Loan with Bad Credit

13 Posts

Hi there
I was wondering if anyone could help?
I am trying to get a loan to consolidate my debt. I have a poor credit rating but loan repayment would not be unaffordable at all, so I am really confused as to why I may be getting declined.
Does anyone know of any specialist brokers online who you can speak to and will find a company that will give you a loan?
I recently bought a house last year by going through a company called Simply Adverse and they were absolutely brilliant and did exactly what they said they would - got me a mortgage. So I am hoping there is a company out there that may be able to help me consolidate these credit cards into a one lump payment each month over the next couple of years so they are gone!!
I was wondering if anyone could help?
I am trying to get a loan to consolidate my debt. I have a poor credit rating but loan repayment would not be unaffordable at all, so I am really confused as to why I may be getting declined.
Does anyone know of any specialist brokers online who you can speak to and will find a company that will give you a loan?
I recently bought a house last year by going through a company called Simply Adverse and they were absolutely brilliant and did exactly what they said they would - got me a mortgage. So I am hoping there is a company out there that may be able to help me consolidate these credit cards into a one lump payment each month over the next couple of years so they are gone!!
Thanks in advance
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Replies
I suspect any brokers will be peddling secured loans, and you REALLY don't want to be going down that route.
It's because you owe too much already so lenders can't risk giving you further borrowing. You were also in a DMP this time last year, so are a very high risk borrower.
Head to the DFW boards for advice on cutting costs and clearing your debts.
Paying one payment instead of 3 isn't always the right answer - ask about snowballing and focus on the highest interest bearing debt first, snowball that payment to the next debt when cleared and so on.
All the best.
Just be better than you were yesterday.
If your still in the DMP your not meant to take out more finance, speak to who your DMP is with.
Actual mortgage stating amount £75,150
Overpayment start date 1/3/23.
Starting balance £66,565.45
Current balance -£65,553.80