V.Confused UNSECURED LOAN VIRGIN

modu

Dear MSE's

I am in a quandry, I desperately need help !

I intend buying an Industrial machine, I need 15K, unsecured.

I relocated to the U.K from the U.S 3 years ago, unfortunately I did not register on the electoral roll.

I have been at my present address for 9 months, I am on the electoral roll.

In the last 19 months

H.P Loan £2.5K G.E Capital Bank Ltd ( SETTLED )

Credit Card £ 1,200 ( SETTLED )

Credit Card ( £ 1, 400 ) ( Balance £ 751.00 )

Store Card £1000.00 ( Balance £464 )

Store Card £500.00 ( Balance £ 136.00 )

I am in full time employment, I have no C.C.J's earn £29K+ p.a

I am 39 yr.o, currently in rented accommodation.

How long must I have been electorally registered, how much credit should I have run to be cosidered a good credit risk ?

With the history I have, which lender/s are historically sympathetic, Will they lend to me ? If so how much can I realistically expect ?

I cannot afford to mess up, make a mistake and let this sale through my fingers.

That's why I'm so so v.confused, I would appreciate solid good advise from y'all good M.S.E's out there.

Yours faithfully

V.V Confused

modu

I am totally useless when it comes to computers, CONFIRMED, its taken me 17 hours and 7 fullyb typed messages to get this far.

I hope someone gets this query, also is it possible to send this message to Martin, I can't figure out how to do it.

All help appreciated

grumbler

I don't know a lot about loans , but there are a few articles here:

LOANS QUICK BEST BUY LINKS

Personal Loans: how to get the UK's cheapest

Your credit history looks like quite good (I assume there were no defolts, missed payments...). The only disadvantage is rented accomodation.

Your credit rating

Loophole to get a free credit rating

Debt_Free_Chick

Yes, your credit record looks quite good, so I wouldn't anticipate a problem.

But £15k is a lot to spend on an "industrial machine". Is it for personal or business use? Could you not buy second-hand? What about auctions, especially those that dispose of repossessed items or those from bankrupt companies?

nh

Try your bank. As you already have a financial relationship with them they are more likely to offer you something. I'd go and see a real person too, don't apply online - I think real people have more flexibility!

Pennywise

If the machine is being bought at its proper market value and has a relatively long life, you should have no problems financing it via hire purchase or lease. Try looking into the main commerical lenders - most High Street banks have commercial arms - just go in and ask about them.

Rafter

Most loan companies prefer that you don't use 'personal' loans to buy items for your business - which is I guess what you mean by industrial machine?

Electoral roll is normally an 'all or nothing' check. You are either on it or off it and it is primarily a fraud/identity check.

A £15k unsecured loan shouldn't be impossible. Suggest you try your own back first?

You may have to settle for say a £10k loan and £5k revolving on credit card deals (which could save you interest in the long run anyway).

Good luck.

R.

modu

Thanks all !

The machine is from Japan, I've spoken to the manufacturer, who has a reconditioned one on offer for 10K.

My bank is Barclays, I switched to them 5 months ago, so i'm a bit wary, I'm so scared they'll waste my credit rating.

As I have, a relationship with G.E Capital bank, (H.p's worth £2,500 in the last 19 mths, ( SETTLED ) will it be safer approaching them ?

the snag, 8.5% APR.

In my original msg, I forgot to add I have 1 missed payment !

Does this disqualify me ?

Thanks once more, I,m gratefull to all of you !

Less confused !

modu

Thanks all !

The machine is from Japan, I spoke to the manufacturer, and they have a reconditioned one on offer for £10K.

I am in night school and need it for extra tuition, I graduate in 3yrs, so I dont qualify for a business loan.

I moved to barclays 5 months ago, so I'm quite wary, I'm scared they'll waste my credit rating.

I have had H.P worth £2.5K, with G.E Capital Bank (Comet Stores ) now settled in the last 19 months.

Does it make sense, better safe than sorry to ask them for the £10K loan ?

The only snag, 8.5% APR ouch!

As it is I don't know if i have much of an option.

Special Thanks to every MSE, who volunteered advise ! have a smashing W'END.

modu

Forgot to add I have 1 late payment on my Barclaycard 15 months ago .

Will this diqualify me with certain Lenders ?

grumbler

I think you need to press 'refresh' button on your browser before sending the same post again.
1 missed or late payment does not spoil your credit history, I think. (It is difficult to understend now whether it was one or two though :rotfl: )
I don't think that Barclays offer the best rate, but why are you ' scared they'll waste' your credit rating?