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  • FIRST POST
    • Truegho
    • By Truegho 9th Feb 18, 2:02 PM
    • 792Posts
    • 230Thanks
    Truegho
    Hard For Self-Employed Author To Get A Loan
    • #1
    • 9th Feb 18, 2:02 PM
    Hard For Self-Employed Author To Get A Loan 9th Feb 18 at 2:02 PM
    Why is it so hard for a self-employed author on an annual income of no more than £4000 per year to get a personal load of even £1000? I am fed up with getting invites from my credit card company to apply for a loan - only to get knocked back once I give all my details.

    Is it primarily because I am a self employed person on a low income?
Page 1
    • thriftylass
    • By thriftylass 9th Feb 18, 2:13 PM
    • 3,277 Posts
    • 26,842 Thanks
    thriftylass
    • #2
    • 9th Feb 18, 2:13 PM
    • #2
    • 9th Feb 18, 2:13 PM
    I'd guess it's more to do with the low income. If you only earn about £300 a month they might find it hard to believe that you can live of that and pay back a loan.
    • BorisThomson
    • By BorisThomson 9th Feb 18, 2:20 PM
    • 1,477 Posts
    • 3,113 Thanks
    BorisThomson
    • #3
    • 9th Feb 18, 2:20 PM
    • #3
    • 9th Feb 18, 2:20 PM
    They'll assume that a) you don't have the disposable income to pay it back, and b) you're not in meaningful employment.

    Have you looked for employment that pays you enough to live on?
    • sourcrates
    • By sourcrates 9th Feb 18, 2:23 PM
    • 13,716 Posts
    • 13,051 Thanks
    sourcrates
    • #4
    • 9th Feb 18, 2:23 PM
    • #4
    • 9th Feb 18, 2:23 PM
    Why is it so hard for a self-employed author on an annual income of no more than £4000 per year to get a personal load of even £1000?
    Originally posted by Truegho
    How do you mange on such a low income ?

    I would say borrowing money you would struggle to repay, may not be the best of ideas.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • zx81
    • By zx81 9th Feb 18, 2:24 PM
    • 16,364 Posts
    • 17,400 Thanks
    zx81
    • #5
    • 9th Feb 18, 2:24 PM
    • #5
    • 9th Feb 18, 2:24 PM
    Why is it so hard for a self-employed author on an annual income of no more than £4000 per year to get a personal load of even £1000?
    Originally posted by Truegho
    I believe the clue is in the question.
    • Truegho
    • By Truegho 9th Feb 18, 2:29 PM
    • 792 Posts
    • 230 Thanks
    Truegho
    • #6
    • 9th Feb 18, 2:29 PM
    • #6
    • 9th Feb 18, 2:29 PM
    They'll assume that a) you don't have the disposable income to pay it back, and b) you're not in meaningful employment.

    Have you looked for employment that pays you enough to live on?
    Originally posted by BorisThomson
    I have looked for another job for AGES. But the problem is I live in an unemployment blackspot, where HUNDREDS are chasing each vacancy and consequently I rarely get a reply from an employer. It is very demoralising and depressing.
    • Caz3121
    • By Caz3121 9th Feb 18, 2:33 PM
    • 11,150 Posts
    • 7,323 Thanks
    Caz3121
    • #7
    • 9th Feb 18, 2:33 PM
    • #7
    • 9th Feb 18, 2:33 PM
    have you checked out if there is a local credit union? you will likely have to save first before you can borrow but with your limited income you will be limited with lenders so it may be an option
    • BorisThomson
    • By BorisThomson 9th Feb 18, 2:35 PM
    • 1,477 Posts
    • 3,113 Thanks
    BorisThomson
    • #8
    • 9th Feb 18, 2:35 PM
    • #8
    • 9th Feb 18, 2:35 PM
    I have looked for another job for AGES. But the problem is I live in an unemployment blackspot, where HUNDREDS are chasing each vacancy and consequently I rarely get a reply from an employer. It is very demoralising and depressing.
    Originally posted by Truegho
    Have you looked at moving, or other self employment? Are you in receipt of any benefits?
    • Candyapple
    • By Candyapple 9th Feb 18, 2:35 PM
    • 2,733 Posts
    • 2,063 Thanks
    Candyapple
    • #9
    • 9th Feb 18, 2:35 PM
    • #9
    • 9th Feb 18, 2:35 PM
    I have looked for another job for AGES. But the problem is I live in an unemployment blackspot, where HUNDREDS are chasing each vacancy and consequently I rarely get a reply from an employer. It is very demoralising and depressing.
    Originally posted by Truegho
    Thought about moving?

