Getting a loan with low/no credit history

[Billy the Fish]

I'm meant to pay £100 every month to the parents, althought they both want to move back down South so will be needing my own place sooner rather than later, have a few friends who are also on the look-out for a place somewhere so I might end up sharing with them for a while. At the moment I can't see my salary improving, or at least for the time being.



Preferably a used car and to pay off insurance, also a holiday too with the mates.

Then take the £200 you can afford in repayments each month and stick it in a building society/bank account that's separate from your main account. Sit tight for 6-12 months and you'll have plenty of spare cash to have some fun with, without the giant millstone hangin round your neck.

 

[Lady Whistledown]

Are we talking about POMPEY, again?

For once, no, but they are a FINE example of extreme financial WRONGITUDE.

I think I just made that word up

 

[Lush]

Stay WELL away from loans. Especially at your age. You'll regret it.

Best advice you'll get mate. You'll be paying well over the odds for what sound like non-essential purchases.

 

[Lady Whistledown]

Are you going to stay in Grimsby if your folks move, or come back down South too?

I seem to remember from a visit a few years back that house prices in Lincolnshire were ridiculously low, don't know what rental prices are like but they can't be that much. If you're moving down this way it'll be much worse.

I will simply echo what a few others have said, in that if you do saddle yourself with big (relative to your income) repayments for the foreseeable future, be prepared to make a lot of sacrifices in the meantime, and make sure you have something put by in case of emergency.

I don't want to be doom and gloom or to teach you to suck eggs, just realistic. Cars are money pits at the best of times: have you factored in the insurance cost? I don't know how old you are but most young blokes get hammered by insurance companies until they're 25. That could be another fifty, seventy, ninety or whatever quid a month depending on the car. And tax, and petrol, and fifty quid per year for MOT, assuming it passes.

Cars can be BASTARDS.

 

[Springal]

Keep getting turned down for loans is harming you too, you look too desperate so they think something bigger is up. Work on a bigger salary, get on the electoral role, give it 6 months

 

[¤DãŃn¥ §êãGüLL¤]

I don't want to be doom and gloom or to teach you to suck eggs, just realistic. Cars are money pits at the best of times: have you factored in the insurance cost? I don't know how old you are but most young blokes get hammered by insurance companies until they're 25. That could be another fifty, seventy, ninety or whatever quid a month depending on the car. And tax, and petrol, and fifty quid per year for MOT, assuming it passes.

Cars can be BASTARDS.

They definitely need a service too... when I got my first car (a BMW!) I was naive enough to think I could get away without an annual service - ha, wait until things start going wrong with them. I soon went back to my parents cap in hand.

I digress. Really, really don't get a loan especially just for a holiday!

 

[Da Man Clay]

5-6K for a car/insurance/holiday? I'm glad no one is giving you the money. At 19 I brought my first car for £750, insurance for £1200 and could go on a lads holiday for £800. (4 years ago - the cost cant have risen that much!) Quite why you need 5-6k I have no idea. Accept running around on an old banger at your age cause you'll probably crash it (I did ). You don't want that sort of debt hanging over you.

 

[clapham_gull]

Always get turned down for creidt cards aswell

I'd say £150/£200

If you've been turned down for a loan and a credit card at your age think yourself lucky.

To get a loan, to pay for a holiday is an absolutely ludicrous idea.

I apologise in advance but even considering the idea is very very stupid.

If you can't afford to run a car on our wages at the moment, so don't kid yourself into believing that you can afford a loan to run a car.

Lesson over - work on getting a better job. Then you can use the extra money on yourself rather than paying back the loan you shouldn't have taken out in the first place.

 

[WATFORD zero]

Save £200 a month and, when you have enough, buy a cheap old car and the insurance.

YOU CANNOT AFFORD A HOLIDAY

You have not been charged for this information

 

[seagullsovergrimsby]

I'm meant to pay £100 every month to the parents, althought they both want to move back down South so will be needing my own place sooner rather than later, have a few friends who are also on the look-out for a place somewhere so I might end up sharing with them for a while. At the moment I can't see my salary improving, or at least for the time being.

You didn't pay £100 for your lodging last month as you needed the cash to go on holiday last week. I'm still waiting for this month's as well , seeing as you were paid last Friday , so that is £200. Your credit history with your parents is abysmal , you haven't disclosed we lent you £4,800 in February to buy and insure a car which was subsequently written off after an accident and you still owe us £4,500.

 

[matt]

Good luck - if you get to go on holiday, have a wicked time. Life is short.

Sounds like the Bank of Dad is closed to you...

 

[¤DãŃn¥ §êãGüLL¤]

You didn't pay £100 for your lodging last month as you needed the cash to go on holiday last week. I'm still waiting for this month's as well , seeing as you were paid last Friday , so that is £200. Your credit history with your parents is abysmal as you haven't disclosed we lent you £4,800 in February to buy and insure a car which was subsequently written off after an accident and you still owe us £4,500.

Hey.... can you keep the domestics to indoors, Pa?

 

[MikeySmall]

You didn't pay £100 for your lodging last month as you needed the cash to go on holiday last week. I'm still waiting for this month's as well , seeing as you were paid last Friday , so that is £200. Your credit history with your parents is abysmal , you haven't disclosed we lent you £4,800 in February to buy and insure a car which was subsequently written off after an accident and you still owe us £4,500.

And he comes on here asking about loans! Brilliant.

 

[Beach Hut]

Please be very careful about borrowing money as it can invariably lead to a spiral of debt that gets out of control very quickly.

It has been said already but it is worth repeating taking out a loan for a holiday is frankly ludicrous and an absolutely stupid decision, if you cannot afford it tough just live within your means.

You have said what you earn and a loan that size will take years to pay off therefore it really will be all on the never never and the car would have probably long since been broke.

Please think very carefully about this and perhaps talk to several older people in you family as this is not a wise decision.

Oh and listen to your Dad FFS

 

[Safeway]

You didn't pay £100 for your lodging last month as you needed the cash to go on holiday last week. I'm still waiting for this month's as well , seeing as you were paid last Friday , so that is £200. Your credit history with your parents is abysmal , you haven't disclosed we lent you £4,800 in February to buy and insure a car which was subsequently written off after an accident and you still owe us £4,500.

Oh dear! Looks like someone might be needing a new place sooner than they thought.

 

[Chicken Runner61]

Gold!

 

[Lush]

Wish I could say this without sounding po-faced, but the good thing about this thread is that it sounds like banks, credit card companies (and maybe even parents!) have started being sensible about lending kids money and not letting them start down that downward spiral of debt, just because there's stuff they WANT.

 

[seagullsovergrimsby]

Then take the £200 you can afford in repayments each month and stick it in a building society/bank account that's separate from your main account. Sit tight for 6-12 months and you'll have plenty of spare cash to have some fun with, without the giant millstone hangin round your neck.

The £200 that Russ can afford as monthly repayments is the same amount he said he would pay off his £4,500 loan to us.

 

[Chicken Runner61]

Sounds like he should be working nights - not going on holiday.

 

[Southwick_Seagull]

This could get interesting. NSC Jeremy Kyle domestic.