Bad Credit loan

Keelan2013

Hi All

Unsure if the right place for this type of query but feel free to redirect me.

Long story short, I have a bad credit rating ( loans, credit card arrears when unemployed in 2010)....I have since gone back to work and earn 28K per annum. I have gotten into debt with money lenders , approx 2K, and can't cope with the repayments any longer. Live in Dublin, rent 450 , bill approx 200, running car approx 150/200 per month. I am paying money lenders approx 120 a week and I'm penniless........

Is there anywhere in Ireland that would consider a loan for of approx 2K but offer more affordable repayments, I.e longer term. I can easily manage say 150/170 per month, but 480 per month is crippling me and I'm not getting anywhere and find myself borrowing from friends and family to stay afloat.

All help is appreciated. Thanks

newspower

Did you try your Credit Union

petersburg2002

I didn't even have a job and had a terrible credit history. But once I proved to the Credit union that I could save regularly, they gave me a loan of €1500. And they are cheaper than banks, usually 8.5-9.9% interest.

Keelan2013

Thanks for the replies guys. I am not with a credit union, and with repayments the way mine are I just can't save.

phormium

Go and open an account with your local credit union, all of them have minimum savings periods before applying for loans but most also have exceptions to this policy for certain circumstances. Yours sounds like one of those circumstances, worth a try anyway, open the account and ask to speak to someone who can put a case forward for you, don't just accept the answer you are given at the counter if you ask.

Keelan2013

Thanks for that, do you know what documentation I should bring or anything that might help? Also, apart from CU, I assume there isn't any other option out there?

Thanks for replies

wmpdd3

Its the same as a bank account so you need your picture ID and a bill in your name to your house dated in the last 3 months.

Really the CU is the only hope for you. Be honest with them, tell them the money lender is killing you and tell them a loan to cover this is your goal.

They may down the line offer a loan for half the money lenders loan and when you show them that you paid them off and are still repaying your loan and a small amount of savings, then they may offer the loan for the rest of the debt.

Find out from the money lender what the 'settlement' figure is for a repay now and a repay at Dec 2013, have this figure for the CU.

Also do a 'Financial Statement' and have this ready too.

http://www.aib.ie/servlet/BlobServer?blobcol=urldata&blobtable=MungoBlobs&csblobid=1214431979478&blobkey=id&blobwhere=1214431979478&blobheader=application%2Fpdf