Refused a Loan with Bad credit and Personal Debt

Have you been refused a loan due to bad credit or personal debt problems?

• Refused a personal loan?
• Are your personal debts causing you to
  have loan applications turned down?
• Do you understand the reasons why personal loans are refused

It can feel frustrating having personal loans refused. The reasons for being turned down are varied but your current personal debt levels will be crucial in the decision. Professional debt help is a good way to improve the chances of being accepted for a new loan in the future.

• How?

Debts that are under control or have up to date repayment schedules are better in the eyes of lenders when trying to decide whether to lend or not.

• You should ask yourself when  borrowing more money whilst in debt, if in fact another loan will really help you?

If you have a history of not meeting your current credit or loan repayments then your prospective lender will see this on your credit report making it less likely for them to be willing to lend to you. Your credit report is available to view online with both Experian and Equifax.

Having been refused personal loans for whatever reason, you may wish to get advice about your present financial status, especially if you are struggling to meet your current repayment commitments or are ignoring letters and telephone calls from your creditors.

Our friendly and fully trained advisors are ready to help.

They are dedicated to their work and are working in the interests of you. Our aim is to help you become clear of debt!

Our debt advisors have all the information you need to make informed and productive decisions about your personal debts. They will lay out all the options and will guide you where required with the sole goal of helping you get out of debt.

Need a Loan in the UK to clear your debts?

• Many people try all different ways of obtaining loans before contacting us, don’t be one of them!

Searching for a loan is a very common mistake when you really need debt help online.  Most people look for loans when really they need an IVA (Individual Voluntary Arrangement) or debt management plan.  These are not the only two options available but are usually the best way to clear debts when taking only into account the total you will have repaid once clear of debt.

• Do not be put off by loans, just consider if another loan is really what you need, do you know what debt management is?

We have shown several different search terms below that link to information for each topic.  We hope they are of use to you, feel free to contact us if you need to speak with a personal debt advisor about debt management UK in confidence at a time that suits you.

• I am a Single Parent and need to get a loan
• I am recently divorced and need a loan
• Need a loan but recently I have been refused loans
• Debt consolidation loan explained
• Need a loan to stop Bankruptcy proceedings
• Need a loan to clear debt due to a death in my family
• Need a loan due to being made redundant
• Need A Loan in the Armed Forces
• Need a loan to clear credit card debt
• Need a loan but I am disabled, will any loan company help me?
• Need a loan after an IVA was refused or failed to go ahead or proceed

Need money fast? Refused an Unsecured Loan?

There are many reasons why someone needs an unsecured loan and as such we are proud to offer honest loan information and debt advice in the UK. Our dedicated team of loan consultants are always ready to help you find the right loan for whatever it is you need the money for but loans are subject to your credit status and refusal often offends.

• Call 0800 118 2345 to find out what options are available

An unsecured loan, unlike a secured loan, doesn’t require you to use any property you might have as collateral or security. An unsecured loan is not normally secured against any property. Because of this, it represents more of a risk to the lender so they tend to apply more stringent criteria to assess applications and often higher interest rates for those who they consider a higher risk. It is, therefore, important that the lender sees evidence that you have a good credit history and are earning enough money to be able to afford the loan repayments, even if your circumstances do change for the worse.

• An unsecured loan is usually fairly quick to arrange and the money is normally available within 24 to 48 hours of you being accepted.

Most unsecured loans will have a fixed term and fixed interest rates (although the rates themselves do vary hugely). Different lenders offer special terms like payment holidays or free early repayment allowance. There are a huge variety of unsecured loans available so it is important to look around for the best deal, especially to clear debt.

Further Information about other types of Loans use the links below or call free from a land line using;

• 0800 118 2345

• Secured Loans
• Mortgage arrears
• Personal Loans
• Doorstep Loans
• Payday Loans

Single Parent Loans

Personal help and advice about loans for single parents in England, Scotland, Wales and Northern Ireland.

