Secured loan - bad debt

icklesurfer

Hi everyone. I'm looking for a secured loan of £10'000. I need it quite urgently but I have bad debt. I'm paying off my current debt and have about 1 year until I'm debt free (touch wood) but I have major issue that needs resolving immediately. There's no wiggle room for waiting until the debt is paid which i'm gutted about. Everywhere I check is a broker and I'm worried about being past from pillar to post with credit checks all over my credit report, which I've been trying to hard to repair, and still not having a loan at the end of it! Any practical advice on getting a loan would be greatly appreciated.

[Deleted User]

The answer is that you're probably not going to get one.

What's your income?
Existing debts?
What do you mean by bad debt - what do your credit files show?
How many searches have you already had done?

anfieldred

have you signed up to the MSE credit club and seen which loans you *might* be eligible for?
https://www.moneysavingexpert.com/creditclub

Same with Noddle
https://www.noddle.co.uk/account/sign-in

Might find one at a bit less than a secured loan?

TadleyBaggie

They have a CCJ on their files according to this post:

https://forums.moneysavingexpert.com/discussion/5775220/anyone-with-ccj-mortgage-advice

icklesurfer

TadleyBaggie wrote: »

They have a CCJ on their files according to this post:

They? You mean me? Yes, I have a CCJ. I've been throwing cash at it and it expires next year. That's my bad credit unfortunately

[Deleted User]

The chances of a loan with unpaid CCJs is virtually zero.

icklesurfer

Fair enough. I guess I already know that and was hoping for a miracle.

foxy-stoat

Unless your current mortgage lender will offer you terms for additional borrowing on your mortgage then a broker is the only way forward.

You will be offered rates based on your personal circumstances - good luck and report back with what you are offered.

financegeek

Hi OP,

is there no way you could get an unsecured loan for the 10k? it might be worth looking at eligibility calculators to see if that's an option before going down the secured loan route.

depending on when your CCJ was registered (i'm guessing 2014 if it falls off in 2020) there should be secured lenders who would look at this, but it would depend on your income, affordability, loan to value and what the purpose of the loan is.

secured loan brokers vary massively in terms of fees charged, so probably worth contacting a few and asking for the fees they charge prior to submitting a full application.

good luck

DCFC79

What would you secure it against ?


I presume your a home owner ?

sourcrates

icklesurfer wrote: »

Fair enough. I guess I already know that and was hoping for a miracle.

OP may i ask why you need the money so fast ?


Is there another solution to this ?