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Anyone know of any loan companies who lends to poor credit?

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#1 Posted on:
Fri, 24/06/2016 - 07:36

Fufc321

Joined:
2016-03-30

Hello everyone bit of an unusual post but I want to get a loan to clear some debt and manage it better but my credit isn't good anyone no of any companies? Help needed

Posted on:
Fri, 24/06/2016 - 08:19

Oldhamktf

Joined:
2015-09-26

I would recommend contacting step change or similar companies  who will help you manage you current debt. 

Posted on:
Fri, 24/06/2016 - 10:15

Phil_72

Joined:
2016-05-21

You don't want to borrow money from an organisation that deals with people with poor credit ratings as they will charge sky high interest fees. As Oldhamktf says above go to stepchange.org and get some good advice on how to clear your debts in a realistic way monthly which will give you peace of mind. Phil

Posted on:
Fri, 24/06/2016 - 10:33

Fufc321

Joined:
2016-03-30

But then I will be on a debt management programme spoke to them before but that would ruin my credit for a long long time 

Posted on:
Fri, 24/06/2016 - 10:33

Fufc321

Joined:
2016-03-30

But then I will be on a debt management programme spoke to them before but that would ruin my credit for a long long time 

Posted on:
Fri, 24/06/2016 - 10:35

Forum admin

Joined:
2010-11-01

Hello Fufc321,

We would echo the advice you've already received on this thread. The final decision is up to you but it is best to get advice on all the options - and the pros and cons of each option - by contacting impartial, expert agencies such as National Debtline or Stepchange. You can read more and get links to debt helplines at our website:

http://www.gamcare.org.uk/get-advice/what-can-you-do/finance-and-debt-ma...

You'd be welcome to call us on the helpline or Netline too - details at the top of each page of this website.

Best wishes

Forum Admin

Posted on:
Fri, 24/06/2016 - 10:54

Bal

Joined:
2015-04-18

If you are looking at companies that lend if you have poor credit i reckon your credit rating is poor. Go stepchange. Helps me

Posted on:
Fri, 24/06/2016 - 11:11

Phil_72

Joined:
2016-05-21

Agreed. It sounds as if your CR is rating is poor anyway. A debt management plan gives you peace of mind.

Posted on:
Fri, 24/06/2016 - 11:35

Phil_72

Joined:
2016-05-21

I didn't get into as much of a hole as some CGs but I still had to set up a DMP. If I stick to the monthly payment agreed I will be debt free in July 2017. I'd rather bite the bullet and be relatively broke for another year than get into even more debt with Provident, Morses or any of the others. OK, they don't force you to take out loans but they are very persuasive when it comes to borrowing more money = more debt, more interest, more stress, higher monthly repayments when I couldn't even afford the original repayment really and why? To put on horses....insane.

Posted on:
Fri, 24/06/2016 - 16:22

Fufc321

Joined:
2016-03-30

Well My credit is classed as fair on experian but I spoke to are hanged couple week ago and the said it would take me 4 years to be debt free and be on my credit for 6 years. I'm only 26 and renting and I think a dmp would ruin my chances of ever getting a mortgage. So disgusted with myself for getting into this position so ashamed

Posted on:
Fri, 24/06/2016 - 17:18

Phil_72

Joined:
2016-05-21

Don't be ashamed. The main thing is finding your own way to stay bet-free, rebuild your confidence and self-esteem. I am not sure if a DMP would impact on getting a mortgage but just - in my view - take one thing at a time. Best wishes Phil

Posted on:
Fri, 24/06/2016 - 18:08

Fufc321

Joined:
2016-03-30

I'm just pushing everyone away and I'm close to losing what's most important to me which is my son and girlfriend. Need to sort myself out and stop gambling but isn't quite as easy at that

Posted on:
Sat, 25/06/2016 - 00:50

Oldhamktf

Joined:
2015-09-26

It's not easy but it is doable it's as simple as just not putting on the first bet. No first no second third and so on. 

You've got lots of threads that have been opened up but you not sticking with one  your tale is all over the place so it makes it hard to follow start a diary and stick with it, it will help you get some support and build up a network  

Sit down with the girlfriend tell her what you are going to do to beat this then do these things put them into action. 