• No-one knows better than single parents how tough managing home finances can be.
• Sometimes a loan can be exactly what a single parent thinks is required to prevent you having to rely on more expensive forms of borrowing.
• This is sometimes the way that single parents think of to bring and end to using mail order catalogues and doorstep lenders.
• Being in constant debt is not easy. You can find and obtain help and advice for single parent debt today!

Are you a single parent looking for a loan?

Anyone who is bringing up children on their own, struggling with personal debt, if a single man or woman,  will know how difficult it can be at times. Only having a single income and having to ensure the care of the children, often costing huge amounts of money, brings very specific debt problems. These expenses are hurting the very people who have the least amount of spare cash.

As a single parent, it is rare that you can work and care for your children at the same time. Not many single parents get to work from home or have a boss that provides child care at work. Being a single parent is a balancing act, always having to weigh up what should come first and what is most important.

That said, a lot of single parents struggle financially and trying to fulfil societies expectations for themselves and their children sometimes leads to hardship and can mean you end up needing debt help online.

Do you require a loan?

If there is something you want to get done and you require a loan to be able to do it, then we can give you the best debt advice available. As there lots of reasons why people need to borrow money, there are also lots of different kinds of loan available to achieve them.

• Debt consolidation loans
• Secured loans
• Unsecured loans
• Payday loans
• Car loans
• Bad credit loans
• Mortgage Arrears

Can you help me with my debts?

We offer debt management UK help and advice on all sorts of financial issues related to personal debt. Many single parents rely on things like mail order catalogues, doorstep lenders and so on, all of which are very expensive ways to borrow. It is estimated that over a quarter of single parents do not have a bank account meaning they lose out on lots of other savings like direct debit discounts.

There are things we can do to help single parents end their reliance on credit and get them out of the cycle of debt. We can offer you different solutions such as the ones below to solve personal debt problems as well as offering loan advice.

• Debt management plans
• Debt relief order
• Debt consolidation
• IVA – Individual Voluntary Arrangements
• Trust deeds

For help and advice regarding personal loans or debt advice and help, please contact us free from a land line using 0800 118 2345

Debt Solutions available if Refused Loans

If you find that you are unable to borrow any money due to being refused loans and other types of bad credit finance, you will at some point consider debt solutions and options that allow you to clear personal debts without increasing further borrowings.

The following is a brief description of the most commonly used solutions to clear personal debt.

• Informal Debt Management Plans

A Debt Management Plan is a very popular method being used by people in the UK to clear personal debts.  This is because they are informal and allow you to make one monthly repayment to your creditors at an amount and rate that you can afford. 

A debt management company will work out what you can afford to repay and set up a structured repayment plan with your creditors whilst also trying to get the interest and charges frozen or reduced on your outstanding accounts. A debt management plan can go on for as long as it takes to clear your debts and you should be very wary of companies that claim to be able to wipe away your credit cards and loans.

• IVA or Individual Voluntary Arrangement

An Iva will clear your debts in 60 months or 5 yearswith an exact end date.  This is a formal agreement between you and your creditors and has to be arranged by an Insolvency Practitioner, a person who is qualified to undertake and manage your 60 month creditor agreement.

Most people who choose to enter an IVA are people who would not be able to clear debts in a reasonable period of time and who usually owe in excess of £25’000.  An IVA should only be considered if your circumstances are serious and it is unlikely that you can repay your unsecured debts in under a 10 year period.

• Protected Trust Deed (Scotland only)

A Protected Trust Deed is only available in Scotland and is the Scottish equivalent to the IVA in England. the main differences between a Trust Deed and IVA are that a protected Trust Deed only lasts for 36 months or 3 years.

• Bankruptcy

This is the most severe option and is only undertaken in the most serious of personal circumstances.  Bankruptcy in the UK will clear all unsecured debts that are outstanding and will usually last for 1 year, this is the period of which you are considered to be bankrupt and your bankruptcy is supervised during.

