Consolidation loan asap bad credit

Jackarn6

Hi all,

I'm in a pretty dire situation which I'll explain.

I'm 21, In my final few months of university working part time earning around 850-900 per month. I have a serious debt problems with around 4k debts which is ridiculous for someone of my age. I've got multiple payday loans and credit cards put which I'm struggling to pay back because the payments are so high. What makes it worse is that nobody else not even my girlfriend knows about this. I'm looking for a consolidation loan of 4k over 3 or 4 years to clear it all into 1 easy payment, I have researched extensively into a consolidation loan and although they aren't great I believe they're the best thing for me at the moment I need the cash ASAP. My credit rating and and history is very poor and I have a few missed payments on record due to being in a DMP earlier in the year which was paying one of my cards well below the required amount before an agreement was made with the company. I have applied for unsecured loan from every company under the sun with no joy and I can't find a guarantor at all. I really need this sorted as it's seriously affecting my life. Any companies anyone knows about that can help?

[Deleted User]

Not going to happen.

Visit the DFW boards for advice on how to cut costs and get rid of your debts.

Madbags

I'm afraid that no-one on this forum is going to recommend a consolidation loan. It's generally not the right answer in your situation and no-one will recommend one to you.


Even if you had one and all the payday loans were repaid its often the case that it's far too tempting to take out further finance with them leaving you in a much worse position.


I would also say based on your monthly earnings vs your living expenses there won't be many if any lenders willing to lend with you. That coupled with your credit file containing lots of payday loans and negative markers.


My advice is to call your DMP company and ask them to add all the debts into the DMP and if you can adjust your current payment. This way at least you will be paying everyone something and they may agree to freeze the interest for a short time.

cajef

Jackarn6 wrote: »

Any companies anyone knows about that can help?

No chance, would you lend money to someone with your record and history?

StopIt

Jackarn6 wrote: »

Hi all,

I'm in a pretty dire situation which I'll explain.

I'm 21, In my final few months of university working part time earning around 850-900 per month. I have a serious debt problems with around 4k debts which is ridiculous for someone of my age. I've got multiple payday loans and credit cards put which I'm struggling to pay back because the payments are so high. What makes it worse is that nobody else not even my girlfriend knows about this. I'm looking for a consolidation loan of 4k over 3 or 4 years to clear it all into 1 easy payment, I have researched extensively into a consolidation loan and although they aren't great I believe they're the best thing for me at the moment I need the cash ASAP. My credit rating and and history is very poor and I have a few missed payments on record due to being in a DMP earlier in the year which was paying one of my cards well below the required amount before an agreement was made with the company. I have applied for unsecured loan from every company under the sun with no joy and I can't find a guarantor at all. I really need this sorted as it's seriously affecting my life. Any companies anyone knows about that can help?

Yes, but they're not a company.


Get talking to Stepchange, or the National Debtline today. Not later, not tomorrow, right now.


Take the lack of loan offers as a good thing. Head over to the DFW board and take it as a LBM that you need to sort your financial life out. You're still very young and this is very fixable, but not with more debt. Debt is why you're here, debt wont get you out of here.


Good luck!

PeacefulWaters

Bank of mum and dad to pay off the pay day lenders.

Get a grip of your overspending to deal with the underlying problem. Only you can do this.

Stop applying for credit of any sort.

Talk to your other half about it for moral support.

foxy-stoat

1. Speak to other half and or parents.
2. Stop spending money on another other day essentials
3. Sell anything you can of value, or down value stuff like car, phone, tablet, hobby equipment
4. Do a budget planner on excel, list all income and outgoings to see how much you can repay without getting into debt again.
5. Try loan from Mum or Dad and stick to the repayments.


Good lucks

[Deleted User]

Jackarn6 wrote: »

I'm looking for a consolidation loan of 4k over 3 or 4 years to clear it all into 1 easy payment

A consolidation loan won't "clear it all". It'll just move it, to a different lender.

You cannot borrow your way out of debt.

DCFC79

Jackarn6 wrote: »

Hi all,

I'm in a pretty dire situation which I'll explain.

I'm 21, In my final few months of university working part time earning around 850-900 per month. I have a serious debt problems with around 4k debts which is ridiculous for someone of my age. I've got multiple payday loans and credit cards put which I'm struggling to pay back because the payments are so high. What makes it worse is that nobody else not even my girlfriend knows about this. I'm looking for a consolidation loan of 4k over 3 or 4 years to clear it all into 1 easy payment, I have researched extensively into a consolidation loan and although they aren't great I believe they're the best thing for me at the moment I need the cash ASAP. My credit rating and and history is very poor and I have a few missed payments on record due to being in a DMP earlier in the year which was paying one of my cards well below the required amount before an agreement was made with the company. I have applied for unsecured loan from every company under the sun with no joy and I can't find a guarantor at all. I really need this sorted as it's seriously affecting my life. Any companies anyone knows about that can help?

First of all welcome to mse.

Secondly dont let it affect your life.

Thirdly how has the debt been accumulated ?

Work some extra hours, reduce your outgoings, eat really cheap.

Why do you need it ASAP, can you not make do for now ?

I dont know any companies and if I did I wouldn't suggest them as it wont help you.

MrsTinks

The hard truth is that you have excluded any standard lender both due to your repayment history and by over applying to loans you had little chance of getting.

What you need to do is get on top one of the debt charities mentioned above, and you will need to probably end up on another DMP, but this time you need to include ALL your creditors. This will affect your credit file for the next 6 years. This isn't the end of the world, and it's possible you might keep this secret from your partner and parents, but really you should tell them. Either because your parents might be able to lend you the money (and you need to accept that there will be no partying or anything until you pay them back!!!) - $4k will smart but trust me it could be worse!
Deal with it now and it will be far better than in a few months time when that debt has gone up even more.

Sorry - but the borrowing your way out of debt not only won't work, no-one will lend to you right now because of the number of applications on your files.

zippygeorgeandben

You're nearly there with finishing University - is this then going to lead to a full time job? Have you got something lined up?
Good news is, you're having this light bulb moment at 21 (very young). Hop over to the DFW board.
I was like you with my thread on the loan. Started it on here (talking about consolidation) and people opened my eyes and I realised I needed to start paying the debts off, not adding to them.
Talk to those close to you, just ask them not to judge.