taylorboosh
Member
Registered: 3rd Apr 07
User status: Offline
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a mate of mine has proper shite credit history. he has had a loan and an overdraft which he couldnt pay when he lost hours at his job, work has picked up and he wants a 4k loan but banks wont touch him, what are his options? he wants to buy a car private
ps it really isnt me 
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Eck
Premium Member
Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline
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I've heard the provident are a fine establishment. High success rate, low interest and very understanding.
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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Does he actually have the means to pay it back or is he getting himself into more trouble?
If he can safely pay it back someone out there will be willing to lend to him, but likely cost him more.
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taylorboosh
Member
Registered: 3rd Apr 07
User status: Offline
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hes on about 1200 after tax a month and has outgoings of about 600-700 at the minute so yes he can.
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Eck
Premium Member
Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline
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If he has 500 disposable income then why does he end up in the shit? I'm guessing the hours aren't reliable? Ie; fixed overtime? He'll be paying back a fortune on a loan!
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taylorboosh
Member
Registered: 3rd Apr 07
User status: Offline
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he works in an asda ware house and had his hours cut/layed off a lot during the recessions peak
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Tommy L
Member
Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
User status: Offline
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Just went on money supermarket and this is what they got.
4k loan over 4 years with poor profile
Aspire Money 53.9%APR £178.07 £4,547 £8,547
You can figure what figure is what.
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tom_simes
Show Staff
Organiser: South Wales
Premium Member
Registered: 12th Jan 05
Location: Undy, Newport Drives: Skoda Octavia vRS estate
User status: Offline
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Ouch!
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Tom
Member
Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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Tell him to forget about it/save up the money instead or he's going to get raped as demonstrated above. If he takes out more credit now for the sake of having a decent car he'll regret it, i'm talking from experience btw. I'm so close to being debt free now and it's the best feeling after years and years and years of paying for mistakes I made when I was late teens/early 20's.
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Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
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What Tom said.
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taylorboosh
Member
Registered: 3rd Apr 07
User status: Offline
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everywhere he rings asks for a 60 quid fee to do a credit check, surely this is a con as they will be taking 60 quids then saying no?
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Tommy L
Member
Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
User status: Offline
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https://www.creditexpert.co.uk/order1_1.aspx?sc=410680&bcd=mfoolcredcprepopsign&tduid=36d9d74443d68b9d2a198b91128a68f9&affId=1778147&areaid=22&pkgid=UKMON&SiteID=100002&SiteVersionID=487
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oceansoul
Member
Registered: 19th Jun 06
Location: Sunbury, Surrey
User status: Offline
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Why not just save a bit each month and get a cheaper car? Does he really NEED a 4k car. £500 would by a car that works.
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taylorboosh
Member
Registered: 3rd Apr 07
User status: Offline
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he already has a 1k car he just wants another and is an idiot
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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Tell your friend to save up £500 a month for 6 months, sell the existing car and then he will have £4k to buy a new car. No loan to pay, no interest, and he owns the car outright.
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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Has he paid off the other outstanding debt?
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sc0ott
Member
Registered: 16th Feb 09
User status: Offline
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IIRC the more times you try for credit if you are constantly refused the worse your rating gets?
edit. what is he looking to buy?
[Edited on 17-08-2010 by sc0ott]
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Tom
Member
Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by sc0ott
IIRC the more times you try for credit if you are constantly refused the worse your rating gets?
Yes that's true, the more it's for as well the longer it sticks, so for example if you go for a mortgage and get refused then you may have to wait 3+ months until you can (successfully) apply for another one. I haven't looked into my credit history (I have countless missed payments etc from when I lost my last job) but I got accepted for a £35 p/m contract phone a couple of months ago which makes me think it's getting better  I haven't missed any kind of payment for 18 months so hopefully it will be ok. I ultimately need it to be decent for when I want a mortgage in 2-3 years.
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Eck
Premium Member
Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline
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If he goes onto Experian and signs up for the free month (will have to put bank details in but can cancel it) he will get an idea of just how bad his credit rating is. He'll also see what is outstanding, and it'll be better for his credit rating if he pays that off before trying other ventures. As said, continually trying for credit will affect his credit rating. Even phoning for a quote on a loan will affect it.
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Generation
Member
Registered: 7th Jul 09
Location: Essex
User status: Offline
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Buy a cheap car, pay of his other loan..keep car until he can afford new one simple. Fuckwit
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taylorboosh
Member
Registered: 3rd Apr 07
User status: Offline
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hes gave up and is asking mammy for money now
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Limecat
Banned
Registered: 25th Jun 05
Location: The Internet
User status: Offline
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quote:
Originally posted by loafofbrett
Has he paid off the other outstanding debt?
Thats the main thing, if he has defaulted he can still obtain credit but it will depend on if he has satisfied his previous loans or fucking ignored them, if he hasn't come to an agreement with his existing debtors then he is fucked. Even if he has, he is severely 'tarred' and his Mum is stupid if she lends him the money. Learn from your mistakes and all that - he hasn't by the sounds of it? Sod having £500 - LOAN AMOUNT each month to live off, that wouldn't cover my beer bill.
TBH, if he has been in that position once he is a fucking idiot if he goes down the loan route again. He sure as hell would not pass ANY mortgage application for near on 3 years and it will stay on his record for 6 years either way, so if a shit £4k car is the height of his ambitions and paying for it for years when it will be worth buttons then bollocks to him.
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taylorboosh
Member
Registered: 3rd Apr 07
User status: Offline
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i think you just summed him up let, he cant have contract phones or anthing, im not sure if hes settled it
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