Advice needed on loans/finance...

earthsoul00 Forumite Posts: 1 Newbie
Hi all

I'm currently needing to find a lump sum of £8,000 for a major works bill on a leasehold property within a block of flats, which I cannot afford in one payment as, having lost my job a year ago after working all throughout Covid, I am now reliant on ESA benefits. I have exhausted nearly all options from borrowing from family/friends to taking the sum out of my pension all of which are non-starters and have just received a letter from our Managing Agents threatening legal action, even though I have kept them appraised of my financial state and efforts to find the money!

The only options left to me now appear to be taking out a loan (most likely having to be a secured loan, due to my current lack of employment) or a small mortgage - I have no current mortgage as my original was finally paid off in 2019. Wondering if anyone has any insight as to which would be available to me/which would be the best option? 

I am also waiting on a financial adviser to get back to me about setting up an assessment appointment, but have not heard anything yet so thought I'd ask if anyone else has any other opinions/advice/experience in this kind of area?

Thanks in advance of any help! 


  • MorningcoffeeIV
    MorningcoffeeIV Forumite Posts: 1,306
    1,000 Posts Name Dropper
    If you can't find it all in one go, pay what you can now, and then offer and start actioning a repayment plan.

    It will at least buy you some time.
  • MEM62
    MEM62 Forumite Posts: 4,511
    Tenth Anniversary 1,000 Posts Name Dropper
    You are unlikely to secure borrowing, secured or unsecured as you do not have an income.  You need to come to some arrangement with the Managing Agents.  Even if they take you to court for the £8K, they cannot take from you what you do not have.  That said, I would check your lease to ensure that you are not at risk for forfeit for breeching its terms.       
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