After the 12 month period you will be discharged from your bankruptcy and you will find that you will struggle to obtain credit for up to and including 6 years from being discharged.  Some people do obtain lending after being discharged from bankruptcy but the rates they pay for the finance is usually very high.

An individual would apply to their local county court for a petition for voluntary bankruptcy to start bankruptcy proceedings.  Creditors can start proceedings against you to make you bankrupt and you should respond to any court actions they pursue.

• Debt Relief Orders

A Debt Relief Order is a new form of debt relief that has been available since April 2009.  This allows people on a reduced or low income with little disposable funds each month to pay an amount back over a 12 month period.  After the 12 months creditors will usually offer to write off the remaining balances.

A debt relief order is for people who can afford less than £50 per month and owe less than £15’000 whilst having no assets that collectively total more than £300.

• If you are struggling with personal debt problems and have been refused debt consolidation loans, it may be time to consider another option to clear your financial troubles. 
• Why not give Larry the Loan Broker the chance to assess your financial situation and allow a trained consultant to offer you what we call, best advice based on your circumstances.

Call FREE using 0800 118 2345, our lines are open 24 hours - 7 days a week.

Larry the Loan Broker is a registered trading style of Lewis Alexander Financial Management, a company licensed to carry out all activities under a valid consumer credit license. 

Registered under the Data Protection act of 1998, we have strong relationships with most of the UK Banks, Credit card and Loan companies. 

Our service is totally confidential and you are under no obligation to proceed.

Information on Bad Credit Loans

Bad credit loans are often a loan of last resort.

If you have been searching for loans online for people with bad credit, you will have learnt by now that not all loan companies are the same.

Some are brokers and some are actual lenders, they both however have one thing in common, they can only propose to lend to a consumer who qualifies for the loan being applied for.

When you are applying for bad credit loans you should accept that rates are going to vary from lender to lender and that no loan company is under any obligation to actually lend you any money!

• Your approved application is based on the risk you present to the lender for repayment, can you afford the new loan or credit you are applying for?
• Is there a possibility that if  you have a change in personal circumstances after taking the new bad credit loan that you may default on the new loan and be unable to make your repayments?
• No one has a crystal ball that allows us to see any problems that may arise in the future, such as loss of job, reduced hours at work or loss of income, family death or even a split from partner or divorce.

When a lender looks at your credit report they will see the outstanding bad credit you have now and have had in the past 6 years.  If you lie to a lender before your application is processed, the chances are high that the lender will catch you out at the point of the credit reference check.

Your personal fnancial information is held by credit reference agencies such as Experian and Equifax, all personal loan companies and lenders use this information to approve or decline bad credit loans and most loan or credit card applications.

• When bad credit loan companies offer you a loan you should consider all options available to you first!

It may be that you are suffering with multiple bad debt problems and that the existing credit card and loans you may have are the real problem. 

• Will another bad credit loan really be the solution? 

Are you in a position where another bad credit loan would seem like the way forward but really this is what has got you into this debt trap or cycle of personal debt?  You must break free from this by exploring other debt solutions such as a Debt Management Plan or IVA (Individual Voluntary Arrangement).

Please accept that once you break the cycle of debt you will be able to see how the credit companies and banks are able to keep you within the strong clutches they have that in turn can make you struggle along to meet repayments every week or month. 

• It is only when people find that they no longer have a line of credit available or open to them that a debt solution is actually the best route rather than taking on further bad credit loans as originally thought.

If only they could have seen so clearly before the other debt consolidation loans were taken out.  Some poeple even use equity or savings from property to clear outstanding bills, money debt and bad credit with hard earned funds that should ideally remain secure within a mortgaged property to act possibly as a nest egg or future investment.

For further information about bad credit loans in the UK please contact Larry the Loan Broker today using free phone 0800 118 2345, if you think you qualify, you can apply today.