HELP!! How to obtain loan with adverse credit/no assets or equity/and great steady income...

Mar 08, 2005 7 Replies

Hi,



I don't want to waste my time stating my reasons requiring a loan, as I have been close to tears in almost every bank possible whilst describing the living conditions my family are in.



I am looking for a big loan (10k minimum) to regenerate my life and get myself out of a rut, and also avoid imprisonment/job loss (I have 2 warrants granted for my arrest to pay court fines).



I have no assets, no equity, my home doesn't even have any carpets or furniture. For 2 years I have fought hard against debt, of course you can't always throw every last penny away to debt, unexpected expenses pop up, you then miss a payment, and are charged to hell by all companies at once. (My problems all started when a £20 in the red bank balance turned into a £700 CCJ, from Clydesdale bank (they couldn't have helped me any less if they tried).



I need to raise funds fast, first and foremost I need to pay this court fine, this is a serious issue. I need to clear some existing debt which is almost as old my children, I need to furnish my council flat, I need to get a cheap car (my job requires a car and I am close to losing mine as a result), hell i even need a new suit for work (depression adds several inches to the waist line). Throwing all my money away to debt this past 2 years has left my family with very little money to spend on essentials (don't even think about luxuries anymore...) The sad realisation is that now I am nearing the end of my debt repayment (hopefully by Decemeber, not in time to raise any money for xmas), is that we basically need to start from the very start, saving small amounts of money, spending a little bit each month to try and raise the money for what we need. My gripe is that that sounds like another 2 years, and renders the last 2 years of my life as a bit pointless as its been a very hellish time and I had really hoped for light at the end of the tunnel.



Without suggesting waste of times like CAB etc...can anyone recommend a means for me to borrow the amount I am after given my personal circumstances??



Anyone got the slightest bit of advice/hints/tips? I really am getting by day to day here hoping a loan is going to get me out of poverty, a "life regenerating" loan (as i like to call it whilst begging with banks) is something I am in a very good position to pay off, I own NOTHING....seriously NOTHING...after the debts are paid each month theres not much left to spend on "luxuries" (even though I class carpets, furniture etc. as needs rather than luxuries), and the odd £40/50 spare a month is not enough to turn things around at home...this is affecting my families life...any advice GREATLY APPRECIATED!!!

Just how is this money you propose to borrow going to "regenerate your life" exactly? What specifically would you spend it on?

In words of one syllable: How will you pay the loan back? Don't you realise this will only get you deeper into poverty instead of out of it? Or are you proposing to use the money to pay off existing loans which soak up interest at a higher rate?

Get (another?) job.Plenty of part time jobs out there. bar work, shops etc. A loan wont get you out of poverty.

I work full time in the oil industry, and find myself on call a lot...I think "sorry can't come in, bagging someones shopping at tesco's" would find me out of job and would lose any bit of credibility I have left (which is next to none....)

Most people who read your post would assume that anything they suggest would be a waste of time and precluded by your instruction "Without suggesting waste of times like CAB etc..."

Daytona

Speak only from experience with regards to the CAB.... but they would only help me to strive longer in poverty, I'm looking for a quick fix, clean the slate, one debt tying me down....my colleagues at work owe more than 10k in a car loan...I don't think its too much to ask to help turn my life around.

Although I do realise that I have as much of winning the lotto as I do obtaining this loan so I shall moan no further on the subject (unless somone can prove me wrong)

Thanks for your time, StraightEight

That's impressive ! That's the same as me, a single person in a 1 bed cottage.

You were banned just for having no insurance ? That seems harsh.

Since you're unlikely to get a loan at anything near reasonable rates, and you've already got a crap credit history, I think you should examine an IVA or bankruptcy. I can't see that it would make your situation worse, and it would give you the light at the end of the tunnel you're seeking.

There's a fantastic community of people on The Motley Fool - Dealing With Debt forum who have been there, done that, and got the t-shirt, so send a copy of your post there along with a statement of affairs and they will guide you step by step through whatever route is best for you.

hth

Daytona

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