!

You can buy whatever you arent currently buying on credit card and that will then release funds you can use for these improvements. However, if you are maxxed on overdraft and havent got £1700 for contingency, you need to do something to sort your finances out or the situation will only get worse, there will no doubt be other things that need spending on? You could try the debt free wannabee forum possibly?

konn1ch1ha

Candyapple wrote: »

Scratch the advice, just read some of OP's other threads and it appears they don't even know how a credit card works so I'm assuming they have little/no credit history which will mean 0 chance of getting a money transfer card.

OP - do you have a job? If yes and by your own admission you knew about this years ago, why didn't you put aside a small amount each month for it? :huh:

I did have a job, but now have gone down the self-employed route (taking advantage of having the passive income of rent). I had so many outgoings it was very difficult to put anything aside. Financially, for 2016, when it rained it poured. Most months so far.

I am considering getting a part-time job to assist with monthly cash flow.

konn1ch1ha

AnotherJoe wrote: »

You can buy whatever you arent currently buying on credit card and that will then release funds you can use for these improvements. However, if you are maxxed on overdraft and havent got £1700 for contingency, you need to do something to sort your finances out or the situation will only get worse, there will no doubt be other things that need spending on? You could try the debt free wannabee forum possibly?

Will have a look at that. I will persevere and fingers crossed nothing will go wrong. Things have already but that's what my OD has already gone on.

If worse comes to worst, I could always sell my flat. But I'm very reluctant because of the capital it will gain after the works due.

Candyapple

Can you not put off paying until later? What's your deadline?

What happens if you told the other shareholders you couldn't pay for your part (just yet) - would they pay for it and you agree to a payment plan with them?

If you are self-employed then you do have an income. Try your luck with the eligibility calc and see what it says:
https://creditcards.moneysavingexpert.com/?money-transfers

konn1ch1ha

Candyapple wrote: »

Can you not put off paying until later? What's your deadline?

What happens if you told the other shareholders you couldn't pay for your part (just yet) - would they pay for it and you agree to a payment plan with them?

If you are self-employed then you do have an income. Try your luck with the eligibility calc and see what it says:
https://creditcards.moneysavingexpert.com/?money-transfers

The deadline is pretty imminent. The shareholders and myself keep getting letters from the property managers saying it must be paid within seven days, or 10 days, which was sent last week.

I don't want to put the burden of the other shareholders paying my share because some of them already have £1000s to dish out, due to them having a higher proportion management company.

And yeeeee, I was 0% eligible on all cards. Thanks for the link, though.

Running out of options...

Herzlos

You have an option; you've already been quoted a loan.

Gaz83 wrote: »

An option would be to apply for a £7,500 loan, which may be offered at a cheaper APR, and then, if you're approved, immediately repay £5,800. That way you have in effect a £1,700 loan at (hopefully) a lower APR.

It's worth noting that if you do this, your repayments will remain the same (~£200/month) with a vastly reduced term (10 months rather than 36), rather than reducing the repayments and keeping the term. So if you're looking to minimise outlay, taking a £1700 loan @ 29% may work out better. If your wanting to pay the least interest, borrowing £7500 and overpaying by £5800 is going to be better.

Alternatively, you can try to re-mortgage, but they probably won't be interested for as little as £1700.