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


S

straighteight

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??
 
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S

straighteight

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!!!
 
R

Ronald Raygun

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)
Just how is this money you propose to borrow going to "regenerate
your life" exactly? What specifically would you spend it on?
is something I am in a very good position to pay off, I own
NOTHING.... and the odd
£40/50 spare a month is not enough to turn things around at
home.
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?
 
T

Tumbleweed

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,

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

straighteight

Just how is this money you propose to borrow going to "regenerate
your life" exactly? What specifically would you spend it on?
Ok..no.1 I have an outstanding court fine to pay (trivial
matter!)...now there are 2 warrants out for my arrest over this (hence
using an alias here!!!) Obviously this is my number one concern right
now....this is critical yeah. No.2 I have debts (not much, 3-4k) which
I want to get cleared. This 3-4k is just late payment charges, the
finance is long paid off. I had a period in my life where I lost my job
and had a year where nothing was paid as I could not find employment.
Once I was able to get a job it was hard to support the family and pay
debts as my earnings weren't quite what they are now. So I tried to pay
them off one at a time, of course what I didn't realise was that whilst
working hard paying one debt off, the others were all being stung with
charges. This continued for a year. By this time I got apathetic
towards loan repayments as I wasn't seeing any rewards of my hard work,
so the debts took a back payment, I bought a car (£400) and set about
obtaining a license (can't tell you how much this cost if you add it
up) and ultimately had the extra expense of petrol/insurance (my
insurance for my age was £150 a month). Soon found myself unable to
make all the payments (my debt outgoings at this point was about half
my monthly take home pay). So yet more charges built up. Over a year
ago, I lost my car, lost my license (see court fines above) which put
my job in jeopardy, both because of no longer having a car, and the bad
rep I had gained in losing my license and taking time off work to
attend court. My work had to change my position which meant a cut in
money, which ultimately meant more charges would increase. Now in this
time, my family were forced to move house as we lived in a run down
area and were constantly under threat from junkies/nuisance neighbours
and our quality of life was greatly affected. The council were able to
eventually move us (to a house which hasn't see a spot of maintenance
work since the 60's, and must have received ten coats of white gloss
on anything made of wood in that house twice a year every year until
present day!) We had to scrape by money to partly furnish the place,
and rely on hand me downs from friends to sort children out with beds
etc. Now all this time I'm in a 22k job, may not seem a lot but its a
damn lot more than the Jones next door who seem to have everything, and
we have nothing. My credit record is adverse, I do not have the luxury
of walking into a store and purchasing goods on credit, everything has
to be cash. The cash simply isn't there, its been paying a) maintenance
costs b) living costs c) cost of raising a family (kids grown out of
clothes at such a pace) d) travel (work) e) debt - there has never been
f) extra.... this is because debt has always been more or less half the
monthly earning. The companies I am in debt with are beyond
negotiation, and I DON;T WANT the help of CAB to lower my monthy
expenses as I have come this far by playing it full attack...come
christmas time its all going to be paid off. Of course when that comes
around, we then basically have to start everything again, buying what
we need, what we haven't had for the past 2 years, what we have lost,
and we need to pay it all cash, which is a very slow and gruelling
process. I made mistakes in the past by taking on finance to buy things
which are virtually of no use to me now (although at the time meant the
world to me...my obsession with my work has robbed my leisure time). I
basically just want a clean slate, but one I have to work for. I live a
very minimalistic life, our family got by on £800 a month, with debts
paid once upon a time, no a joined income of £1800 a month leaves our
bank accounts empty one week into the month. That money would free me
from debtors, from courts, from earnings arrests of 300 a month, bring
our flat up to liveable standards, put me through my driving test
again, get me a new car (and I'm talking like a £500 car) insure my
car one year up front (to make sure I don't lose my licenses again ;) a
result of falling in arrears!!!!), and maybe even take the family on
the first holiday of our lives (together we have never left our city,
and its miserable, depresing horrid city). I don't care about interest
rates, I don't care about shuffling debts every week to who's offering
the best deal, I just want a fair honest way of obtaining the money I
need, at a comfortable rate of repayment, get things back on track,
treat my family to the life they deserve and look forward....because
right now I'm so close to giving up all hope, jacking in my job,
telling my debts to get stuffed, which would leave my family up shit
creek, and if everyone adopted that attitude, no one would be able to
borrow any money because the interest rates would be so high...and I'm
sure that affects everyone ;) (got to get someone on my side somehow!)
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?
How? I work...I'm in a good stable job, hell the director of the
company I work for came to my bank (who the company also bank with) to
try and help plead my case a bit further "job for life" "insured for
everything up to aids" etc etc....nothing came of it (funnily enough I
think my company now bank with someone else, unfortunately I can't even
get a new bank account so I can't take my buisiness elsewhere)
I live my life off an excel spreadsheet monitoring the money in and
out, and know where all the money goes each month...by rearranging the
figures I have seen such amazing things money wise for myself which I
can't believe, but I need this chance to break out of the rut I am
currently in. i don't see as getting myself further in poverrty,
believe me!! I have a car then I have the chance to earn more money at
work, I'm happy at home then I'm a happy person, I work better, I get
rewarded. I know this has been the most long winded self indulged
babble of wank ever written on usenet, but someone has to believe me....
 
S

straighteight

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....)
 
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D

Daytona

Anyone got the slightest bit of advice/hints/tips?
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
 
S

straighteight

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..."
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
 
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D

Daytona

I live a
very minimalistic life, our family got by on £800 a month,
That's impressive ! That's the same as me, a single person in a 1 bed
cottage.
insure my
car one year up front (to make sure I don't lose my licenses again ;) a
result of falling in arrears!!!!)
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 <URL:http://boards.fool.co.uk/Messages.asp?bid=50079>
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
<URL:http://www.fool.co.uk/debt/articles/soacalc.htm> and they will
guide you step by step through whatever route is best for you.

hth

Daytona
 

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