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Help. Help. Help :(

I need some urgent help and don't know where to go.

I have had a loan declined for 15k, and now can't get a loan anywhere due to poor credit rating.

I need 15k to pay off may credit cards, overdraft and some bills. These need to be payed off by the end of March.

I have run out of ideas and don't know what to do. This is really stressing me out and i can't sleep anymore, please help

Advice would be appreciated

Martin
«1

Comments

  • Have you thought about entering into an IVA-if your credit is under (just) 15k then you could do that without entering into a bankrupcy agreement. To be honest, if everyone is declining you...I seriously wouldn't recommend looking around at more lenders as they all tend to read from the same songsheet...those that don't are sharks and they are awful.

    Do you own your own home? If you do...ever thought about secured lending if you mortgage provider offers this!?!? I think this is the best route for you if you do own your own home!
    Loan-£3600 only 24 months of payments to go!!!
    All debt consolodated and cards destroyed!!
    As D'Ream would sing 'Things.....can only get better'!!!
  • Rafter
    Rafter Posts: 3,850 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Martin,

    With a poor credit rating you are really going to struggle to borrow that much in the current financial climate.

    Either approach your current account provider for a consolidation loan or if you really have too much debt go and talk to citizens advice or CCCS about your options.

    Having a read of some of the postings on the 'debt free wannabe' board might help too.

    Good luck

    R.
    Smile :), it makes people wonder what you have been up to.
  • MissEyre
    MissEyre Posts: 650 Forumite
    Scousebird wrote: »
    Have you thought about entering into an IVA-if your credit is under (just) 15k then you could do that without entering into a bankrupcy agreement. To be honest, if everyone is declining you...I seriously wouldn't recommend looking around at more lenders as they all tend to read from the same songsheet...those that don't are sharks and they are awful.

    Do you own your own home? If you do...ever thought about secured lending if you mortgage provider offers this!?!? I think this is the best route for you if you do own your own home!

    Please do not, under any circumstances, secure any lending against your home if you are struggling to meet the payments-this could lead to you losing your home. If you post your question over on the Debt Free Wanabee board as another poster has suggested, you will gets lots of advice and support to help you. In the meantime, CCCS or Payplan will be able to give you free, impartial advice. x
  • saintscouple
    saintscouple Posts: 4,315 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere (please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL].
  • Karmacat
    Karmacat Posts: 39,460 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Hi there Martin

    How come they all need to be paid off by the end of March? I can see that your post has been moved, and this *is* the right place. You sound like you're panicking, so take some deep, slow breaths, and take it slow.

    First thing, you need to work out exactly how much you owe, and what the rates of interest are. Can you get all your paperwork together to find out that information? At the top of this board is a sticky post (it stays at the top no matter what) for newcomers, and it tells you stuff that you need to know, especially how to set out a Statement of Affairs - how to work out what your bills are, whether they're weekly, monthly, annual, whatever. There may be places where you can cut back, which you didn't realise. If you post that on here, people will be able to give you help about how you can reduce your outgoings, and chuck some more money at those debts.

    The other thing is that you might have ways to get more income: there's another board on here called Up Your Income - everything from getting a lodger to getting a bar job to surveys on the web, mystery shopping, you name it, there's all sorts on there.

    Finally, one of the posters above has it exactly right - its usually a bad idea to turn unsecured debt into secured debt - these debts you have right now, they're obviously weighing on you, but if you turn them into a debt thats secured on your house, that could end up weighing a lot more - if you can't pay it for some reason, you literally could lose your house.

    So. Find out what your Statement of Affairs is, and come back to this thread with the info. Good luck, and keep posting.
    2023: the year I get to buy a car
  • Snaggles
    Snaggles Posts: 19,503 Forumite
    Wasn't sure whether to say this or not......

    I'm not sure if this is spam, or rather if it is going to turn into spam. A newbie poster going by the name of 'themidasgroup' and asking about quick ways to raise £15k rings alarm bells to me, and a quick Google search for 'The Midas Group' hasn't done anything to put my mind at ease (lots of hits relating to 'wealth creation', and what sounds like a type of pyramid selling).

    I really hope I'm wrong and the OP is genuine, in which case we will try to help, but I just wanted to add a note of caution.

    If I AM wrong, then my apologies. :o
    "I wasn't wrong, I just wasn't right enough."
    :smileyhea
    9780007258925
  • You are wrong snaggles.

    I am a genuine person with a genuine problem, and quite frankly, i'm bricking it.

    I do have various home opportunities, but i would never dream of posting them here. I use this username as this is the one i always use.

    Thank you everyone else for your comments.

    I have basically worked out that paying the minimum payments on my credit cards, the interest on my overdrafts (not including the late fees) and the minimum payments on store cards to be approx £420.00 per month. I figured i could get a loan to cover these amounts and at a lower montly payment.

    I have an agreement with my mortgage provider to pay 2 late payments by the end of March. This is approx £1100.

    I have been through all of my statements and can't find any areas where i can save money (apart from maybe sky or BT).

    I do not spend any money on my home businesses, because i know i can't afford it.

    I guess i need to visit the up your income section

    Anyone any ideas??
  • bank_of_slate
    bank_of_slate Posts: 12,922 Forumite
    10,000 Posts Combo Breaker
    I would get some professional advice from CCCs or Payplan, don't make decisions alone when you're in a panic...you're likely to go for one that sounds like a 'quick fix' but may not be the right option for you.
    ...Linda xx
    It's easy to give in to that negative voice that chants "cant do it" BUT we lift each other up.
    We dont count all the runners ahead of us & feel intimidated.
    Instead we look back proudly at our journey, our personal struggle & determination & remember that there are those that never even attempt to reach the starting line.
  • rayday2
    rayday2 Posts: 3,960 Forumite
    You should speak to a charity, if you are falling behind on mortgage payments this is wrong - you are much better falling behind on credit payments the unsecured borrowing.

    Please speak with either Payplan, CCCS, National Debt Helpline or your local CAB.

    The National Debt Helpline have a lot of information on there website with what you can do to tackle debt and I believe CCCS do too.

    Basically it looks to me that your credit line is finished - if you have late payments on your mortgage this is one of the huge indicators you are struggling you can no longer borrow your way out you have to stop take stock and pay your debts at a level you can afford.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    you need to post up an SOA with full debt details before advice can be given.
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