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Question about personal loan

  • 04-02-2018 12:03pm
    #1
    artvanderlay
    Registered Users, Registered Users 2 Posts: 2,203 ✭✭✭


    Hi,

    I'm looking to get a loan, but I have a bad credit rating and haven't worked full-time in a while. Quick history, my partner had an accident a few years back, I ended up as her carer, presently getting carer's allowance, she's getting disability allowance. we are still waiting for a personal injury claim to settle, and it should be quite substantial given that it pretty much ruined her career, and derailed her life significantly. Over the past few years we have struggled financially, we have defaulted on loans etc. we both owe around 13k in personal loans, and small amounts on credit cards (total between the two of us around 30K). We are making reduced payments on these loans/cards after going to MABS.

    We should be getting a court date soon, so I'm hopeful that will turn things around for us financially. Right now, I need to get a loan of approx. 5-10k to get us through the next few months, and my partner has started a part time college course too. My brother is prepared to be a guarantor on any loan (he is a home owner, no mortgage). I have just started a part-time job, which gives me a few extra hundred a month, so will be able to pay any loan no problem (I'd pay the whole lot off, and the other outstanding debt, when we get our injury claim sorted).

    My question is: what are my chances of getting a loan with these circumstances? Will the guarantor count in my favour or is it irrelevant given that we have defaulted on loans and neither of us are working full-time? I should say if I did get a 10K loan for example, I would be clearing the credit card debt with that and also increasing our loan repayments with our other personal loans. I'd have an extra 400-500 a month from part-time work, so that should cover the old loan repayments and any new loan. I just need some extra wriggle room at the moment and to feel I am moving in the right direction with all this.


    Thanks for any advice. Much appreciated.


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