    Or whilst you have a lot of free time, utilise it to retrain in another career / get some qualifications?
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • Shakin Steve
    • By Shakin Steve 9th Feb 18, 3:39 PM
    • 1,395 Posts
    • 1,121 Thanks
    Shakin Steve
    Have you looked at moving, or other self employment? Are you in receipt of any benefits?
    Originally posted by BorisThomson
    Yes. State benefits would give you more to live on than this, even at the lowest rate for a single man.
    I came into this world with nothing and I've got most of it left.
    • Shakin Steve
    • By Shakin Steve 9th Feb 18, 3:40 PM
    • 1,395 Posts
    • 1,121 Thanks
    Shakin Steve
    Or........are you saying that you are not allowed to earn more than £4000 without your benefits being affected?
    I came into this world with nothing and I've got most of it left.
    • Truegho
    • By Truegho 9th Feb 18, 3:53 PM
    • 792 Posts
    • 230 Thanks
    Truegho
    Yes, I have thought about moving, but the question is, where to go (apart from London) in order to find plenty of admin jobs (that is my particular field), and finding a place that does not charge high rents. Never easy, of course.

    I was surprised by one reply that claimed I would be better off on benefits. Is that really so? I mean, if I jacked in my writing business, I would only get Jobseeker's Allowance, wouldn't I? Is that still around £70 pwk? Also, as I live with a parent at the moment (and she is responsible for the rent etc.), what other help could I possibly be entitled to apart from the bare JSA?
    • Truegho
    • By Truegho 9th Feb 18, 4:01 PM
    • 792 Posts
    • 230 Thanks
    Truegho
    Yes. State benefits would give you more to live on than this, even at the lowest rate for a single man.
    Originally posted by Shakin Steve
    But how does that work out for a single man who is living at home with a parent? I would only get the bare JSA, wouldn't I? At the moment, being self employed, I have to pay £14.80 pwk as a non-dependant towards the rent (my mum is a pensioner, so she gets the rest of the rent paid for her). I also have to pay a monthly council tax rate of £17.00.

    So if I did quit my writing business - which I do NOT want to do, as it is now starting to show signs of steady growth, albeit slowly - what possible gains would I get if I went straight back on the dole?
    • Candyapple
    • By Candyapple 9th Feb 18, 4:04 PM
    • 2,733 Posts
    • 2,063 Thanks
    Candyapple
    Use this to see what benefits you are eligible for:
    https://www.entitledto.co.uk/

    Are you quite young? Do you have any savings?

    London would the last place to go if you are unqualified. You would fare much better off up North like Leeds or Manchester, their jobs may pay less, but the cost of living is substantially cheaper than down South.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • Truegho
    • By Truegho 9th Feb 18, 4:10 PM
    • 792 Posts
    • 230 Thanks
    Truegho
    Use this to see what benefits you are eligible for:
    https://www.entitledto.co.uk/

    Are you quite young? Do you have any savings?

    London would the last place to go if you are unqualified. You would fare much better off up North like Leeds or Manchester, their jobs may pay less, but the cost of living is substantially cheaper than down South.
    Originally posted by Candyapple
    I am 56. Only one thousand pounds savings. Would never go to London. Have considered Leeds and Manchester, the latter being a bit more near to where I live (just under an hour on the train from Lime Street). Have actually applied for jobs in Manchester, but again, very rarely hear anything back.
    • Shakin Steve
    • By Shakin Steve 9th Feb 18, 4:13 PM
    • 1,395 Posts
    • 1,121 Thanks
    Shakin Steve
    But how does that work out for a single man who is living at home with a parent? I would only get the bare JSA, wouldn't I? At the moment, being self employed, I have to pay £14.80 pwk as a non-dependant towards the rent (my mum is a pensioner, so she gets the rest of the rent paid for her). I also have to pay a monthly council tax rate of £17.00.

