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Is there really no way to get a loan with bad credit?Can no one do a means tested assesment? |
Submitted on: 18th May 2010 by Non-Member | Total Answers: 1
I have been struggling to get out of debt for sometime due to never having contingency money on top of my current expenses. The amount I pay in debt per month is at least twice what I would have to repay on a loan, the loan would provide us with the contingency money we need on top, without which we constantly run over our balances and get grinded down by bank charges and late payment fees, all of which eat away at our bank balances, ensuring a never ending of cycle of missing a payment, being charged, missing a payment due to charge, etc. etc. We seem to have the worst luck in the worst luck in the world and get hit with unexpected costs almost every month (car repair, funeral costs, hotel costs for last minute business trips, school trip costs etc) and just never seem to be able to rebuild ourself. On paper I know a quick loan which would cover our debt and provide some breathing space would be a very simple and cost effective way of rebuilding our lives,but we are denied this luxury
Re: Is there really no way to get a loan with bad credit?Can ...
A means tested assessment sounds like a good step at this stage before taking any further action.
You need to look at your situation from another angle, that being – to live first – pay your rent/mortgage, food, utilities, child costs, car costs etc (your priority debts) then see what you have left.
A debt advisor can help with this and give you the advice you need on your current situation. In most cases, people who call for debt advice do not have enough money left over each month to pay their creditors.
From what you state in your question, you do not have enough left over to pay your creditors the full amount they are expecting (ie your contractual payments). If this is the case, taking on additional debt is not going to help even if it may reduce your monthly outgoings, you need to speak to a debt advisor who can advise you accordingly and find you the best way forward.
This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you have serious debts, we can help you find the best solution for your situation. Debt Advice Foundation provides a free, confidential helpline and can advise you of all your options. Click here to find out more.
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