Unable to get a loan. Considering Options

enthusiasticsaver

Consolidating borrowing is the very worst thing you can do if you are not good with money. Even though you say you earn good money you still appear to be living hand to mouth so in essence you must be spending more than you earn.

List your debts in order of priority (ideally highest interest rate first). You can pick up a decent laptop for around £300 and a suit for around £80. I would suggest you make a financial plan to repay your debts. Set up an emergency fund going forward and wait until you can afford it before purchasing the laptop and suit.

DCFC79

Cut your spending, only buy essentials. Ive recently moved jobs and before I used to buy a drink (plus something to eat when on break) etc before I started work or buy some snacks once I finished but now Ive moved jobs I'm not buying the drink etc before work, must have saved a fair bit over the past month.

Dobbibill

Hi, welcome to the forum,

Create a SOA, as suggested, make sure you are honest with yourself.

Borrowing your way out of debt is not the answer, either on your own or by linking your parents into it.

You now have a good income so use it to it's full potential and pay off as much as possible of the debt you have.

You can snowball this to give yourself an idea of how long it will take you.

Cothes &/ or a laptop isn't a need for a loan, it's a want! You need to be clear with yourself about the difference.

Make sure you address the reason you have the debt, without doing that it will only be a matter of time before it happens again.

All the best

flower77g

May be worth trying a credit union here who may look at this with scenario some more sympathy. For example London Capital Credit Union is about 19.7% on an instant saver loan with no security.

DCFC79

flower77g wrote: »

May be worth trying a credit union here who may look at this with scenario some more sympathy. For example London Capital Credit Union is about 19.7% on an instant saver loan with no security.

Credit u ions may require people to be current savers with them to access the other services.

stuart30

DCFC79 wrote: »

Credit u ions may require people to be current savers with them to acces the other services.

Mine does and after joining they said loans are limited to about £300...:eek:

foxy-stoat

stuart30 wrote: »

Mine does and after joining they said loans are limited to about £300...:eek:

All this will do is help the OP get into another £300 worth of debt.

MEM62

Don't involve your parents in a guarantor loan. They will only come to regret it. (These companies use people with good credit standing yet charge interest rates applicable to high risk borrowers.)

You cannot borrow your way our of debt so forget this course of action. You need to be on the DFW boards where you will find both advice and inspiration for dealing with your situation.

Forget the new suit and laptop until you have made some progress in dealing with your current debt. (Or maybe stick them on your Christmas list if you have generous family & friends)

fruitisbad

can your parents take out a regular loan and you transfer the payments into their account by standing order? If their credit file is good they may be able to get a better rate of interest.

JJG

mikemikemike123 wrote: »

Saying that, is there any way to get a joint loan that does not affect the other parties credit score?

As has already been said. The only way that would work would be for them to get a loan in their name only on the promise that you would pay them the loan payments.