    So if I did quit my writing business - which I do NOT want to do, as it is now starting to show signs of steady growth, albeit slowly - what possible gains would I get if I went straight back on the dole?
    Originally posted by Truegho
    Sorry, I didn't realise that those were your circumstances. But even at £70 a week it's £3640 pa, and you said your earnings were £4000 max?

    Edit: You have my admiration for not just falling back on benefits and trying to get by yourself.
    Last edited by Shakin Steve; 09-02-2018 at 4:16 PM.
    I came into this world with nothing and I've got most of it left.
    • Tarambor
    • By Tarambor 9th Feb 18, 5:50 PM
    • 2,677 Posts
    • 1,925 Thanks
    Tarambor
    I have looked for another job for AGES. But the problem is I live in an unemployment blackspot, where HUNDREDS are chasing each vacancy and consequently I rarely get a reply from an employer. It is very demoralising and depressing.
    Originally posted by Truegho
    No such thing as an unemployment blackspot anywhere in the UK however there are plenty of people who claim they can't find work who are unable to because they're picky about what they do. I find it impossible to believe that living within an hour of Leeds and Manchester you cannot find any work, quite clearly you're not applying for everything or even close.

    Search for temp and employment agencies in your local area and sign up to them. It'll most likely be factory production line and warehouse work but there will be work available.
    Last edited by Tarambor; 09-02-2018 at 5:58 PM.
    • Tarambor
    • By Tarambor 9th Feb 18, 5:54 PM
    • 2,677 Posts
    • 1,925 Thanks
    Tarambor
    But how does that work out for a single man who is living at home with a parent? I would only get the bare JSA, wouldn't I? At the moment, being self employed, I have to pay £14.80 pwk as a non-dependant towards the rent (my mum is a pensioner, so she gets the rest of the rent paid for her). I also have to pay a monthly council tax rate of £17.00.
    Originally posted by Truegho
    Do you only give your mother £14.80 a week? What about money towards the food, gas, electricity, phone etc?

    Personally if I were 56 living at home with my mum on a pension giving her anything less than £100 a week I'd be bloody embarrassed. My 48 year old brother in law is like you in a similar situation, he thinks that paying the phone bill on a phone that only he uses and the gas/electricity is paying his way. We worked out that to truly pay his way would be £90 a week and that doesn't even compensate her for the time spent cooking his meals and washing his clothes. When my mother in law dies he's going to be in for one hell of a wake up.
    • ratrace
    • By ratrace 9th Feb 18, 6:27 PM
    • 543 Posts
    • 368 Thanks
    ratrace
    window cleaning
    delivering leaflets for local bussiness
    car wash
    dog/ walking/ sitting
    charity shop work
    etc...

    theres loads out there for example we have 2 lads that clean our windows every 4 weeks for £6 the do about 40 houses in a day 1 lad does the fronts the other does the back they have no car or van just carry ladders and the buckets etc... by hand plus we let them use our outside tap

    so £6 x 40 = £240/ 2 = £120 each a day not bad going, so there is prospect outthere but as the above poster said people are picky and see some jobs below them

    eve if you do 10 houses a day @ £6 thats £60 a day again not bad
    Last edited by ratrace; 09-02-2018 at 6:30 PM. Reason: cant spell
    People are caught up in an egotistic artificial rat race to display a false image to society. We want the biggest house, fanciest car, and we don't mind paying the sky high mortgage to put up that show. We sacrifice our biggest assets our health and time, We feel happy when we see people look up to us and see how successful we are”

    Rat Race
    • Caroline_a
    • By Caroline_a 9th Feb 18, 7:24 PM
    • 3,903 Posts
    • 10,750 Thanks
    Caroline_a
    When did you last work? How many jobs a week do you apply for? Are you registered with any temp agencies?

    Jobsearch is a numbers game, the more you apply for, the more likely is it that you'll get a job.
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