Guidance regarding a loan with bad credit rating

becca1406

Hello, I don't know if this is the right thread to use, to give a bit of background:-
I have had a number of years of financial, family and health issues, three years ago my daughter and I moved into my mother's home ( from a rental property) and during that time I set to paying my debts and training in order to secure new employment.
I secured a post last year and have since applied for a temporary promotion (I am working upon making this permanent). I have now cleared my debts and my credit rating is slowly increasing (although it is still poor) and I had one account where I defaulted upon that is still on my records due to me clearing this in July.
My mum has frequently stated that this was only to be a temporary situation and that it has gone on much longer than she expected and would like us to move out by the end of the year. I am going to look to rent, but we (my daughter and I) would need furniture and appliances and so I am looking to apply for a loan. My query is, given my poor credit rating, is this unlikely? Should I be approaching a financial advisor for options ?  I  should add that I have only just paid my debts and have just started to build up the rental deposit.

Thank you in advance 

[Deleted User]

Lenders don't see or use your credit rating - just the data on your files.  Have you checked all three to see what appears and whether one is in better shape than the others?

The default isn't on your file due to you clearing it, but due it not yet being six years since you defaulted.

Rather than get a loan for furnishings though, see what you can beg, steal and borrow.  There should be very little need to borrow money for this purpose.

sourcrates

Hi,

A financial advisor only advises on investments/pensions etc, not which loans you may or not be eligible for, as that is pure guesswork until you actually apply.

Your best bet is to try and save up, you`ve been down the credit road once, and it didn`t end well, look on facebook market place, other local selling sites, local second hand shops or charity shops can reveal some great bargains.

Try and get away from the constant borrowing mentality.

Modern furniture is basically rubbish, unless its solid wood, but then its very expencive, the second hand market would be the place to look in my opinion.

foxy-stoat

Save up £1000, you should be able to buy all the furniture you will need for the 2 of you and still have change.  Dont get back into debt just for furniture.

jonesMUFCforever

Freebay etc and you can get good quality stuff for free.

Clive_Woody

Facebook local swapit sellit groups often have free items available and there are also charity shops that sell furniture very cheaply.

MalMonroe

I'd just like to say, as a single woman who was in similar circumstances a few years ago, that I think you've really tried hard to pull yourself up. I also have a daughter and we've had some major struggles.

I hope it doesn't sound patronising but well done for turning things around.

As well as the things other people have suggested, I'd like to throw Freegle and Freecycle - and any other recycling places into the mix. People sometimes give away stuff that isn't rubbish but that could last you maybe a year or two, or until you are properly on your feet again.

Also, charity shops sometimes have some real furniture and white good bargains, for example the British Heart Foundation where I live has really quality stuff at very reasonable prices. And they also even have regular sales and offer free delivery.

Have you tried putting your name on a social housing waiting list? I did that and now we are living in a lovely area in a ground floor flat which is one of only two - it looks like a detached house from the outside but they are purpose built. Rent is cheaper than private properties and there was no deposit to save and pay.

Just some suggestions, which I hope are helpful. Mainly though, well done for sorting things. I know what a struggle it can be.

enthusiasticsaver

Freecycle, charity shops,  Facebook market place or other second hand sellers are good places. Don't borrow. It ends up badly and as you have only just got straight saddling yourself with debt seems counter productive. Initially you can make do so long as you can get beds, somewhere to sit and a fridge and microwave.

becca1406

Thank you so much for everyone taking time to post guidance, support and comments ... I have to gather some funds for moving what we have and the deposit / first payment and confess I have nothing of substance, so will need a bed / microwave/ fridge/ washing machine and something to sit on... but I take on board about avoiding the debt route ... I think panic sets in when crisis hits and that looks like the first option, as rightly said this is not the 'best' option.

I will definitely look into freecycle, charity shops and the other options - I guess not knowing what is out there was limiting me and having guidance is exactly what I need - thank you 

becca1406

@MalMonroe

Thank you very much indeed  - your comment is gratefully appreciated ... have looked into the social housing and have registered, although I am not sure if time is on my side with this. The British Heart Foundation suggestion is great, thank you - I will head down and take a look next week, when I have some time off ... hadn't considered this at all and there is one not too far away. Thank you 

becca1406

jonesMUFCforever - I have never heard of this, so I will take a look, thank you