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Old Feb 23rd, 2013, 08:12 AM   1
Mum (Mom)
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loans and bad credit?

Is there any places that would accept someone for a loan with bad credit?

My partner has bad credit but he's in full time work and could pay a loan off .. but we've looked on slot of places but no luck bank declines us both

Any advice would be nice

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Old Feb 23rd, 2013, 14:26 PM   2
Mum (Mom)
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There are lots of places such as wonga loans & payday loans but they tend to charge really high rates, it would probably depend on the amount you wanted to borrow & how bad your credit was.
If you can give me some more information ill see what I can find out. I work in banking & finance.

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Old Feb 24th, 2013, 08:48 AM   3
Mum (Mom)
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Payday loans need to repaid sharpish and many lenders see them as a black mark on your credit file for future applications.

What do you need to money for if you don't mind me asking? If its for debt consildation then I suggest talking to a dedicated debt charity such as StepChange or Payplan before taking on more debt (been there, done that, got the t-shirt!)

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Old Feb 27th, 2013, 15:16 PM   4
Mum (Mom)
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Its mainly debt its not a huge amount.. around 1200 and 700 on store cards
but because end January i got fraud on my card and i didn't even know until i
tried to pay on my store card payment and it wouldn't accept it.. so i then re
tried about a week later and it still didn't so i checked my statements and loads
of money had been taken.. it got repaid but i had to wait around 3 weeks for them
to finalise the fraud investigation and send out a new card etc it seemt to take longer
then it should of.. but i then just missed my 2nd payment .. and its made arrears and
i cannot pay my minimum amount on my store cards as they have built up now
The next thing it was for is deposit for a house as me and my partner need to move
quite quick as we got told we need to and ended up having to move back with our
parents sudden which isn't ideal sharing a small room with a 3yr old ... but
with the debt gone out of control because of the trouble with my card we have slim
chance of saving a deposit as im wanting to pay them off before anything else and not
get any worse

I know a loan will put more debt but the amount to repay monthly is do-able for us
but we have tried everywhere and we can't get accepted so i think that is the final
answer tbh just going to have to save every penny and get it sorted

(And if anyone thinks "Why you ttc when your in a bad situation" ... we both want
to but obviously now things have got worse we are thinking twice after this cycle
giving it a break for a few months to sort it all hopefully)

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Old Mar 9th, 2013, 17:02 PM   5
Mum (Mom)
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Please don't get anymore loans.
Call your creditors and ask if you can set up a repayment plan as you are having trouble paying. Many people don't realise if you call the creditors and offer to make payments (even small amounts) the creditors will work with you as they want their money and once you are out of your hole you can go back to your normal payments and avoid a bad credit reports or taking out more money.
You can have another company such as hamilton lock or chiltern(debt management companies) do this for you, but they'll take a fee and why pay someone else when you can do it yourself for free?

As for moving house, have you talked to your local council's housing options team? They can advice you and maybe able to help you get in to private accommodation. My council paid found my private landlord and paid the deposit for me, it was call a finders fee scheme, some places call it the rent deposit scheme. Or they may advice you to contact the job centre as they might be able to help with a crisis loan, but you'll have to pay it back. I'm not sure but I believe there's no or little interest on a crisis loan.

Best of luck

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Old Mar 13th, 2013, 04:19 AM   6
Mum (Mom)
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Location: kent
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ring your cards explain you are in financial hardship, and ask them to freeze interest and charges for 12 months until you get back on your feet,

i spoke to my sisters credit card company, sent them a financial statement and they froze her interest and charges and shes making a head way without borrowing more

when i was 18, i borrowed money for a flat as i couldn't afford to raise the deposit, my mum refused to help as she said if i cant save up the deposit then i wont be able to maintain the rent and bills. i thought it was rubbish. she was bang on though

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