Things you can do if you haven't already, SE from bookies and online get blocks in place like blocking software or parental controls on your broadband. 

Call your lenders direct be honest with them ask them if they can help you at least in the short term   

Call Gamcare get there advice and support you can't tell them anything they haven't heard before consider counselling that they can provide, have you thought of other external help like GA it helps me a lot. 

Sort a diary and keep reading on here and remember just don't place that first bet. 

KTF 

Posted on:
Sat, 25/06/2016 - 01:16

leroymug

Joined:
2015-01-16

don,t do it mate

Posted on:
Sat, 25/06/2016 - 09:55

Steve70

Joined:
2011-05-02

There is one possible option, but firstly, taking out consoldation loans, doesn't work for most people, because they simply run up the original debt again, then have the old debt and the new debt. Been there, done that, got the t-shirt as they say and not just the once.

I would therefore generally agree with everyone else that a call to stepchange and a DMP is normally the only way forward.

However, there may be another option open, but it does depend on your credit status. I've mentioned it before, but when I decided to quit the gambling, I had a lot of debt. I thought my credit rating was therefore awful, but it wasn't as bad as I thought. I managed to apply and be accepted for a 0% balance transfer credit card and was able to transfer £4k of debt to a card which gave 16 months with no further interest on top. There are cards out there, that have an interest free period of 3 years or so, of no interest.

That freed up, a couple of hundred pounds a month, which I could throw at other debt, such as the 3 loans I had.

But even if you get such a card, it only works, if the person is 100% commited to not only stopping gambling, but to using nearly every spare penny towards their other debt and that person, cuts up any others cards and doesn't take out any other credit. I bugetted hard on top of everything else and lived as they say, like a monk for nearly 2 years and became debt free.

Posted on:
Sat, 25/06/2016 - 12:21

imuzbmad

Joined:
Before 2009

Speak to your creditors direct. I have arrangements with all my cards/loans. 0% interest, agreed set repayment amount and will not effect your credit rating in the long term ( it will effect your credit rating now but, as a cg, it is better not to be able to get more credit).

Posted on:
Sat, 25/06/2016 - 18:24

Fufc321

Joined:
2016-03-30

My debt is with some payday loan companies... can't see them being to understanding but thanks for the advice mate il give it a go 

Posted on:
Tue, 27/12/2016 - 10:55

Phil72

Joined:
2016-10-07

Stepchange deal with all your creditors so you don't have to speak with any of them. I'd get on with it sooner rather than later.

Posted on:
Fri, 10/11/2017 - 14:03

Bal

Joined:
2015-04-18

Not really appropriate

Posted on:
Fri, 10/11/2017 - 16:25

Brummyboy

Joined:
2016-11-08

Loan companies such as above proving they are just leeches sucking the life out of society. **** 

Posted on:
Fri, 10/11/2017 - 17:21

Forum admin

Joined:
2010-11-01

Hello there,

Thank you to those who flagged the post that advertised loans. It was highly inappropriate and we have blocked the user who posted that.

Best wishes,

Forum Admin

Posted on:
Fri, 10/11/2017 - 19:58

Joydivider

Joined:
2015-03-11

I just feel fufc that you are looking at this the wrong way. Make an appointment with the citizens advice bureau and start speaking to people who can help and advise you.

Ive been a credit controller and there is a time where debt must be faced to the point whether you can pay it or not. There is no point transferring the debt to higher interest if you are struggling anyway.

The important point with debt is that you cant let it worry you ill. There is a point where they cant get blood out of a stone and will have to freeze interest and get what you can afford to pay. This can be as low as £1 as the law says you need certain living expenses. Sure after a full court process thay can take assets but I never had any assets to clear my debts or I would have considered that

Your mental health is far more important and stopping the gambling is crucial

Ive declared bankruptcy but its not the end of the world as there is life after bankruptcy

You are allowed money for food and clothes in any debt management plan. I would say take a step back breathe and work out why you want anything to do with another loan company. They are not offering an invite to the party if that means debt.

Take it easy and best wishes from everyone on the forum

Posted on:
Thu, 16/11/2017 - 23:28

Shaun123

Joined:
2017-10-30

Have you thought about your local credit union they are normally higher in interest rates but might be able to help?