how do i apply for a loan when i'm in the middle of debt management plan

[gildo]

Hi everyone,

Just wondering does anyone know if i can apply for a loan whilst i am in the middle of a debt management plan. I need the loan because i ordered some furniture and other items from my mum's catalogue and now they are charging high interest rates on my monthy payments. As I am no longer in receipt of tax/child credits and I am also waiting to hear back from HMRC wit :-(h regard to how much i must pay them back for an overpayment, i need to cut down on my monthly expenditures.

All advice gladly accepted!

[BRIGADIER2JCS]

I think that you have little or no chance here, credit checks

wiill be made and with debts that have been defaulted on

credit files lenders will not look favourably on an application.,

and multiple applications will make the credit picture worse.

[asmilecostsnothing]

Sorry I'd say no don't try for a loan of any discription - maybe try your nearest Credit Union or ask about crisis loan from your council? (don't get hopes up to much)

 

Please stay away from payday loans - it is not "easy cash" the interest see's to that

 

If your on a free/not paid for DMP with one of the charities - expect their to be repercusions if your found obtaining more credit then you can handle, don't know how extreme but I had heard of others then not being able to add the newest debt to the pile and their left dealing with the creditors on their own

 

Can you speak to the DMP provider - see if you can lower repayment as your obviously struggling

there is no shame in admitting it - if you can work something out now you may just save yourself

 

Cutting costs - use £1 pound shops, food shop when it's late, drop a food brand, forget luxeries for a little while, sell stuff - Jewellery, CD's, DVD's etc

 

I'm not judging - been here myself xx

[gildo]

I appreciate all advice and i know you're not judging me. Wouldn't touch payday loans with a ten foot barge pole, as i'd be no better off. Might just write to the catalogue and suggest a reduced monthly payment whilst assuring them nothing more will be ordered. I'm not on a free DMP. I pay a monthly fee which i'm glad to say has just been reduced because I threatened to go elsewhere. I can also request to increase my working hours and if that's not possible I could apply for a 2nd job with my current employers. I know my mum could probably get the loan for me and i could set up a direct debit to pay her back. A loan would definitely reduce monthly payments and at least i'd see light at the end of the tunnel! thanks for replying to me

[asmilecostsnothing]

Brilliant ah glad to hear, you got the right mindset had you thought of seeing if you can get on a free plan with CCCS, Payplan (both these would be free) or even go D.I.Y! (I know it is a little hassle/mind wobler but the self satisfaction is what keeps me going!) also had another thought after posting earlier, make sure your claiming back any unfair charges on existing debt where you can!

 

Kindest wishes x

[gildo]

Hey there, yes i've been in touch with payplan but they can't help me out until i hear back from HMRC because the overpayment will have to be taken into consideration. Also, the debt consolidation company i'm with currently have put me in touch with another company who claim back PPI. So I've got that one covered as well. lol. Good news is my mum has agreed to help me out and so that rules out the need for a loan now. woo hoo! Good old mum!

[brokebutnotbeatn]

NO. Do NOTuse someone re the PPI reclaim. Do it yourself. A formal complaint to the company concerned saying it was mis-sold. A 3rd party can do nothing you can't do yuorself and better! Re loans whilst on a DMP that is tantamount to 'fraud' I was told so stay away from that route. But you could add it to your DMP. But great if your mum can help you out of course.

[ims21]

Deffo DO NOT use a claims company for PPI.....have you seen how much they charge?

 

As has been said, they can do nothing for you that you cannot do for yourself for FREE.

 

Start a thread in the PPI forum and we can help you out with that.

[JessicaL]

DO NOT GET A LOAN! If you get a loan you are breaking the agreement terms of your DMP, they will discover it down the line and then they can all withdraw and instead each company you owe money to can take you to court for the o/s balance.

[BRIGADIER2JCS]

DO NOT GET A LOAN! If you get a loan you are breaking the agreement terms of your DMP, they will discover it down the line and then they can all withdraw and instead each company you owe money to can take you to court for the o/s balance.

Why are you responding to a 2.5 year old thread.

If you need help start a new thread in the appropriate forum.

[citizenB]

I just noticed that, BRIG - I will close the thread.