RE: Unsecured personal loan on bad credit.
adman | 29/06/2007 05:04 PM
I'm intrigued to know how a contract company has messed their credit up?
Never heard of any of the mainstream sources of loans given them out with no credit check. Have they tried their current bank? They tend to be more sympathetic as banks have an internal score for customers (for example once HSBC only internally scored me for a loan). Otherwise I suppose it will be worth looking in the Yellow Pages for companies that specialise in lending to people with bad credit - these tend to have much higher rates though.
Adam
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Adam
onestopdigital
hosting | broadband | telecoms | print
www.onestopdigital.com
www.onestopprinting.co.uk
RE: Unsecured personal loan on bad credit.
itrends | 29/06/2007 05:08 PM
Becuase the contract company kept paying them late or changing how much they decided to pay. This lead to bills going to default etc and then the snowball effect takes place.
Agreed on the rates thing.. I have tried to explain that too them.
Anyway, thanks for taking the time to reply.
RE: Unsecured personal loan on bad credit.
James Smith | 02/07/2007 10:46 AM
I personally would suggest working normal salary jobs (probably a second job too) to pay off the bad debt and save rather than borrowing to start a new business and effectively borrowing to live on which IMO is a very bad idea and very risky. As a rule of thumb you should be able to self support from savings/partners earnings for at least 3-6 months if starting up without taking money out of the new business, not borrowing just to pay for your household bills as you have a huge downside if it fails and you end up with even more debt to pay off if the business doesn't work out. Risk adverse? Yes, but there is sensible risk you can recover from if the business goes pop and more serious risk you would lose the house/car etc over which is quite a different matter and normally avoidable by only taking on things a small step at a time.
Regards,
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James Smith
Chartered Accountant
www.jamesesmith.co.uk
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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT
RE: RE: Unsecured personal loan on bad credit.
TFGTV | 07/08/2007 11:56 AM
Borrowing money's always a burden. And one that one should not take on lightly.
But if I might add my own 2p's worth I'd perhaps add that going to a reputable lender or broker has to be an essential. And with all the scams on the internet, randomly entering one's details into a multitude of loans sites seems just plain stupid.... Particularly where the look and feel of the website is 'suspect'.
"- The repayment period of a loan is too long as compared to the unsecured loans. As a result there is less botheration for the borrowers."
A line 'culled' from someone's school jotter? Or perhaps one of those comic answers from one of the 'dimmer' students that (as a lecturer) give rise to much staffroom amusement? Perhaps a line borrowed from the script of "Little Britain"? Or possibly "Miss Jocelyn"? I tink they have bin rightin' dis site for a longgg time.
Certainly not something one would expect from the sort of intelligent, well-educated, numerate and literate person one would ask to arrange a loan!
And yet it's a quote from THIS page.....
http://www.theloanbazaar.com/personalloans/secured-personal-loans.html
I'd also highlight that particular website appears to be a hotch-potch of 'americanised' graphics and 'missing links'. There is no information on the site that I can find which gives information as to exactly WHO we're dealing with or where they're located.... And thankfully the 'apply' page doesn't seem to work!
Potential borrowers should be 'savvy' enough to realise that their personal details are in themselves of immense value to fraudsters. 'Phishing' isn't JUST carried out through fake ebay log-ins and fraudulent emails supposedly from your bank... It's sheer folly to give out your personal details over the internet without good reason.
The advice of someone like James is valuable. And really your FIRST step must be to approach someone like him or a credible high street broker. If you MUST do your hunting on the internet BEFORE you enter ANY personal details you should check out the company you're dealing with.
Of course 'Stella' wasn't the only one to provide a link. 'Loansexpert' provides us with direct links to (unsecured) pages where you're invited to give the world the 'full bhuna' on your financial workings....
Although the link provided by 'loans expert' appears to carry information as to where they can be reached in the UK There IS neither the name of the proprietor or any limited company detail... Who are we dealing with? There is a 'consumer credit licence' number... but what of it? No more details are immediately obvious.....
Drawn at random from the internet is this page....
http://www.loans11.co.uk/about-us.html
Right at the bottom is the sort of information I'd insist on seeing before I even THOUGHT about entering any sort of personal information. And even WITH that information at hand, if I'd never heard of the company I'd check their registration details with companies house....
Now, must get on with the botherisation of the refridgerisation equipments for the consumerisation of the lunchening....
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Matt Quinn.
www.tfgtv.com
Corporate Communication for SMALL Businesses!