loan help/ loan sharks

[goldheart]

I am struggling to pay each month for debts that have caught up with me from my stupid credit card days when in my early 20's... and have a really bad credit score. Although my wages cover everything and I have payment plans in place with my creditors I cannot even begin to repair my credit score for at least another 5  years until everything is paid off. I was considering getting a loan for about �12,000 to clear the debts so my credit will start to look better immediately and then in 5 years it would be excellent I could start saving and get a mortgage. I work hard and have learnt the hard way... I was considering filing for bankruptcy so I could wipe the slate clean  but have been a bit put off by it.

The problem I have is that as I am renting and do not have property. No-one is willing to lend that sort of money, not even the bank who see each month that my salary is deposited, the repayment is only about �250 - �300 per month and I pay about �800 per month in debts - what happened to talking with the bank manager personally - the old way, everything is automated and as a search is done, im declined - can anyone suggest a company/bank that help people like me who will repay but not given the chance to start afresh?  What about loan sharks - are they as bad as tv programs portray?

[pea12]

I've never had dealings with them, but I wouldn't recommend loan sharks.  I think that will make things alot worse.  You could try talking to the citizens advice bureau, they maybe able to point you in the right direction.  Or, have you checked out www.moneysupermarket.com - they will check various different loan companies on your behalf, regardless of if you own a propery or not.  I hope this helps, and good luck.

[Bangkok]

Loan sharks are a really, really bad idea.  Using companies that charge to find a loan also seem to be a bad idea.  The Citizens Advice Bureau have lots of experience and can help, as pea12 suggests.  Most banks do have someone you can talk to - sadly it may take an appointment rather than wandering in.

[stevie21]

I hope this doesn't sound too harsh but if you really have learnt your lesson the hard way then one thing which you should have learned is that there aren't any easy ways or shortcuts to fix certain financial problems.
Thinking about filing for bankruptcy sounds like an attempt at a quick fix too.
If I was your bank manager and I was talking to you personally I wouldn't lend you anything. I'm glad I'm not here for popularity!! I'm sure you're a great person with the best of intentions but this is a financial decision & is justified.

Sorry, but the cold hard fact is that lots of people in Britain already have way too much debt & are never far away from getting into trouble with money so I'd hope that any bank would be reluctant to lend money to anyone who has a track record of money probs.

[Oneeyedvic]

I am afraid I must echo Stevie21s post. I work in the 'sub-prime' area of finance. We do not lend over �5000 unsecured.

 

Look at it from a finance companies point of view - why should they belive you - your track history speaks for itself.

 

That said, you may be lucky and find a company who will do a consolidation loan - I would try yellow pages.

 

As regard loan sharks - bit like saying were the Krays really that bad.....

[goldheart]

Thanks everyone! I think I knew the answer really, like I said Ive learnt the hard way and will have to carry on working hard until its all paid.... but will carry on with the �1 lucky dip each week!!

p.s. glad your NOT my bank managers!!

[trionam]

There seems to be a lot of financial companys on tv seemingly willing to give loans to people like yourself with a bad credit rating but you just need to be in full time empIoyment I  would say their interest is quite high but maybe try a couple and see how you get on. I had trouble with car payments and personal loans and got a loan of a lump sum to cover them all.now I have my wages to myself each week aside from this repayment made my life a lot easier.good luck!

[athenabascon]

You can try for loan at https://www.icashloans.co.uk/?c=266460