Loan Assistance

D

dyanamo

Senior Member
Joined
Jun 19, 2007
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Cape Town - Strand
Does anyone here do private personal loans? Eg for those that are black listed or have defaults against the their names? My friend is trying to get a consolidation loan but I dont trust these dodgy people offering them through gumtree etc (which he is contacting) so Im trying to seek advice in this matter. The bank wont help as they dont understand the situation as its pretty much set based on criteria whether they will decline or accept with out taking into consideration circumstance.

Any advice welcome or PM me and I will forward the persons email address to you to contact.
 
He needs to go and see a registered debt councillor...

Stay away from anyone on Gumtree.. and no, nobody will offer a personal loan to a blacklisted individual, at least nobody that won't try to rip him the hell off.
 
ToxicBunny said:
He needs to go and see a registered debt councillor...

Stay away from anyone on Gumtree.. and no, nobody will offer a personal loan to a blacklisted individual, at least nobody that won't try to rip him the hell off.
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Hes trying to stay away from debt councillors. Went full time at work (from half day) so salary doubled and wants to consolidate all he owes so its one debt instead of multiple. And sorry spoke to him again, he doesnt have defaults and is not black listed, banks just refuse the consolidation based on affordability as all they see is old salary and 30 day loans but his affordability just went up and the consolidation would cover the 30 day loans. He says its only 20k to consolidate unless he can get higher and consolidate his FNB personal loan with that in which case would be 80k.
 
dyanamo said:
Hes trying to stay away from debt councillors. Went full time at work (from half day) so salary doubled and wants to consolidate all he owes so its one debt instead of multiple. And sorry spoke to him again, he doesnt have defaults and is not black listed, banks just refuse the consolidation based on affordability as all they see is old salary and 30 day loans but his affordability just went up and the consolidation would cover the 30 day loans. He says its only 20k to consolidate unless he can get higher and consolidate his FNB personal loan with that in which case would be 80k.
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Maybe he should try again at the bank once he get his new payslip. Otherwise, get a letter from his employer to confirm his increase and reason for it.
Failing that he will just need to settle the loans, one at a time as quickly as possible.
 
I suggest that he works for 3 months fulltime (some banks require 6 months) so that he can build up an employment track record. In the meantime he should focus on paying off the highest interest debt first (as much as he can afford). Debt consolidation is not always the holy grail of solving debt problems and as long as he can be disciplined with his cash and not be tempted by all that extra income he is getting he should be able to manage without exposing himself to fancy structured debt consolidation packages and unscrupulous individuals.
 
BeLgaRiOn said:
I suggest that he works for 3 months fulltime (some banks require 6 months) so that he can build up an employment track record. In the meantime he should focus on paying off the highest interest debt first (as much as he can afford). Debt consolidation is not always the holy grail of solving debt problems and as long as he can be disciplined with his cash and not be tempted by all that extra income he is getting he should be able to manage without exposing himself to fancy structured debt consolidation packages and unscrupulous individuals.
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Problem he says is that the 30 day loans are due now and is being threatened with legal action... what a mess honestly.
 
Nobody who won't screw him over will help him really..

He needs to pay back the 30 day loans, or go and see a debt councillor pretty much.
 
dyanamo said:
Problem he says is that the 30 day loans are due now and is being threatened with legal action... what a mess honestly.
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It's a pretty good bet that he isn't communicating with his creditors, which is why they are threatening legal action.

A debt counsellor will normally:

  • Have the client list his debts;
  • Have the client assess how much he can afford to repay each month;
  • Work out a repayment plan; and
  • Contact and advise the creditors of the repayment plan.
There is no rocket science involved and can all be done by your friend, i.e. no need for third parties.

However, the longer he stays quiet - and shows no sign of coming to some form of settlement arrangement - the more likely it is that he will be taken to court.
 
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