Debt Question.

[Chris.z]

Hi I have actually got a question that isn't about my IVA for once! I have a friend is struggling at the moment they aren't insolvent but his outgoings each month aree growing. I will give basic details and see if anyone can give advice. They are about 25,000 in debt , 16,000 to creditors and 9,000 to family and friends. This costs about 800 a month. At present he is trying to get a consolidation loan for 25,000 (unsecured)but struggling. He rents and is upto date with payments, but due to moving and a few credit searches his credit rating is only fair and therefore he is struggling to get a loan. He has even tried higher rate Loan Companies but they seem reluctant too. He has even paida couple of 50.00 Admin fee's to companies but they have proved unsucsessful too. Having spoken to a few debt management companies they have suggested the usual IVA's and DMP's but he doesn't want too. He just feels if he can get a 25k loan over a long period of time with a reduced payment then things will be ok. I was just wondering if anyone knew of any companies that specialise in this or any other suggestion's .

Thanks

Chris

[catullus]

An IVA with the friends agreeing to waive their claims in the IVA (but not permanently) might work.

Apart from that I can't think of a magic formula and your friend should be aware that credit will prove increasingly difficult to secure (for him and everyone else)

[MillyBo]

I think it will be impossible to get a £25,000 unsecured loan if your friend doesn't own his own house - this seems a contradiction I know, but the same happened to me - I worked out that if I could get a £25,000 loan over a longer period it would work - but we got turned down and all the creditors basically said that it doesn't matter how good your credit record/rating is - £25,000 is a lot of money and they have to secure it against something even though it's unsecured!

[Skippy]

I had a £25k unsecured loan with Natwest, but I wouldn't recommend that anyone does this unless they can be really disciplined, but up all their cards and just pay off the loan.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[jane.l]

yes, I managed to get an unsecured loan from NRock for £20,000 even tho I only work part-time! I think they did take my husbands wage into account but I am surprised they agreed to it!

I would not recommend anyone go to NRock for a loan tho!!!!!!!!!!!!