Personal loans if you have bad credit

Nelly85

Hi I’m looking to consolidate some of my debts but also get a car as current is knackered.
I’ve looked at loans but due to some previous defaults and payment plans from when I was off work sick they won’t lend me the money even though I currently pay and over pay on everything I owe and pay on time , my credit score has come up and is steady but it’s my previous history 2 yrs ago that’s holding me back. Can any one recommend a loan company that might see I can afford the repayments and I’ve been doing everything I can to increase my credit score and lend me the money I need to be able to sort things out long term as I’m stuck and don’t know where else to turn.

Sncjw

If your struggling to pay your debts at the momenet and have defaults how do you think lenders would view double the debt. That’s what consolidation loans are you are doubling the debt and the lender will be assessing you on that amount and affordability. There’s no faruntee you will pay it off.
Get yourself on the debt free wanna be page.

Sncjw

How much do you earn and how much is the debt

MEM62

If you cannot secure credit from a mainstream lender then the message is that you should not be borrowing any more money. You ignore this at your peril as, if you don't you will enter the world of very high interest rate loans, struggling to meet repayments and the inevitable slippery slope into financial misery.

You need an alternative plan to deal with you current situation.

lopsyfa

Nelly85 wrote: »

Hi I’m looking to consolidate some of my debts but also get a car as current is knackered.
I’ve looked at loans but due to some previous defaults and payment plans from when I was off work sick they won’t lend me the money even though I currently pay and over pay on everything I owe and pay on time , my credit score has come up and is steady but it’s my previous history 2 yrs ago that’s holding me back. Can any one recommend a loan company that might see I can afford the repayments and I’ve been doing everything I can to increase my credit score and lend me the money I need to be able to sort things out long term as I’m stuck and don’t know where else to turn.

Consolidation rarely works and you don't need a loan to buy a good car. It is better to save 2/3 months of loan payment and buy a cheap car. The best car I have bought is one I bought in a hurry (in 2016) and I thought to just buy for 1 month before I buy a newer car. I still have that car now and it is still running well and have passed all MOTs in flying colors.

Buying a cheap car now will allow you to focus on paying off your current debt and also save for a better car in the future.

Or better still, how about repairing whatever is wrong with your current car? You can then save 2/3 months payment to service any emergency repair. That is assuming it doesn't cost too much to repair it and not a money pit.

foxy-stoat

No one will recommend a lender for you. Sounds like additional credit is the last thing you should consider.

macman

Your credit score is a fictitious figure that is not seen by the lender: ignore it. Your credit history is what matters.